Consumer Business Mathematics Midterm Exam



Consumer Business Mathematics Midterm Exam

Multiple Choice

Identify the choice that best completes the statement or answers the question.

1. Which of the following fractions is equal to ¼

A. [pic] B. [pic] C. [pic] D. [pic] E. [pic]

2. John earns $8.35 an hour. Last week he worked 21 hours. This week he worked 33 hours.

What is his straight time pay for the two weeks?

A. $460.90 B. $450.90 C. $175.35 D. $275.55 E. $409.15

3. The table shows the hours worked for the week. What is the total number of hours worked?

|Monday |Tuesday |Wednesday |Thursday |Friday |

|7[pic] |8 |7[pic] |8[pic] |6[pic] |

A. 39 B. 38[pic] C. 38[pic] D. 38 [pic] E. 37[pic]

4. Round to the nearest hundredth. 11.6479

A. 11.7 B. 11.65 C. 11.64 D. 11.6 E. 11.658

5. What is 6 ¾ % of $ 7,600.00.

A. 513 B. 520 C. 456 D. 479.25 E. 550

6. Joan gets paid $2.35 for each baseball cap she embroiders. Her production sheet is shown.

What is her total pay for the week?

|Date |3/05 |3/06 |3/07 |3/08 |3/09 |3/10 |

|Hats |52 |48 |53 |44 |36 |41 |

A. 575.13 B. 543.90 C. 643.70 D. 622.75 E. $643.90

7. An accountant makes $57,000.00 per year. What is the monthly salary?

A. 4,800 B. 4,750 C. 5,000 D. 4,850 E. 4,900

8. Write 12.34% as a decimal.

A. 1.234 B. .1234 C. 12.34 D. 123.4 E. .01234

9. Johnathan’s salary for a four-week period was $7,396.00. What is the weekly salary?

A. 1,850 B. 1,800. C. 1,849 D. 7,396 E. 1,738

10. If a job has salary of $470 a week, how much would it pay for a year?

A. $24,440 B. $1,880. C. $22,560 D. $24,960 E. $24,000

11. A real estate agent makes 8% straight commission on each sale. What is the commission on the sale of a $425,000.00.

A. $3,400 B. $34,000 C. $29,750 D. $34,560 E. $44,000

12. A car salesman makes 10 percent commission on the first $10,000 and 12 percent on all sales over $10,000. How much commission will be earned on $22,500.00 in sales?

A. $1,000 B. $2,700 C. $2,500 D. $2,600 E. $10,000

13. Write the remainder as a fraction 17,453 ÷ 23

A. [pic] B. .83 C. [pic] D. [pic] E. [pic]

14. Thomas gets paid by commission based on sales. He earns 3.5% on the first $3,000, 9% on the next $5,000, and 14% on sales over $8,000. Last month he sold $13,000 worth of merchandise. What is his total commission?

A. $1,255 B. $455 C. $1,820 D. $1,200 E. $1,300

15. The gross weekly pay is $424. His earnings to date for the year total $11,700 What amount is deducted from her pay this week for Social Security, which is taxed at 6.4 percent?

A. $748.80 B. $0 C. $424 D. $25.44 E. $27.14

16. Write the answer in lowest terms. 12[pic] + 9[pic]

A. 21[pic] B. .21 C. 22[pic] D. 22[pic] E. 22

17. Market Systems provides medical coverage through a group medical plan for employees. The annual cost of the family membership is $7,250 The company pays 49 percent of the cost How much do the employees contribute for medical insurance.

A. $7,250 B. $3,552.50 C. $0 D. $3,697.50 E. $3,625

18. Write 0.00537 as a percent.

A. .537% B. 5.37% C. .00537% D. 53.7% E. 537%

19. 228% of what number is $364.80

A. $228 B. $364.80 C. $831.74 D. $200 E. $160

20. What is the average monthly expenditure?

|Month |January |February |March |

|Expenditure |$2,578.36 |$2,412.85 |$2,819.97 |

A. $7,811.18 B. $2,703.75 C. $2,603.73 D. $25,604.75 E. $2,600

21. The monthly budget allows for $570 for household expenses. During March and April the garage was remodeled and $2371.85 was spent. How much did they overspend?

A. $1,801.85 B. $1,231.85 C. $1,140 D. $2,371.85 E. $0

22 The budget and expenditure for personal items during October is shown below. How much less or more was spent than was budgeted?

|Personal |Budget |Expenditure |

|Clothing |$160 |$127.87 |

|Food |$123 |$135.79 |

|Misc |$40 |$54.12 |

A. $5.22 Less B. $6.22 Less C. $5.22 More D. $4.22 More E. $6.22 More

23. Solve the proportion: [pic]

A. 38 B. 20.46 C. 21 D. 14 E. 26

24. Eric’s bank statement shows a pervious balance of $724.12. He made deposits of $123.18 and $85.26. He wrote checks for $38.12 and $117.98. He has a $5.00 service charge. What is the present balance?

A. $809.58 B. $776.46 C. $686.20 D. $771.46 E. $724.12

25. Which of the following is the correct word form to write on a check for the amount of $246.24

A. two hundred forty six and [pic] dollars

A. two hundred forty six and .24 dollars

A. two hundred forty-six and [pic] dollars

A. two forty-six and [pic] dollars

26. Mrs. Miller deposited a check for $245.83 and a check for $418.72. She received $75.00 in cash. What was her total deposit?

