Assignments: MA140 Exam 1, Exam-2 and Exam-3

EXAM-1

Question-1

Solve for C:

F = 32 + 9/5 C

A. C = F - 32

B. C = 9/5 + 32

C. C = 5/9(F - 32)

D. C = (F + 32)

Question-2

In the equation x = 6 - 2y, x and y are:

A. directly related.

B. inversely related.

C. both dependent variables.

D. not related.

Question-3

John puts $780 into his checking and savings accounts. He puts three times as much into the checking account as into the savings account. What amounts did he deposit in each account?

A. $600 and $180

B. $550 and $230

C. $585 and $195

D. $525 and $245

Question-4

What is the slope between the points (2,3) and (6,5)?

A. 1/4

B. 1/2

C. 2/3

D. 3/2

Question-5

There are 7/8 as many men as women in an entering freshman class at State College. If the total enrollment for freshmen is 450, how many women enrolled?

A. 421

B. 369

C. 240

D. 210

Question-6

Solve for x:

7 + x = 9 + 27

A. x = 21/3

B. x = 9

C. x = 29

D. x = 34

Question-7

J and P are partners. J does four times the work of P, and also takes four times the profits. If total profit for the month of June is $8,000, what is J's share?

A. $2,000

B. $5,000

C. $6,000

D. $6,400

Question-8

A firm's sales for the month total $30,000. If the ratio of cash to credit sales is 2:3, what do cash sales total?

A. $6,000

B. $10,000

C. $12,000

D. $18,000

Question-9

Four partners, A,B,C,D, invest in the ratio of 5:3:3:1 in their firm. If partner A invests $20,000, what is the total invested?

A. $40,000

B. $48,000

C. $60,000

D. $80,000

Question-10

Solve for x:

x/3 = 12/20

A. x = 1.8

B. x = 2.2

C. x = 2.8

D. x = 5.4

Question-11

Fuel oil prices averaged $0.93375 in the winter of 1998, then shot up to $1.02 in winter 1999. Calculate the additional fuel costs for a household that used 863 5/8 gallons of fuel oil during the winter of 1999.

A. $14.90

B. $74.49

C. $89.95

D. $105.45

Question-12

A car has a tank that holds 12 3/8 gallons of gasoline. Mr. Brown fills his tank and drives along the highway until he runs out of gas. If his car averages 19 2/5 mpg, how far has he traveled?

A. 226 miles

B. 238 miles

C. 240 miles

D. 245 miles

Question-13

A start-up firm's sales increased by 350% from its first year of operation to its third year total of $1.68 million. What were its total sales in its first year of operation?

A. $ 480,000

B. $ 672,000

C. $2,030,000

D. $5,880,000

Question-14

Find the sales tax on a luxury item priced at $1,475.00 if the rate of sales tax is 5 ½% of the sales price.

A. $73.75

B. $76.90

C. $81.13

D. $268.18

Question-15

A state college has a total freshman enrollment of 2,200 students, of whom 42% are male. If the remainder of the total school enrollment of 6,800 students is divided evenly between male and female, determine the total male enrollment in the school.

A. 2,856

B. 3,224

C. 3,300

D. 3,576

Question-16

A manufacturer reports production of 120,000 units in the third quarter of the year. This is an increase of 15,000 units over production in the second quarter. What was the rate of increase for the period?

A. 11.11%

B. 12.5%

C. 14.29%

D. 15%

Question-17

A consumer information magazine estimates that the real juice content of several drinks sold as snack drinks for children was 79.5% in 1999, compared to 86.25% in 1998. What is the percentage change in the real juice content?

A. -7.83%

B. -6.75%

C. 6.75%

D. 8.5%

Question-18

The CPI for a broad basket of goods in 1994 was 110, in 1999 the CPI for the same goods was 146. What was the percent inflation for the 6-year period?

A. 24.66%

B. 32.73%

C. 36%

D. 46%

Question-19

Determine the price index for a product that sold for $8.99 in 1999, compared to $6.99 in 1996.

A. 77.75

B. 122.25

C. 128.61

D. 177.75

Question-20

The consumer price index for a new car in 1990 was 110.2, and in 1995 it was 136.5. If the price of the car was $12,880 in 1990, what was the price in 1995?

A. $15,362

B. $15,954

C. $16,060

D. $16,267

EXAM-2

Question-1

To form a __________ we form a ratio between each frequency and the total number of scores in the set.

A. stem-and-leaf display

B. frequency distribution

C. relative frequency distribution

D. frequency polygon

Please use the following to answer the following two questions:

Class Scores	Frequency (f)
(lower limit < value < upper limit)
0-20	6
20-40	9
40-60	15
60-80	12
80-100	8

Question-2

What is the relative frequency of the 20–40 class?

