1



Jamie listed the following items on a sales invoice for a wholesale customer: 2 ¼ pks. of colored ink cartridges at $41.00 a pk., 3 2/3 pks. of floppy disks at $9.99 a pk., 3 cartons of colored printer paper at $26.66 a pk. What was the invoice total? |a) $178.84 |b) $168.59 |c) $160.64 |d) $208.86 |e)$208.98 | |

|The partnership of Faircloth, Jones, and Mahoney was formed in May. |a) $1,800 |b) $1,080 |c) $1,008 |d) $ 936 |e) $1,200 |

|The partners agreed to a split of 30%, 50%, 20% in the order of the | | | | | |

|partner’s names. In the first month of operation, the net income was | | | | | |

|$3,600. What is the amount that Faircloth would receive? | | | | | |

|Jennifer and Carmen are working on a team project involving buying and |a) $859.25 |b) $895.25 |c) $940.01 |d) $894.25 | |

|selling of stock. They purchased the following stock: 10 shares of | | | | | |

|Dell at 42 ½, 5 shares of Micron Technology at 65 ¾, 2 shares of Intel | | | | | |

|at 70 ¾. They paid a brokerage fee of 5%. What was the total cost of | | | | | |

|the entire transaction? | | | | | |

|1/5 of $25,000 is __________. |a) $2,500 |b) $2,550 |c) $5,000 |d) $5,500 |e) $1,500 |

|The decimal equivalent of 2/6 rounded to the hundredths is __________. |a) .334 |b) .33 |c) .34 |d) .67 |e) .6 |

|If assets = liabilities + capital, and assets are $76,000 with |a) $98,000 |b) $89,000 |c) $54,000 |d) $67,000 |e) $55,800 |

|liabilities of $22,000, how much is capital? | | | | | |

|It is customary to leave a minimum 15% tip on your total bill in |a) $3.30 |b) $3.00 |c) $1.50 |d) $2.20 |e) $2.75 |

|restaurants. If your total bill is $22, how much tip should you | | | | | |

|leave? | | | | | |

|Figure the tax on your hotel bill. The daily rate is $90. You stay |a) $203.40 |b) $201.60 |c) $203.83 |d) $203.82 |e) $210.60 |

|for 2 nights. The tax rate is 17% of which 4% is a state tax from | | | | | |

|which you are exempt. What is the total you owe when checking out? | | | | | |

|A DVD player is on sale for $499. Sales tax on the player is 8.25%. |a) $108.03 |b) $269.35 |c) $ 99.80 |d) $547.56 |e) $108.34 |

|Delivery and installation charges are $79. You decide to take it with | | | | | |

|you and install it yourself. If you pay 20% down on the total of the | | | | | |

|entire purchase, how much is the down payment? | | | | | |

|Ricardo bought a navy blazer for $99. The blazer was marked down from |a) 28.8% |b) 28.7% |c) 71.2% |d) 71.3% |e) 17.35% |

|$139. What was the percentage of markdown rounded to the nearest | | | | | |

|tenth. | | | | | |

|Change .045 to a percent. |a) .45% |b) 4.5% |c) .0045% |d) 45% |e) 450% |

|Round 3,765,632,221.25 to the nearest thousand. |a) 3,800,000,000 |b) 3,760,000,000 |c) 3,765,632,331 |d) 3,765,632,000 |e) 3,765,633,000 |

|Change 2/5 to a decimal. |a) .4 |b) .004 |c) .04 |d) .25 |e) .025 |

|Change 7/20 to a decimal. |a) .0720 |b) .35 |c) .035 |d) .720 |e) 3.5 |

|If the current Mexican peso is equivalent to 0.105519 in U. S. dollars,|a) $3.80 |b) $38.80 |c) $3.79 |d) $38.79 |e) .03 |

|what would be the U. S. dollar equivalent of 36 pesos rounded to the | | | | | |

|nearest cent. | | | | | |

|Change 60/8 to a mixed fraction reduced to its simplest form. |a) 7 4/8 |b) 7 ½ |c) 7.5 |d) 8 ½ |e) 8 3/4 |

|Add the following fractions: 2/112, 9/14, 10/28. Reduce your answer to|a) 1 1/14 |b) 21/28 |c) 1 1/56 |d) 14/112 |e) 1 2/112 |

