Question 1
Round 336,503 to the nearest thousand.
336,000
336,500
337,000
300,000
Question 2
A sales representative spent $337.96 on incentive gifts for 21 clients. What is the average cost per gift? Round to the nearest cent.
$16.09
$7,097.16
$16.93
$7,098
Question 3
690 students is what percent of 3,450 students?
2%
5%
50%
20%
Question 4
Find the net pay for the following employee after FICA, Medicare, federal withholding tax, state disability insurance, and other deductions have been taken out. Assume that the employee has not earned over $115,000 so far this year. Assume a FICA rate of 6.2%, Medicare rate of 1.45%, and a state disability insurance rate of 1%. Use the percentage method of withholding. J. Grossman: $1957.40 monthly earnings, 3 withholding allowances, married, credit union payment of $45, union dues of $22
$1,592.85
$1,614.77
$1,610.08
$1,687.85
Question 5
Solve the following application problem involving cash and trade discount. Round to the nearest cent. Salon Indigo receives an invoice amounting to $1,459.26 with cash terms of 3/10 prox. and dated April 9. If a partial payment of $800 is made on April 15, find the balance due on the invoice.
$634.52
$570.37
$659.26
$683.23
Question 6
Jack Steele needs $14,500 to computerize his inventory. Find the face value of a simple interest note that will provide the $14,500 in proceeds if he plans to repay the note in 150 days and the bank charges an 11% discount rate.
$15,196.51
$15,164.58
$15,186.51
$15,155.48
Question 7
Find the interest earned by the following. Assume 3.5% interest compounded daily. $975 deposited April 23 and withdrawn June 18
$6.66
$5.25
$5.16
$6.75
Question 8
At the end of each year, Lang and Sally Choate will deposit $1,400 into an IRA. Find the amount they will have accumulated in 20 years if funds earn 6% per year.
$46,292.33
$54,589.82
$55,989.82
$51,499.83
Question 9
Find the tax owed in the following problem. Grayson's Gymnastics owns property with a fair market value of $89,100. Property in the area is assessed at 40% of fair market value with a tax rate of 8.36%. Find the annual tax.
$4,263.16
$2,979.50
$2,227.50
$4,469.26
Question 10
A firm has net income after taxes of $102,500 for the year. Owners' equity was $998,500 at the beginning of the year and $1,120,000 at the end of the year. Find the ratio of net income after taxes to average owners' equity.
4.8%
20.7%
9.7%
Round 336,503 to the nearest thousand.
336,000
336,500
337,000
300,000
Question 2
A sales representative spent $337.96 on incentive gifts for 21 clients. What is the average cost per gift? Round to the nearest cent.
$16.09
$7,097.16
$16.93
$7,098
Question 3
690 students is what percent of 3,450 students?
2%
5%
50%
20%
Question 4
Find the net pay for the following employee after FICA, Medicare, federal withholding tax, state disability insurance, and other deductions have been taken out. Assume that the employee has not earned over $115,000 so far this year. Assume a FICA rate of 6.2%, Medicare rate of 1.45%, and a state disability insurance rate of 1%. Use the percentage method of withholding. J. Grossman: $1957.40 monthly earnings, 3 withholding allowances, married, credit union payment of $45, union dues of $22
$1,592.85
$1,614.77
$1,610.08
$1,687.85
Question 5
Solve the following application problem involving cash and trade discount. Round to the nearest cent. Salon Indigo receives an invoice amounting to $1,459.26 with cash terms of 3/10 prox. and dated April 9. If a partial payment of $800 is made on April 15, find the balance due on the invoice.
$634.52
$570.37
$659.26
$683.23
Question 6
Jack Steele needs $14,500 to computerize his inventory. Find the face value of a simple interest note that will provide the $14,500 in proceeds if he plans to repay the note in 150 days and the bank charges an 11% discount rate.
$15,196.51
$15,164.58
$15,186.51
$15,155.48
Question 7
Find the interest earned by the following. Assume 3.5% interest compounded daily. $975 deposited April 23 and withdrawn June 18
$6.66
$5.25
$5.16
$6.75
Question 8
At the end of each year, Lang and Sally Choate will deposit $1,400 into an IRA. Find the amount they will have accumulated in 20 years if funds earn 6% per year.
$46,292.33
$54,589.82
$55,989.82
$51,499.83
Question 9
Find the tax owed in the following problem. Grayson's Gymnastics owns property with a fair market value of $89,100. Property in the area is assessed at 40% of fair market value with a tax rate of 8.36%. Find the annual tax.
$4,263.16
$2,979.50
$2,227.50
$4,469.26
Question 10
A firm has net income after taxes of $102,500 for the year. Owners' equity was $998,500 at the beginning of the year and $1,120,000 at the end of the year. Find the ratio of net income after taxes to average owners' equity.
4.8%
20.7%
9.7%
2.0%
