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Business Math Chapter Test 4
Shannon Kelly makes a deposit in her checking account. She has checks for $178.16 and $36.00. Shannon gets back $20.00 in cash. What is her total deposit? $194.16 Simon Wu's deposit includes two checks: $123.45 and $432.90; cash: 3 one-dollar bills, 9 five-dollar bills, 5 ten-dollar bills, 15 quarters, 10 dimes, 18 nickels, and 32 pennies. Find the total deposit. $660.32 Pablo Ramirez makes a deposit at an ATM and walks away with the $50 in cash he received and the receipt for the $1,200 total deposit he made. The checks deposited totaled four times the amount of currency he had deposited. He did not deposit any coins. What amount in currency did he deposit? $230 Which of the following is the correct way to write the amount $73.78 on a check? seventy-three and 78/100 dollars Elaine Teague sold her bicycle and received a check for one hundred forty-two dollars and fifteen cents. What is the amount of the check written as a numeral? $142.15 Your balance was $123.90 on May 5. Your May 10 deposit was $230.78. On May 19, you wrote a $43.20 check and withdrew $50.00 from an ATM. What is your new balance? $261.48 The previous balance in your check register is $134.67. You make a deposit of $150.00. You write a check for $63.23. What is your new balance? $21.44 $147.90 $221.44 $447.90 You bank statement shows a previous balance of $354.12. You make deposits of $123.98 and $312.76. You write checks for $46.17 and $154.32. You have a $4.00 service charge and earn $0.18 interest. What is your present balance? $586.55 Your statement balance is $433.97. You have an outstanding check for $46.78 and an outstanding deposit for $235.00. What is your adjusted balance? $622.19 Tobey Blank received his bank statement in the mail and checked it to verify his pay increase. His employer deposits his monthly pay directly into his account. The previous month's pay was $4,189.90. Tobey's account activity showed a $410.90 previous balance, checks of $3,650.12, ATM withdrawals of $100.00, and a service charge of $3.50. If Tobey's new balance is $918.80, what increase in pay was direct deposited? $71.62 Drew Lawson uses online banking to pay his bills. The bank charges $6.95 a month to use this service, $0.50 for each bill paid, $4.00 for a printed statement, and a cash advance fee of 2% of the cash advance amount. Drew paid 4 bills, requested a printed statement, and received a $300.00 cash advance. What were his total fees for the month? $18.95 Frank Shoemaker makes a deposit in his checking account. He has checks for $56.23, $258.97, and $218.64. Franks also gets back $25.00 in cash. What is his total deposit? $508.84 The previous balance in your check register is $508.62. You make a deposit of $259.84. You write a check for $148.00. What is your new balance? $620.46 Chapter Tests 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Unit Test 01 02 03 04 05 06 Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help? Your bank statement shows a previous balance of $218.54. You make deposits of $311.25 and $250.00. You write checks for $95.00 and $267.48. What is your present balance? $417.31 Your statement balance is $200.36. You have an outstanding check for $112.56 and an outstanding deposit for $68.34. What is your adjusted balance? $156.14 Your statement balance is $687.45. You have outstanding checks totaling $332.10 and an outstanding deposit for $124.21. What is your adjusted balance? $479.56 You use online banking. Last month you had a basic service charge of $3.95. Service charges included 5 fees at $0.25 each, a $5.00 fee for a printed statement, $2.00 out-of-network ATM fee, and a cash advance fee of 2% of $400. What are the total service charges? $20.20 $16.25 $16.20 $12.20 Nancy Rodrick uses United Bank and Trust online banking. One month she paid the basic charge, 9 bills, and requested a printed statement. United's online banking charges are shown below. What are Nancy's total fees for the month? Daniel Leizerman earned $45.00 cutting grass, $23.00 babysitting, and $5.25 selling two books. He puts all but $10.00 in his checking account. What is his total deposit? $63.25 In an ordinary annuity the interest on a yearly investment starts building interest: At the end of the first period Lee Associates borrowed $60,000. The company plans to set up a sinking fund that will pay back the loan at the end of 12 years. Assuming a rate of 8% compounded semiannually, the amount to be paid into the fund each period is (use the tables in the handbook): $1,536 An annuity due can use the ordinary annuity table if one extra period is added and: Subtract one payment from total value An annuity is: A stream of payments Contingent annuities: Have no fixed amount of payments. Jones Co. borrowed money that is to be repaid in 12 years. So that the loan will be paid back at end of the 12th year, the company invests $8,000 at end of each year at 5% compounded annually. The amount of the original loan was (Use the tables in the handbook): $127,336.80 How much would Howard Steele need to invest today so that he may withdraw $12,000 each year for the next 20 years, assuming a rate of 8% compounded annually? (Use the tables in the handbook.) $117,817.20 Lance Rice has decided to invest $1,200 quarterly for eight years in an ordinary annuity at 4%. The total cash value of the annuity at end of year 8 is: (use the tables in the handbook): $44,992.92 Jorgen Grace made deposits of $250 at the end of each year for 12 years. The rate received was 6% annually. What is the value of the investment after 12 years? $4,217.48 A sinking fund: Aids in meeting a future obligation. Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges? $50,236.80 The APR represents the: True effective annual rate of interest charged by seller Most companies calculate the finance charge on credit card accounts as a percentage of the: Average daily balance Which one of the following statements is incorrect? APR is the true effective annual interest charged by sellers. The Truth in Lending Act regulates interest charges. APR represents the true effective annual rate of interest. None of these Given the following: 29 day billing cycle 4/17 Billing date previous balance $1,100 4/27 Payment 700 4/29 Charge 300 5/7 Payment 50 The average daily balance is: None of these or ($801.72) The finance charge is equal to the total of all monthly payments: Minus amount financed. Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help? Mia Lane bought a high-definition television for $7,500. Based on her income, she could afford to pay back only $600 per month. There is 1½% monthly interest charge on the unpaid balance. The U.S. Rule is used in the calculation. At the end of month 1, the balance outstanding is: None of these or ($7,012.50) In calculating the daily balance, cash advances are: Added in Dan Miller bought a new Toyota truck for $28,000. Dan made a down payment of $6,000 and paid $390 monthly for 70 months. The total finance charge was: $5,300 Open credit in a revolving charge plan results in: As many charged purchases till credit limit is reached Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using the table in the handbook, his monthly payment is: $1,139.40 A $104,000 selling price with $24,000 down at 8 1/2% for 25 years results in a monthly payment of: $644.80 The difference between the monthly payments on a $120,000 home at 6 ½% and at 8% for 25 years is (Use the table in the handbook): $115.20 Chin Woo bought a home for $160,000. He put down 20%. The mortgage is at 8 1/2% for 25 years. Using the table in the handbook, his yearly payments are: $12,380.16 Dick Hercher bought a home in Homewood, Illinois, for $230,000. He put down 20% and obtained a mortgage for 25 years at 8%. The total interest cost of the loan is: $242,144.00 Abe Aster bought a new split level for $200,000. Abe put down 30%. Assuming a rate of 11 1/2% on a 30-year mortgage, Abe's monthly payment is: (Use the table in the handbook): $1,387.40 Marsha Terban bought a home for $119,000 with a down payment of $19,000. Her rate of interest is 12 1/2% for 35 years. The balance of the mortgage at the end of the first month is: $99,985.67 An amortization schedule shows: Portion of payment broken down to interest and principal Jill Diamond bought a home for $190,000 with a down payment of $65,000. The rate of interest was 7% for 35 years. Her monthly mortgage payment is: $798.75 Darlene Ramirez bought a home for $140,000. She put 20% down with a mortgage rate at 7.5% for 25 years. Her yearly payments are: $9,932.16 Complete the trend analysis for sales for year 3: (Round to nearest tenth percent): Year 4 $782,143 Year 3 $655,211 Year 2 $605,000 Year 1 $646,133 101.4% Given the following: Name | 2010 | 2011 | 2012 Sales | 400,000 | 350,000 | 470,000 Gross Profit | -100,000 | -130,000 | -140,000 Net income | 300,000 | 220,000 | 230,000 By trend analysis (base year is 2010), sales in 2012 to the nearest percent of the base year is: 118% Which of the following is not a current asset? Building Which one is not used to calculate net sales? Purchases The cost of merchandise sold from the following data is as follows: sales $80,000, beginning inventory $5,000, purchases $21,800, purchase discounts $790, ending inventory $5,100. $20,910 The asset turnover of Ryan Company is 7.2. The total assets of Ryan are $88,000. Ryan's net sales were: $633,600 When each asset is analyzed as a percent of total assets for a single period, this is known as: Vertical analysis The asset turnover from the following is (round to nearest tenth): Gross sales 70,000 Sales discount 2,500 Sales returns and allowances 8,000 Total assets 39,000 1.5 The total debt to total assets of Logan Company was .71. The total of Logan's assets was $270,000. The amount of total debt is: $191,700 Complete the horizontal analysis below: Year 2 88,338 Year 1 92,147 Amount + ? Percent Change ? ($3,809), -4.1% |
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