|the lowest terms. | | | | | |

|McDorman’s Hamburgers pays its employees on a salary scale dependent on|a) $272.00 |b) $298.40 |c) $254.40 |d) $29.80 |e) $254.00 |

|excellent evaluations and length of time that they were an employee. | | | | | |

|Assuming the employee in question had an excellent evaluation and was | | | | | |

|employed for 16 months, use the scale to determine the gross pay for a | | | | | |

|40-hour week. | | | | | |

| | | | | | |

|0-6 months: $5.70; 7-9 months: $5.92; 10-12 months: $6.36; 13-15 | | | | | |

|months: $6.80; 16-18 months: $7.46 | | | | | |

|Irene earns $9.20 an hour. She always estimates that she will take |a) $312.80 |b) $251.00 |c) $250.00 |d) $368.00 |e) $294.00 |

|home 80% of her gross pay. If she works 34 hours this week, how much | | | | | |

|does she estimate that she will take home? Estimate to the nearest | | | | | |

|dollar. | | | | | |

|Use the following table for the next two questions. |

| |

|Many times factory workers are paid an incentive pay dependent on how many pieces they have completed. The following table is used to determine payment for the ABC Tent Factory. |

| |

|Division |

|Standard Required |

|Incentive for each piece over standard |

| |

|Cutting |

|40 units per day |

|$2.15 |

| |

|Assembly |

|25 units per day |

|$3.55 |

| |

|Finishing |

|35 units per day |

|$6.65 |

| |

|Juan works in the Finishing Division and is guaranteed a daily rate of |a) $355.00 |b) $448.10 |c) $404.70 |d) $454.75 |e) $387.25 |

|$71.00 a day. He worked a five-day work week and completed the | | | | | |

|following pieces: Monday, 35, Tuesday, 34, Wednesday, 38, Thursday, | | | | | |

|40, Friday, 42. Incentives cannot be combined with a previous day’s | | | | | |

|total. What is his gross pay? | | | | | |

|Marie works in the Assembly Division for 8 hours each day for 4 days. |a) $294.30 |b) $196.80 |c) $302.00 |d) $211.00 |e) $282.00 |

|She completes the following pieces: Monday, 27, Tuesday, 33, | | | | | |

|Wednesday, 39, Thursday, 25. She is guaranteed an hourly rate of $6.15| | | | | |

|an hour. Incentives cannot be combined with a previous day’s total. | | | | | |

|The Sumtec workgroup all worked the following hours this week: |a) $534.60 |b) $487.50 |c) $481.14 |d) $729.00 |e) $541.89 |

|Monday: 8 ½ ; Tuesday: 10 ½; Wednesday: 9; Thursday: 9 ½; | | | | | |

|Friday: 13 | | | | | |

| | | | | | |

|Calculate the gross pay for one of the employees. All employees in | | | | | |

|this workgroup get paid $9.72 an hour. The company follows current | | | | | |

|compensation rules of paying time and a half for all hours worked over | | | | | |

|40. | | | | | |

|Insurance premium reductions are figured based on the following |a) $283.80 |b) $269.61 |c) $267.30 |d) $260.70 |e) $255.70 |

|information. | | | | | |

|Age 26-30: 10%; Age 31-35: 12%; Age 36-40: 14%; Age 41-50: | | | | | |

|16%; Age 51-60: 17%; Age 61-70: 14% | | | | | |

| | | | | | |

|Calculate Jonathan’s premium at the age of 37 if the basic premium is | | | | | |

|$330.00. Consider that he also attended a safe driver training class | | | | | |

|for an additional 5% off his premium. | | | | | |

|Risinger, Smithwick, and Johnson prepays its company insurance each |a) $1,260 |b) $ 630 |c) $ 315 |d) $ 210 |e) Nothing |

|January for the year. If the company pays $1260.00 for the yearly | | | | | |

|policy, what is the value of the policy at the end of October? | | | | | |

|Wayne Moore has a homeowner’s insurance policy that he pays through an |A) $432.00 |b) $ 43.20 |c) $ 46.00 |d) $ 46.20 |e) $ 36.00 |

