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Chapter 1 1 Move the decimal point to the left the number of places
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Explain how you divide a decimal number by a power of ten. 1) 2) Why must decimal […]
Chapter 1 2 A car rental company charges $24 per day and $0.50 per mile
Solve the problem. 81) Sales at Andrea‘s Formal Wear Shop were $978 this week. This is $184 less than the sales last week. What were last week’s sales? 81) A) $794 B) $1162 C) $1173 D) $1151 Perform the addition. […]
Chapter 1 3 How many people have moved from the town in 10 years
Perform the addition. 130) 24.9 + 4.71 + 0.61 130) A) 20.8 B) 29 C) 30.22 D) 19.58 Perform the multiplication. 131) 670 ×0.218 131) A) 146.171 B) 146.06 C) 146.16 D) 146.17 Answer: B Explanation: A) B) C) D) […]
Chapter 10 1 Explain the difference between time deposit accounts
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Explain the difference between time deposit accounts and passbook accounts. 1) 2) If interest is compounded monthly […]
Chapter 10 2 Andrea Gilford’s savings account has a balance of $4582
Use the table to solve the problem. Round to the nearest cent. 28) Andrea Gilford’s savings account has a balance of $4582. After 4 years, what will the amount of interest be at 4% compounded quarterly? 28) A) $795.76 B) […]
Chapter 10 3 Then use table values to find the compound interest
Find the present value. Round to the nearest cent. 42) Amount Needed Time (Years) Interest Compounded $18,000 10 10% semiannually 42) A) $11,215.98 B) $6939.78 C) $6784.02 D) $47,759.36 Answer: C Explanation: A) B) C) D) 33 Use values from […]
Chapter 11 1 How much should be deposited semiannually into a sinking
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Find the cost, including a sales charge of $1 per bond, for the transaction. 1) Bond: WSN Last Price: 101.500 Number Purchased: 27 […]
Chapter 11 2 At that time she wants to be able to withdraw $12,500 at the end
Find the present value of the annuity. Round to the nearest cent. 33) Payments of $50,000 made semiannually for 12 years at 5% compounded semiannually 33) A) $443,162.50 B) $866,605.50 C) $945,696.50 D) $894,249.50 Use the given bond table to […]
Chapter 11 3 the company paid dividends of $2.75 per share
Find the requested value using the given stock table. 52 –Wk Tick Vol. Week’s Div YTD High Low Name Sym. 100s Yld. P/E Last Chg. Amt % CHG 38.42 12.54 CommercialAir CMA 17718 3.1 21 31.68 +1.28 2.04 67.1 9.77 […]
Chapter 12 1 Find The Annual Percentage Rate Using The
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Solve the problem. 1) An architecture firm purchases 5 new workstations for $4000.00 each. The firm makes a down payment of $8000.00 […]
Chapter 12 2 Marge and Tom Martin bought a new car for $30,000
Use the real estate amortization table to find the monthly payment for the loan. 45) What is the monthly payment on a 15–year loan of $96,000 if the annual interest rate is 5%? 45) A) $759.36 B) $633.60 C) $1018.56 […]
Chapter 12 3 Find the amount of each monthly payment necessary to amortize
Solve the problem and use the table to find the annual percentage rate. 41 80) An appliance store offers a refrigerator for $1700 with no down payment, $211.14 in finance charges and 24 equal payments. Find the annual percentage rate. […]
Chapter 12 4 Joe Burk purchased a small tractor with a snowplow for $1800
Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent. 55 103) $120,000, 10% compounded quarterly, 35 quarterly payments 103) A) $2110.64 B) $5185.20 C) $5280.81 D) $5094.19 Find the annual percentage rate […]
Chapter 13 1 Round The Nearest Tenth Percent 25 Total
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Explain in your own words multiple carrier insurance. Give two reasons for dividing insurance among multiple carriers. […]
Chapter 13 2 The Greenwoods Claim Three Exemptions And File
Find the annual insurance premium. 42) A person’s youthful–operator factor is 2.95. The annual premium for liability coverage is $216.20 for bodily injury and $100.80 for property damage. 42) A) $935.15 B) $932.20 C) $317.00 D) $905.65 Find the amount […]
Chapter 13 3 A taxpayer’s property has a fair market value of $116,000
Find the amount of taxable income and the tax owed. The letter following the name indicates the marital status, and all married people are filing jointly. Use $3700 for each personal exemption; a standard deduction of $5800 for single people, […]
Chapter 13 4 The truck driver had 25/50liability insurance limits
96) The Dixie Beer Company had an insured fire loss of $89,000. It had insurance coverage as follows: Company A, $500,000; Company B, $200,000; and Company C, $100,000. Find the amount paid by each carrier assuming that the coinsurance requirement […]
Chapter 14 1 Find The Book Value The End The
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Explain why a business asset may be depreciated using two or more different methods. 1) 2) Explain […]
Chapter 14 2 Round to the nearest dollar Metal Fabricators buys a milling
Find the annual straight–line rate of depreciation for the estimated life. 46) 7 years 46) A) 1.4% B) 7% C) 7.1% D) 14.3% Use the MACRS depreciation rates table to find the recovery percent (rate), given the recovery year and […]