A. $589.55 B. $739.55 C. $598.55 D. $245.83 E. $418.72

27. Tracy deposits the money collected at a charity fundraiser into the charity’s saving account She has checks amounting to $1,984. She also has 45 twenty-dollar bills, 28 ten-dollar bills, 33 five-dollar bills, 132 one-dollar bills, and $33 in coins. What is the total deposit?

A. $3,944 B. $3,494 C. $2,255 D. $1,984 E. 3,286

28. Mr. Williams’ bank calculates interest on a daily basis. Complete the following interest calculations.

|Principal |X |Rate |X |Time |= |Interest |

|3,000 |X |0.09 |X |[pic] |= | |

A. $270 B. $.74 C. $13 D. $13.32 E. $14

29. New carpet costs $325.00 and a vacuum cleaner for $135.00. What is the sales tax if the purchase is made in Delaware?

A. $27.60 B. $32.20 C. $0 D. $23 E. $460

30. Ms. Rodriguez purchased five bushes for $14.25 each, a swing for $75.34, and a gas grill for $179.99. She must pay the state tax of 3.5 percent, and the city tax of 2 percent. What is the total purchase price?

A. $344.54 B. $326.58 C. $333.05 D. $337.95

31. It costs $55 to ship 150 pounds of auto parts. How much does it cost to ship 500 pounds?

A. $165 B. $275 C. $190 D. $200 E. $183.33

32. A nine-ounce tube of toothpaste costs $1.79. What is the unit price per ounce to the nearest tenth of a cent?

A. $.19 B. $.20 C. $.17 D. $.18 E. $.21

33. The Bake Shop has a clearance on day-old baked goods. Loaves of bread that sell for $2.40 are on sale for $1.72. What is the markdown?

A. $.20 B. $1.00 C. $.68 D. $2.40 E. $1.72

34. A dress is regularly priced at $45. The dress is marked down 30 percent. What is the sale price of the dress?

A. $15 B. $45 C. $20 D. $40 E. $30

35. A credit card statement has an unpaid balance of $214.54. The monthly finance charge is 2.5 percent of the unpaid balance. What is the finance charge?

A. $2.50 B. $5.36 C. $2.14 D. $53.63 E. $0

36. Mr. Thomas’s charge account statement shows an unpaid balance of $600. The monthly finance charge is 1.5 percent of the unpaid balance. What is the new account balance?

A. $9 B. $1.50 C. $591 D. $609 E. $600

37. A loan of $10,000 was granted for 90 days at 8 percent ordinary interest. What is the amount of ordinary interest owed? (HINT: Use banker’s interest 360 days a year)

A. $90 B. $200 C. $80 D. $720 E. $72

38. If 48 is decreased to 36 , what is the percent decrease?

A. 25% B. 12% C. 75% D. 33% E. 10%

39. 60 decreased by what percent will produce 39?

A. 65% B. 39% C. 35% D. 60% E. 0%

40. Shirley purchased a car for $2375.00. She made a 20 percent down payment and financed the remainder. What amount was financed?

A. $475 B. $2,375 C. $2,000 D. $1,375 E. $1,900

41. A home costs $135,000. The mortgage company requires a 15 percent down payment. What is the amount of the down payment?

A. $114,750 B. $1,500 C. $13,500 D. $20,250 E. $27,000

42. If 35 is increased to 57, what is the percent increase?

A. 22% B. 63% C. 57% D. 37% E. 35%

43. Jordan and his wife have $64,600.00 to use as a down payment on a home that costs $241,000.00. What is the amount of their mortgage loan?

A. $176,400 B. $241,000 C. $305,600 D. $64,600 E. $175,000

44. Mr. Wilcox is purchasing a home for $314,990.00. The bank is willing to finance the purchase if Wilcox can make a down payment of ¼ of the selling price. How much money will he need for the down payment?

A. $78,747.50 B. $31,499 C. $62,998 D. $ 0 E. $10,000

45. A home in Mount Holly cost $93,000.00 with a $8,000 down payment and closing costs of 4 percent of the amount of the mortgage loan. What are the total closing costs?

A. $8,000 B. $11,400 C. $3,400 D. $3,720

46. A new home has an estimated replacement value of $194,000.00. The insurance will cover 85% of the replacement value. What is the amount of coverage on the home?

A. $29,100 B. $19,400 C. $0 D. $155,200 E. $164,900

47. Mr. Santiago recorded his housing expenses for the month of March: $1,383.74 for mortgage payment, $12.34 for insurance premium, $93.13 for real estate taxes, $127.34 for electricity, $53.73 for telephone service, and $67.13 for water. What is the total monthly housing costs?

A. $353.67 B. $1,737.41 C. $1,383.74 D. $127.34 E. $1,670.28

48. The annual premium is $6,239 for family membership in the company’s health insurance plan. The employer pays 77.5% of the total cost. The employees’ contribution is deducted straight from the paycheck. What is the employee’s annual contribution?

A. $1,403.78 B. $ 0 C. $4,835.23 D. $6,239 E. $1,000

49. Maria’s health insurance program costs $4,738.00 and her employers covers 65% of the total cost. She also pays for the dental premium of $813 and the vision premium of $312. What is the total monthly premium for all her insurance?

A. $4,204.70 B. $1,658.30 C. $1,125 D. $2,783.30 E. $4,738

50. Barry purchased 750 shares of stock at $33.73 per share. His online broker charged him a $25.00 commission. What is the total cost of the stock?

A. $25,322.50 B. $18,783.73 C. $25,272.50 D. $25,297.50 E. $0

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download