|escrow account. If the insurance policy costs $432 a year, how much | | | | | |

|must be added to his escrow account monthly? | | | | | |

|Samuel ordered an upgrade on his computer. He owed $425 with terms of |a) $ 8.50 |b) $416.50 |c) $216.50 |d) $225.00 |e) $127.50 |

|2/10, n/30. He paid $200 within 10 days. What was his balance due | | | | | |

|after the payment? | | | | | |

|State Bank sends monthly bank statements. The City Corporation had a |a) $4,301.90 |b) $4,295.00 |c) $7,721.62 |d) $7,714. |e) $9,622.09 |

|beginning bank statement balance of $4,301.90. They had outstanding | | | | | |

|deposits totaling $5,320.19, outstanding checks totaling $1,900.47, and| | | | | |

|a service charge of $6.90. What was the adjusted bank statement | | | | | |

|balance after reconciliation? | | | | | |

|Gerald started out the month with a checkbook balance of $95.01. He |a) $195.35 |b) $ 5.33 |c) $ 95.01 |d) $214.35 |e) ($ 5.33) |

|was paid two times this month at $974.22 and $927.09. He wrote checks | | | | | |

|totaling $1,791.47. The bank statement showed a service charge of | | | | | |

|$9.50. What was his reconciled checkbook balance? | | | | | |

|Snipper’s Mobile Pet Grooming budgeted Van Repair Expense of $725 for |a) $211 |b) ($211) |c) $725 |d) $936 |e) Zero |

|the month of May. The actual amount spent was $936. What is the | | | | | |

|variance? | | | | | |

|Use the following information to answer the next three questions. |

|Sarah purchased a big screen television on an installment plan. The cash price is $1,550 with a down payment required of 30%. The remainder of the payments must be made in 12 equal payments at $115.50. |

|What amount was financed? |a) $1,550.00 |b) $1,085.00 |c) $ 465.00 |d) $ 115.50 |e) $ 300.00 |

|What is the total installment price? |a) $1,550 |b) $1,380 |c) $1,851 |d) $ 465 |e) $ 301 |

|How much is the finance charge in dollars? |a) $465.00 |b) $301.00 |c) $115.50 |d) $725.00 |e)$550.00 |

|Steve and John sign a promissory note to gain enough capital to start |a) $ 1,032 |b) $ 7,223 |c) $ 7,232 |d) $ 6,200 |e) $12,276 |

|their Internet service provider business. The principal of the note is| | | | | |

|for $6,200. The interest rate is at 11%. The note is due in 18 | | | | | |

|months. What is the maturity value of the note? | | | | | |

|Andrea’s bank credit card bill is $7,267.22. In the credit agreement, |a) $ 154.43 |b) $1,453.44 |c) $ 200.00 |d) $1,543.44 |e) $ 145.34 |

|she agrees to pay 2% of the unpaid balance. What is the minimum | | | | | |

|payment she must make? | | | | | |

|The president of our company has an annual salary of $72,540. What is |a) $ 1,395 |b) $ 1,935 |c) $ 6,045 |d) $ 6,054 |e) $72,540 |

|the weekly salary? | | | | | |

|The selling price of a briefcase is $135 with a markdown price of $105.|a) 77.8% |b) 77.7% |c) 22.2% |d) 30.0% |e) 22.3% |

|What is the percent of markdown rounded to the tenths? | | | | | |

|Scott buys six RAM chips whose wholesale price is $17 each. The markup|a)$ 3.32 |b) $ 20.23 |c) $ 19.38 |d) $102.00 |e) $121.38 |

|on each chip is 19%. What is the markup price for each chip that Scott| | | | | |

|buys? | | | | | |

|Total salary expense for the first quarter equals $37,922. If the |a) $2,632.54 |b) $ 352.68 |c) $2,009.87 |d) $2,362.54 |e) $4,372.41 |

|Federal Unemployment Tax is .93% and the State Unemployment Tax is | | | | | |

|5.3%. What is the amount of unemployment tax due at the end of the | | | | | |

|quarter? | | | | | |

|The employer sends in social security tax to the federal government at |a) $ 1,982.20 |b) $ 1,892.20 |c) $ 1,882.24 |d) $19,007.96 |e) $ 1,981.84 |

|the end of each month. During the month of February, earnings for all | | | | | |

|employees totalled $18,998. If current social security rate is 9.96% | | | | | |