Chapter 15 1 Explain the purpose of a balance sheet
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Complete the comparative income statement. Round percents to the nearest tenth of a percent. 1) Amount This Year Percent This Year Amount […]
Chapter 15 2 Prepare a vertical analysis by expressing each item asa percent
Calculate the current ratio and the acid–test ratio. Is the company healthy based on the guidelines given in the text? 32) Current assets: $442,000 Current liabilities: $189,000 Liquid assets: $50,000 32) A) Current ratio =8.84 which is fine Acid–test ratio […]
Chapter 16 1 Explain why or when the median is a better average to use
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Explain the purpose of a comparative line graph. 1) 2) List the advantages and disadvantages of using […]
Chapter 16 2 A medical research team studied the ages of patients
49) A medical research team studied the ages of patients who had strokes caused by stress. The results of 34 patients are as follows: Age (years) Frequency 23–27 3 28–32 3 33–37 6 38–42 4 43–47 5 48–52 3 53–57 […]
Chapter 2 1 The LCM of two whole numbers is the smallest whole number
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) In your own words, explain what a fraction means. 1) 2) Explain the meaning of 2 3. […]
Chapter 2 2 What is wrong if two fractions are added and the result
The graph represents the 24–hour day of a small–business owner. Sleep 1 4Work 1 3 Free time 1 24 Eat 1 12 Travel 1 8Worry 1 6 83) What activity takes the most time? How many hours? 83) A) Work, […]
Chapter 2 3 How many hours of the day are spent in work, worry, and travel
Solve the problem. 119) On a certain map, 1 inch equals 24 miles. How many miles are in 53 4 inches? 119) A) 44 23 miles B) 30 3 4 miles C) 33 miles D) 138 miles 120) A nail […]
Chapter 3 1 What mistakes were made in getting the answers that are wrong
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide the proper response. 1) A homework problem was “Find 1 4% of $2500.” Student answers were $6.25, $62.5, $625, and $6250. […]
Chapter 3 2 A collection agency specializing in collecting past- due commercial
69) A collection agency specializing in collecting past–due commercial invoices charges $27 as an application fee plus 14% of the amount collected. What is the total charge for collecting $3400 past–due commercial invoices? 69) A) $24 B) $503 C) $476 […]
Chapter 4 1 Tell how you would split an amount according to a given ratio
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) In your own words, explain how you would solve a word problem using proportions. 1) 2) Is […]
Chapter 4 2 Stevie bought a stereo for $225 and put it on sale at his store
Solve the equation. 83) 6= b – 1 83) A) –5 B) 7 C) 5 D) -7 Solve the problem. 84) The 16th hole at the Riverwoods Golf Course is 467 yards long. How long would it be on a […]
Chapter 5 1 Reconcile The Bank Statement With The Check
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Answer the question or give an explanation. 1) Describe at least four services a bank can provide to its business checking account […]
Chapter 6 1 Medicare Tax Then Find The Net Pay
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Use the percentage method of withholding, a FICA rate of 6.2%, a Medicare rate of 1.45%, an SDI rate of 1%, and a […]
Chapter 6 2 Barbara Smith is an employee of Allied Manufacturing Company
Solve the problem. 54) Barbara Smith is an employee of Allied Manufacturing Company. She has an 8–hr workday and each day is paid $0.60 for each unit produced or the hourly rate, whichever is greater. Her hourly rate is $7.15 […]
Chapter 7 1 July Payment Due Aug Answer Explanation 26
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Give two reasons why cash discounts are offered by sellers. 1) 2) Which is the better series […]
Chapter 7 2 Answer Explanation Solve For The Amount Discount
Find the net cost. Round to the nearest cent. 53) $118.10 less 15/25/10 53) A) $68.10 B) $73.22 C) $67.76 D) $59.05 What does the abbreviation stand for? 54) qt. 54) A) quiet B) quantity C) quart D) quarter Answer: […]
Chapter 8 1 Give two reasons why a business would prefer to calculate
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Provide an appropriate response. 1) Give two reasons why a business would prefer to calculate stock turnover at retail rather than at […]
Chapter 8 2 Bob’s Tires manufactures steel- belted radials at a cost of
Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. 46) ? % C $ ? 39% M $16.49 100% S $ ? 46) A) 61% C $25.79 39% M $16.49 100% […]
Chapter 9 1 One way to get the money would be by way of a simple
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Answer the question. 1) Acme Manufacturing Company needs to borrow $150,000.00 for 50 days to pay creditors. One way to get the […]
Chapter 9 2 Find the discount period in days and the proceeds
Find the amount by which the ordinary interest is larger than the exact interest. Round to the nearest cent. 67) $49,100 at 95 8% for 204 days 67) A) $0.18 B) $36.69 C) $47.19 D) $27.19 Find principal to the […]