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1. Janet Home went to Citizen Bank. She borrowed $7,000 at a rate of 8%. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back how much interest on January 20?A. $188.22B. $189.78C. $187.17D. $187.182. Burton Bush wants to retire in Arizona when he is 80 years of age. Burton, who is now 55, believes he will need $400,000 to retire comfortably. To date, he has set aside no retirement money. If he gets an interest rate of 6% compounded annually, he will have to invest today. Using the tables in the Business Math Handbook that accompanies the course textbook, determine how much he must invest.A. $93,200B. $69,900C. $96,500D. $92,3003. video game sells at Arnolds for $14.99. Arnold's marks the game up at 40% of the selling price. What is the cost of the game to Arnold?A. $6.50B. $8.99C. $9.10D. $6.004. Differential pay schedule is based onA. different levels of performance.B. FICA.C. gross pay.D. FUTA.5. Jane is having difficulty deciding whether to put her savings in the Mystic Bank or in the Four Rivers Bank. Mystic offers a 12% rate compounded quarterly, and Four Rivers offers 14% compounded semiannually. Jane has $40,000 to invest and expects to withdraw the money at the end of five years. Using the tables in the Business Math Handbook that accompanies the course textbook, determine which one of the following is the best deal.A. Four Rivers for first two yearsB. MysticC. Four RiversD. Mystic for last two years6. Johnny Mac's Sporting Goods bought a baseball glove from Rawlings Sporting Goods for $66.00. They want to mark up the glove 70% on selling price. What should Johnny's sell the glove for?A. $113.22B. $220.00C. $246.42D. $179.827. The taxable earnings column of a payroll register recordsA. what wages will be taxed.B. wages, actual tax, and estimated tax.C. the actual tax.D. the estimated tax.8. Black & Decker Manufacturing sold a set of saws to True Value Hardware. The list price was $3,800. Black & Decker offered a chain discount of 8/3/1. What is the net price of the saws?A. $3,357.21B. $3,537.21C. $3,537.12D. $3,391.129. An Apple iPad sells for $699.00 on eBay. The markup is 30% on cost. What is the total cost of the iPad sold on eBay?A. $489.30B. $908.70C. $ 490.00D. $537.6910. Jasper works at Panera Company for $11.25 per hour plus a commission of 2% of her sales. Assuming Jasper worked 26 hours last week and had sales of $2,610, what is her gross pay?A. $342.00B. $351.20C. $290.50D. $344.7011. Bill's Furrier marks up mink coats $3,000. This represents a 50% markup on cost. What is the cost of the coats?A. $1,500.B. $6,000.C. $9,000.D. $4,500.12. Use the following information and the tables in the Business Math Handbook that accompanies the course textbook to answer the question. $140.10 per monthCash price: $5,600 Down payment: $0Cash or trade months with bank-approved credit; amount financed: $5,600 Finance charge: $2,806 Total payments: $8,406 What is the APR by table lookup?A. 17.00%–17.25%B. 16.50%–16.75%C. 16.75%–17.00%D. 17.25%–17.50%13. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the difference between the monthly payments on a $120,000 home at 61∕2% and at 8% for 25 years.A. $81.12B. $115.20C. $151.02D. $91.1214. Connie made deposits of $2000 at the beginning of each year for four years. The rate she earned is 5% annually. What is the value of Connie's account in four years?A. $8,260.20B. $11,051.00C. $9,051.20D. $8,260.0015. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ?% for 30 years. Using the tables in the Business Math Handbook that accompanies the course textbook, determine his monthly payment.A. $1,319.04B. $1,216.80C. $1,139.40D. $1,319.4016. The weighted-average method is best usedA. for homogeneous products.B. only for fuels.C. for heterogeneous products.D. only for grains.17. Jangles Co. earned $1.80 per share. Assuming a closing price of $40, what is the PE ratio? (Round your answer to the nearest whole number.)A. 20B. 72C. 7D. 2218. Matt Miller, age 28, takes out $50,000 of straight-life insurance. His annual premium is $418.20. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the cash valueof his policy at the end of 20 years.A. $13,250B. $26,500C. $26,000D. $30,00019. Stocks are always quoted inA. decimals.B. quarter lots.C. percents.D. quarters of a dollar.20. Find the mean for the following numbers and do not round your answer to the nearest whole number:38 + 18.05 + 25 + 26 + 46A. 30.61B. 23.74C. 32.14D. 21.4521. Calculate the optional bodily injury cost for the following:Class: 10 Optional Bodily Injury: 100/300/50A. $187B. $144C. $108D. $9422. With net sales of $40,000, beginning inventory at retail of $14,000, ending inventory at retail of $20,000, and cost of goods sold of $19,500, what is the inventory turnover at retail rounded to the nearest hundredth?A. 5.15B. 3.25C. 2.35D. 5.2323. Bee Sting bought 400 shares of Google at $399.75 per share. Assume a commission of 2% of the purchase price. What is the total to Bee?A. $159,900B. $156,702C. $163,980D. $163,09824. Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike isA. $17,992.40.B. $7,999.30.C. $7,999.40.D. $16,992.40. ................
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