|and no one has reached the base amount, how much social security tax | | | | | |

|must be paid? | | | | | |

|The local chapter of FBLA has 12 boys and 18 girls. What is the ratio |a) 2 to 1 |b) 2 to 5 |c) 1 to 2 |d) 4 to 9 |e) 2 to 3 |

|of boys to girls? | | | | | |

|If a 20-day promissory note is issued on January 2, what is the due |a) January 22 |b) January 20 |c) February 1 |d) January 21 |e) January 23 |

|date? | | | | | |

|Tyrone is a salesperson for a car dealer. Last week he received |a) $585.31 |b) $586.30 |c) $155.30 |d) $430.01 |e) $161.17 |

|$155.30 salary plus a commission of 1% of his total sales. His total | | | | | |

|sales were $43,001. How much was his total paycheck including bonus? | | | | | |

|The local school district has a tax rate of .9725% per $1,000 |a) $7,293.75 |b) $ 743.24 |c) $7,342.95 |d) $ 734.24 |e) $1,000.00 |

|valuation. What would the taxes be on a house appraised at $75,500? | | | | | |

|The local chapter of FBLA held a candy fundraiser. The following chart was used to determine profits. |

| |

|Cases Purchased |

|Cost Per Case |

|Student Owes |

| |

| |

|1 – 10 cases |

|$28 per case |

|$40 per case |

| |

|11-20 cases |

|$26 per case |

|$40 per case |

| |

|21 – 30 cases |

|$24 per case |

|$40 per case |

| |

|31 – 40 cases |

|$22 per case |

|$40 per case |

| |

|41 – 50 cases |

|$20 per case |

|$40 per case |

| |

|50 + cases |

|$20 per case with 5 bonus cases |

|$40 per case |

| |

|If the chapter has a membership of 30 students and each student sells 2|a) $2,480 |b) $1,240 |c) $1,340 |d) $1,420 |e) $1,140 |

|cases with the exception of 2 students who sell 3 cases, what would be | | | | | |

|the profit? | | | | | |

|Smythe Town High School was playing for the district basketball |a) 73.7% |b) 73.8% |c) 57.8% |d) 26.3% |e) 33.4% |

|championship. The players shot 57 times and made 42 baskets. What | | | | | |

|percent of baskets were they not successful in making rounded to the | | | | | |

|nearest tenth? | | | | | |

|Sonya Corporation is marketing a new digital camera. It will cost $129|a) 26% |b) 52% |c) 74% |d) 100% |e) 387% |

|to manufacture. The selling price will be $499. What is the percent | | | | | |

|of markup rounded to the nearest whole percent? | | | | | |

|The company bookkeeper made deposits of $985.15, $322.11, $716.00, |a) $2,423.26 |b) $3,432.14 |c) $ 614.38 |d) $2,243.26 |e) $3,342.14 |

|$400.00. The beginning checkbook balance was $1,008.88. What is the | | | | | |

|balance after the deposits were made? | | | | | |

|A farmer took his cattle to auction. He took three cows with the total|a) $1,084.04 |b) $1,308.78 |c) $1,310.80 |d) $ 975.64 |e) $1,073.20 |

|weight being 1,322 pounds. If the price of beef is .82 a pound and the| | | | | |

|auctioneer’s commission is 1% of the total, what did the farmer net | | | | | |

|from the sale of the cattle? | | | | | |

|Wynona’s gross pay for the week was $400. She had deductions of $38.22|a) $266.63 |b) $400.00 |c) $133.37 |d) $533.37 |e) $266.36 |

|for FICA, $34.08 for FIT, $36.07 for Health Insurance and a donation to| | | | | |

|United Way for $25. What was her net pay for the week? | | | | | |

|If John Michael’s salary is $932 for a bi-monthly pay period, and his |a) 28.6% |b) 71.4% |c) 26.8% |d) 74.1% |e) 71.3% |

|deductions are $266.96, what percentage is his net pay to his gross pay| | | | | |

|rounded to the tenths? | | | | | |

|Entertainment Ltd. estimates its uncollectible accounts to be 1% of |a) $ 1,110.00 |b) $ 1,210.01 |c) $11,200.09 |d) $ 1,120.01 |e) $ 1,120.00 |