A. 0.30

B. 0.18

C. 0.225

D. 9

Question-3

What is the percent frequency of the 60-80 class?

A. 12%

B. 24%

C. 30%

D. 84%

For Questions 4-7, use the following data:

The number of file conversions performed by a processor per day for 10 days was:

15, 27, 25, 28, 30, 31, 22, 25, 27, 29

Question-4

What is the arithmetic mean of the data?

A. 20.7

B. 25.9

C. 27

D. 29

Question-5

What is the trimmed mean of the data?

A. 22.875

B. 26.625

C. 31.525

D. 34.375

Question-6

What is the median of the data?

A. 26

B. 26.5

C. 27

D. There is no median for this data set.

Question-7

What is the mode of the data?

A. 25

B. 25

C. There is no mode for the data set.

D. The data set is bimodal, with modes of 25 and 27.

Sample data on employee age for a large auto parts manufacturer are as follows:

Employee Age	Frequency
25-29	25
30-34	33
35-39	62
40-44	26
45-49	31
50-54	8

Question-8

What is the mean age of the employees?

A. 37

B. 37.32

C. 37.78

D. 38.83

Question-9

A survey of the number of television sets per household in a city yielded the following results:

Number of TV Sets	Number of Households
1	400
2	800
3	400
4	100

What is the trimmed mean of the number of televisions per household?

A. 425

B. 200

C. 340

D. 725

For questions 10-13, use the following data:

13 29 41 60 89 14 26 53 7 14

Question-10

What is the arithmetic mean of the data?

A. 20

B. 14

C. 34.6

D. 82

Question-11

What is the range of the data?

A. 14

B. 34.6

C. 82

D. 50

Question-12

What is the variance of the data?

A. 231.04

B. 616.64

C. 685.16

D. 1,197.16

Question-13

What is the standard deviation of the data?

A. 0.2

B. 26.18

C. 24.83

D. 34.61

Question-14

A probability is always expressed as a value from:

A. 0 and 1.

B. -1 and 1.

C. 0 and 100.

D. 0 and 10.

Question-15

Records at a high school indicate that each year for the past five years, 120 of the 1,500 students were absent on the first day of hunting season. What is the likelihood that a particular student will be absent on the first day of hunting season this year?

A. 0.08

B. 0.12

C. 0.18

D. 0.20

Question-16

A study of a manufacturing process indicates that 120 of 6,000 units produced are defective. If a sampler selected 100 units, how many defective units would he expect to be present?

A. 2

B. 5

C. 6

D. 10

Question-17

Six red balls and four blue balls are placed in a container. What is the probability that the first ball drawn from the container is blue?

A. 0.286

B. 0.40

C. 0.60

D. 0.67

Please answer questions 18-19 using the following information:

Class Scores	Frequency - f
Lower limit < score < upper limit
20-30	6
30-40	10
40-50	12
50-60	8
60-70	4

Question-18

What is the probability that a selected observation is between 40 and 50?

A. 0.25

B. 0.30

C. 0.40

D. 0.65

Question-19

What is the probability that a selected observation is greater than 39, but less than 60?

A. 0.20

B. 0.40

C. 0.30

D. 0.50

Question-20

Calculate the range, variance, and standard deviation of the following data set:

5, 5, 6, 6, 6, 8, 8, 8, 8, 10, 10, 11, 12, 12, 20

A. Range = 15; Variance = 225; Standard Deviation = 7.5

B. Range = 3.85; Variance = 14; Standard Deviation = 3.74

C. Range = 20; Variance = 15; Standard Deviation = 4

D. Range = 15; Variance = 14.82; Standard Deviation = 3.85

EXAM-3

Question-1

A firm's __________ account is categorized as a current asset.

A. equipment

B. accounts payable

C. bonds payable

D. merchandise inventory

Question-2

__________ accounts show the amount of money owed to the firm by customers.

A. Supply

B. Prepaid

C. Receivables

D. Payables

Question-3

A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities?

