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Concord Pizza's checkbook balance is $1,799.59.
The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50.
With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:
 
A. $793
B. $1,027.59
C. $2,046.35
D. $2,071.35
E. None of these ($1,810.09)

Explanation:
1799.59 + 35.50 - 25 = 1,810.09
   
Jill Gracie's current checkbook balance is $8,900.15.
She opened up the bank statement and saw the bank's balance at $7,000.10.
After reviewing her records with the bank statement, she discovered a deposit on July 1 not recorded on
the statement for $9,821.55. A check written for $7,986.05 had not been returned by the bank.
This month the company earned interest of $33.10. The bank charged the company $48.10 for printing new checks.
Jill also discovered that a check written for $49.55 was not recorded in the check stubs. The reconciled balance is:
 
A. $8,835.60
B. $8,358.60
C. $8,735.60
D. $8,835.06
E. None of these
   
Which of the following are debited from a checking account?

A. ATM withdrawal
B. Returned check fee
C. Monthly service charge
D. Monthly electronic payment of utilities
E. All are debits.
   
On December 31, the checkbook balance of Ray Co. was $5,420.95. The bank statement balance showed $5,102.88.
Checks outstanding totaled $813.53. The statement did not show a deposit in transit of $1,102.95. Check charges were $15.88.
The company earned interest income of $29.32 that was shown on the report. The bookkeeper forgot to record a check for $42.09.
The reconciled balance is:
 
A. $5,392.30
B. $5,923.03
C. $5,932.03
D. $5,392.03
E. None of these
  Outstanding checks:
 
A. Have been paid by the bank.
B. Are checks returned to the payer.
C. Are bank checks.
D. Have not been received by the bank for processing.
E. None of these
 
Jane Co.'s checkbook currently has a balance of $295.10. The bank statement shows a balance of $205.10.
The statement revealed interest income of $10.03 along with check charges of $2.95. Jane recorded a $200 check as $150.
Deposits in transit were $402.80. Check numbers 85, 88, and 92 for $90.80, $108.10, and $156.82 were not returned with the statement.
The reconciled balance is:
 
A. $302.18
B. $242.18
C. $242.51
D. $252.18
E. None of these
 
The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14.
The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88.
Outstanding checks totaled $6,142.88. The bookkeeper, in further analyzing the bank statement noticed a collection of a note by
the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:
 
A. $7,924.14
B. $7,429.18
C. $7,294.14
D. $7,429.14
E. None of these 
 
In the reconciliation process the unrecorded bank service charge is:
A. Added to checkbook balance.
B. Deducted from checkbook balance.
C. Added to bank statement balance.
D. Deducted from bank statement balance.
E. None of these 
Citizen Bank sent a bank statement to Bane Co. showing an ending balance of $1,480. On the bank statement there was a service charge of $20. The
bookkeeper of Bane Co. noticed in the reconciliation process a deposit in transit of $200 along with checks outstanding of $300.
Complete the reconciliation for Bane assuming a checkbook balance of $1,400.
 
A. $1,830.00
B. $1,138.00
C. $1,380.00
D. $1,803.00
E. None of these 
The checkbook balance of Roger Co. is $982.50. The bank statement reveals a balance of $1,051.82.
The bank statement showed interest earned of $3.82 and a service charge of $15, along with a deposit in transit of $210.
Outstanding checks totaled $270.50. The bookkeeper, in further analyzing the bank statement, noticed a collection of a
note by the bank for $200. Roger Co. forgot to deduct a check for $180 during the month. The reconciled balance is:
 
A. $831.32
B. $991.32
C. $831.23
D. $991.23
E. None of these
   
Jerry's age 10 years ago can be expressed as:
A. A - 10
B. A + 10
C. 2A - 10
D. 2A + 10
E. None of these
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Dolls cost $140 per carton, and trucks cost $430 per carton. If an order comes in for a total of 100 cartons for $28,500,
what was the number of cartons of dolls? (Hint: Let T = cartons of dolls.)
 
A. 60
B. 70
C. 50
D. 30
E. None of these
   
One-ninth of all sales at a local Subway are for cash. If cash sales for the week were $690, what were Subway's total sales?
 