|sales on account. If the total sales on account for January is | | | | | |

|$112,000.90, what would be the estimated uncollectible? | | | | | |

|B & D Enterprises needs the weekly average sales for each of its |a) $ 828.90 |b) $1,000.25 |c) $ 555.60 |d) $ 882.09 |e) $ 828.73 |

|employees. Carrie Atkins sold the following: $555.60, $750.36, | | | | | |

|$950.52, $1,000.25, $887.75. What was her average sales for this week?| | | | | |

|The checking account for Silva Corporation had the following activity for the week: |

| |

|Checks Deposited: $3,200.00, $1,507.00, $900.00 |

|Payments made by check: $42.07, $99.09, $76.76, $924.03, $766.02 |

|Electronic Funds Transfer from account: $201.03, $77.07, $98.89 |

|Service Charge: $12.00 |

|If the beginning balance was $203.20, what is the balance at the end of|a) $10,436.02 |b) $ 3,310.04 |c) $ 3,531.38 |d) $ 4,267.22 |e) $ 3,513.24 |

|the week after the activities described above? | | | | | |

|If 1mile equals 1.6 in kilometers, how many kilometers is 87 miles |a) 52 |b) 139 |c) 319 |d) 208 |e) 140 |

|rounded to the nearest whole number? | | | | | |

|Do-Right Furniture bought a shipment of computers desks for $395 and |a) $1,141.43 |b) $ 239.70 |c) $ 293.07 |d) $1,083.70 |e) $1,001.00 |

|sold it for $799 after putting it on sale at 30% off. What was the | | | | | |

|original price before placing the desks on sale? | | | | | |

|Joseph Heileman signed a note on October 1. The principal was $10,000|a) $250 |b) $500 |c) $125 |d) $750 |e) None |

|at 10% interest. It was a 6-month note. Using an accrual system of | | | | | |

|accounting, how much interest should be charged to this year’s interest| | | | | |

|expense? | | | | | |

|If total revenue for the fiscal period is $1,277.03 and total expenses |a) 33.0% |b) 97.1% |c) 22.3% |d) 66.1% |e) 57.6% |

|are $844.00, what is the component percentage of expenses to revenue to| | | | | |

|the nearest tenth? | | | | | |

|Walco Corporation buys 1,000 fax machines for $69 each and sells them |a) $ 110.40 |b) $ 107.64 |c) $ 41.40 |d) $ 26.60 |e) $69,000.00 |

|with a 60% markup on cost. What is the retail price of one fax | | | | | |

|machine? | | | | | |

|A plotter that originally costs $3,120 is on sale for $2,750. What is |a) 12% |b) 88% |c) 15% |d) 18% |e) 81% |

|the markdown percentage rounded to the nearest whole percent? | | | | | |

|Mike participated in the bicycle travel tour to raise money for the |a) 1,010 |b) 983 |c) 370 |d) 938 |e) 393 |

|March of Dimes. The tour took 10 days in which participants traveled | | | | | |

|the following number of miles each day: 59, 63, 47, 45, 53, 72, 77, 87,| | | | | |

|28, 55. Using 1.6 kilometers to each mile for conversion, how many | | | | | |

|total kilometers did Mike ride? | | | | | |

|If annual percentage rate on the bank credit card is 21%, what is the |a) 2.73% |b) 21% |c) 17.5% |d) 0.175% |e) 1.75% |

|monthly percentage rate? | | | | | |

|Stan’s cell phone contract states that the base rate is $14.95 per |a) .10 |b) .15 |c) .20 |d) .25 |e) .26 |

|month with free Sundays and 55 minutes free time on other days. His | | | | | |

|statement has a balance of $26.20, which was for 45 minutes of usage | | | | | |

|beyond the free time. How much does it cost Stan to talk per minute in| | | | | |

|which he was charged? | | | | | |

|In preparing a deposit slip, Wally used a tally sheet to summarize the |a) $978.66 |b) $897.66 |c) $987.66 |d) $988.66 |e) $966.88 |

|bills and coins. The tally sheet contained the following: 36 $20 | | | | | |

|bills, 5 $10 bills, 17 $5 bills, 121 $1 bills, 4 fifty cent pieces, 22 | | | | | |

|quarters, 17 dimes, 45 nickels, 121 pennies. What is the total of the | | | | | |