A. $80,000

B. $200,000

C. $320,000

D. Cannot be determined from the information given

Please use the following information to answer questions 4-5:

Cash	$10,000	Accounts Payable	$7,000
Accounts Receivable	$6,400	Mortgage Payable	$65,000
Supplies	$1,500	Long-term Debt	$36,000
Building	$150,000	Notes Payable	$9,000
Equipment	$80,000	Preferred Stock	$32,000
Merchandise Inventory	$18,000	Retained Earnings	?
Prepaid Rent	$3,000
Common Stock	$60,000

Question-4

Current Assets total:

A. $16,400

B. $37,400

C. $38,900

D. $268,900

Question-5

Retained earnings total:

A. $59,900

B. $78,100

C. $92,000

D. $151,900

Question-6

__________ expenses are costs incurred directly with the sale of merchandise or in the operations of business.

A. Purchasing

B. Net

C. Operating

D. Miscellaneous

Question-7

A company develops the following information at the end of an accounting period:

Inventory, 01/99	$347,500
Net purchases	$1,145,000
Cost of goods sold	$1,216,000

What is the ending inventory for the period?

A. $71,000

B. $276,500

C. $797,500

D. Cannot be determined from the information given

Please use the following information to answer questions 8-10:

Gross Sales	$1,555,000	Inventory, 01/99	$356,000
Purchases	812,000	Inventory, 12/99	382,000
Purchases discount	26,000	Sales Discount	22,000
Sales returns & allowances	35,000	Transportation in	16,000
Selling expenses	210,000	Administrative salaries	240,000
Advertising expense	40,000	Depreciation expense	22,000
Supplies expense	24,000	Other general expenses	112,000
Interest expense	8,000	Interest income	3,000

Question-8

What are the total expenses?

A. $450,000

B. $544,000

C. $648,000

D. $656,000

Question-9

What is the gross profit?

A. $696,000

B. $722,000

C. $776,000

D. $1,158,000

Question-10

What is the net income?

A. $66,000

B. $69,000

C. $72,000

D. $95,000

Question-11

The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis.

A. True

B. False

Please use the following information to answer questions 12-16:

Trenton Supply Company Comparative Income Statement, 12/31/99 and 12/31/2000
	2000	1999
Net Sales	$ 850,000	$ 780,000
Cost of goods sold:
Beginning inventory	42,000	36,000
Net purchases	410,000	382,000
Merchandise available for sale	452,000	418,000
Ending inventory	48,000	43,000
Total cost of goods sold	404,000	375,000
Gross profit	446,000	405,000
Operating expenses:
Supplies	7,400	6,500
Wages & salaries	195,000	147,000
Depreciation	13,000	15,000
Insurance	5,100	4,500
Advertising	8,000	6,000
Rent	25,000	22,000
Total operating expenses	253,500	201,000
Income before taxes	192,500	204,000
Provision for taxes	80,000	84,000
Net income	112,500	120,000

Question-12

For the year 2000, cost of goods sold represents what percentage of net sales?

A. 47.53%

B. 48.1%

C. 52.0%

D. 52.47%

Question-13

For the year 1999, net income represents what percentage of net sales?

A. 13.24%

B. 15.4%

C. 22.65%

D. 26.15%

Question-14

In 2000, total operating expenses increased by _____% over 1999.

A. 5.98

B. 12.2

C. 26.12

D. 53.5

Question-15

Between 12/31/1999 and 12/31/2000, gross profit:

A. fell by 1.33%.

B. fell by 7.73%.

C. rose by 8.13%.

D. rose by 10.12%.

Question-16

Between 12/31/1999 and 12/31/2000, net income:

A. rose by 5.97%.

B. fell by 5.64%.

C. fell by 6.25%.

D. rose by 6.67%.

Question-17

The ratio of __________ to __________ is an example of a __________ ratio.

A. quick assets; current liabilities; leverage

B. cost of goods sold; total assets; asset utilization

C. net credit sales; average owner's equity; leverage

D. net income after taxes; net sales; profit

Question-18

A firm's balance sheet shows the following assets:

Cash	$5,000
Accounts Receivable	$8,000
Inventories	$10,000
Prepaid Insurance	$2,500
Marketable Securities	$7,000

If the firm has current liabilities totaling $15,000, what is its acid test ratio?

A. 0.67:1

B. 1:1

C. 1.33:1

D. 1.5:1

Please use the following information to answer questions 19-20:

Assume the balances on 12/31/99 were carried over to 01/01/2000:

Trenton Supply Company Comparative Balance Sheet, 12/31/99 and 12/31/2000
	2000	1999
Current Assets:
Cash	70,000	64,000
Accounts receivable	50,000	45,000
Prepaid rent	10,000	12,000
Merchandise Inventory	120,000	135,000
Total Current Assets	250,000	256,000
Fixed Assets:
Equipment (net)	200,000	164,000
Building (net)	300,000	310,000
Total Assets	750,000	730,000
Total current Liabilities	120,000	100,000
Total Long-term Debt	225,000	245,000
Owner's Equity	405,000	385,000
Total Liabilities and Owner's Equity	750,000	730,000