|deposit? | | | | | |

|Gina’s Bakery had a net income of $1,440.76 last month. It must have a|a) $1,530.09 |b) $1,446.76 |c) $2,334.03 |d) $1,530.10 |e) $2,433.03 |

|6.2% increase in order to stay in business. What does its net income | | | | | |

|have to be this month in dollars? | | | | | |

|Mark and David decide to open a web design business. Their first |a) $550.00 |b) $137.50 |c) $275.00 |d) $412.50 |e) Zero |

|purchase is a computer, which they estimate will have a useful life of | | | | | |

|4 years. They paid $2,600 for the computer, which will have a salvage | | | | | |

|value of $400 at the end of the 4 years. If they purchased the | | | | | |

|computer on April 1 and use a straight-line method of depreciation, how| | | | | |

|much can they depreciate the computer this year? | | | | | |

|Add the following numbers: 798.7, 465.165, 132.943, 104.456. |a) 1,501.264 |b) 1,501.26 |c) 1,501.2 |d) 1,501.2641 |e) 1,105.26 |

|Solve the following problem rounded to hundredths: (324.2 / 4.3) X |a) 23,741.85 |b) 23,771.84 |c) 23,714.84 |d) 23,714.85 |e) 23,417.85 |

|314.54. | | | | | |

|Solve: 80% of _____ is 310. |a) 378.50 |b) 62.00 |c) 297.60 |d) 279.60 |e) 387.50 |

|Solve: 7 is _____ percent of 19. |a) 63.16% |b) 36.84% |c) 38% |d) 16.03% |e) 63.17% |

|Fagan earned $225 on an investment that pays 4.5%. What was the amount|a) $2,100 |b) $4,500 |c) $5,000 |d) $5,100 |e) $2,000 |

|of the investment? | | | | | |

|If the North Region had sales in January of $24,589 and sales in |a) 1.21% |b) 11.79% |c) 11.97% |d) 89.5% |e) 10.5% |

|February of 27,489, what was the percentage of increase or decrease? | | | | | |

|A petty cash fund of $200 was established. The petty cash clerk had |a) $153.59 |b) $110.01 |c) $ 46.41 |d) $155.39 |e) $ 64.41 |

|the following petty cash slips in the petty cash box: 17.50, 13.20, | | | | | |

|27.83, 14.26, 9.20, 4.76, 12.54, 32.50, 21.80. How much money would be| | | | | |

|needed to replenish the fund? | | | | | |

|If an item has a list price of $10,205.50 and a discount rate of 22%, |a) 100% |b) 78% |c) 87% |d) 22% |e) 44% |

|what is the complement? | | | | | |

|If an item has a list price of $1,258 and a series of discount rates at|a) $943.50 |b) $968.03 |c) $289.97 |d) $298.97 |e) $986.03 |

|10, 10, 5, what is the net amount? | | | | | |

|What would be the cash discount on an invoice total of $743.82 at 2/10,|a) Zero |b) $14.87 |c) $74.38 |d) $14.88 |e) $47.38 |

|n/30? | | | | | |

|On a discounted loan of $27,370 at 12.75% for 66 days, what would be |a) $ 631.01 |b) $ 361.01 |c) $26,738.99 |d) $26,738.10 |e) $27,638.10 |

|the proceeds assuming calendar year? | | | | | |

|A deposit of $5,000 is made at the beginning of a year and earns 12% |a) $2,024.64 |b) $2,204.64 |c) $1,800.00 |d) $1,080.00 |e) $1,200.00 |

|interest per year. Calculate the interest earned at the end of three | | | | | |

|years if the interest is compound yearly. | | | | | |

|A CD costs $14 wholesale and has a markup based on cost of 15%. What |a) $ 2.10 |b) $18.20 |c) $12.80 |d) $14.00 |e) $16.10 |

|is the selling price? | | | | | |

|A calculator sells for $32 with a markup of $20 based on selling price.|a) 38% | b) 62% |c) 26% |d) 83% |e) 63% |

|What is the markup rate? | | | | | |

|If the amount paid to workers is $4,864.40 and the amount paid by |a) 56% |b) 65% | c) 46% |d) 54% |e) 10% |

|clients is $10,472.44, what is the gross margin percent? | | | | | |

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