A. $2,610
B. $22,600
C. $6,210
D. $2,611
E. None of these
   
What number decreased by 630 equals 1,510?
A. 880
B. 2,140
C. 4,120
D. 1,240
E. None of these
   
C + 100 = 55; C equals:
A. 45
B. 155
C. -155
D. -45
E. None of these
   
2,000(A - 5) = 110,000; A equals:
A. 6
B. 60
C. 600
D. 6,000
E. None of these
   
N/8 + 6 = 58; N equals:
A. 512
B. 416
C. 521
D. 461
E. None of these
   
Kohl's sells casual shirts for $9 and polo shirts for $18.00. Total sales were $1,080, and customers bought 4 times as many casual shirts as polo shirts.
How many casual shirts did Kohl's sell?
 
A. 80
B. 60
C. 40
D. 12
E. None of these
   
Jill Co. sells thermometers ($2) and hot water bottles ($6). If total sales were $312 and customers bought 10 times as many thermometers as
hot water bottles, what would be the number of hot water bottles sold?
 
A. 120
B. 119
C. 12
D. 11
E. None of these
   
A letter or a symbol that represents one or more numbers is a:
A. Variable
B. Equation
C. Known
D. Constant
E. None of these
   
Joanne's Dress Shop received an invoice dated July 25 for $1,400, with terms of 2/10, 1/15, n/60. On August 8, Joanne's
Dress Shop sent a partial payment of $750. The actual amount that should be credited is:
 
A. $765.31
B. $765.30
C. $757.58
D. $757.59
E. None of these
   
2/10, n/30 is an example of:
 
A. Ordinary dating
B. Receipt of goods
C. End of month
D. Extra dating
E. None of these
   
The complement of 17% is:
 
A. 71%
B. 60%
C. 83%
D. 38%
E. None of these
   
The credit period is:
A. Always shorter than the discount period
B. Always 30 days from end of discount
C. Always twice the length of discount period
D. Long enough so buyers can always take a cash discount
E. None of these
   
A local college bookstore paid a net price of $12,500 for textbooks for the coming semester.
The publisher offered a trade discount of 20%. The publisher's original list price was:
 
A. $15,000
B. $15,500
C. $15,625
D. $2,500
E. None of these
   
Amount of trade discount is represented by the:
 
A. Base
B. Rate
C. Portion
D. Base divided by rate
E. None of these
   
The complement of 35% is:
 
A. 53%
B. 65%
C. 56%
D. 165%
E. None of these
   
Which month has 30 days?
 
A. January
B. May
C. June
D. July
E. None of these
   
J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston.
J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?
 
A. $11,640
B. $8,544
C. $8,644
D. $11,940
E. None of these
   
A manufacturer of skis offered chain discounts of 10/5/4 to many of its customers.
Joe Jones ordered skis that had a total list price of $149,500. The amount of the trade discount is:
 
A. $122,709.60
B. $26,970.40
C. $26,790.40
D. $122,907.69
E. None of these
   
A local Dot Dress Shop is selling a suit for $99. Because of changing styles, the first markdown was 8% and second markdown was 25%.
The suit still did not sell, so a final markdown of 10% was taken. The sale price is currently:
 
A. $68.31
B. $86.31
C. $61.84
D. $61.48
E. None of these
   
Contribution margin is:
 
A. Net sales
B. Revenues plus variable cost
C. Revenues minus variable cost
D. Revenues divided by fixed cost
E. None of these
   
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. $537.69
B. $489.30
C. $908.70
D. 490.00
E. None of these
A. $537.69
   
The markdown percent is calculated by:
 
A. Amount of markdown divided by sale price
B. Amount of markdown divided by original selling price
C. Sale price divided by amount of markdown
D. Original selling price divided by amount of markdown
E. None of these
  Fathers' Day suits were advertised for 35% off the regular price. A suit regularly sells for $210. The amount of the markdown is:
 
A. $37.50
B. $136.50
C. $73.50
D. $163.50
E. None of these
  Setting a price on perishable items does not include:
 
A. Calculating total cost
B. Calculating total selling price
C. Calculating a selling price per day
D. Calculating a selling price per pound
E. None of these
  A local Dunkin' Donuts makes blueberry muffins that cost $.69 each. Past experience shows that 15% of the muffins will
spoil and have to be discarded. Assuming that this shop wants a 30% markup based on cost and produces 200 muffins,
each muffin should sell for:
 
A. $.90
B. $.91
C. $1.50
D. $1.06
E. None of these

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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        
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 A wooden duck with a regular selling price of $125.99 is marked down to
$79.99. The percent of markdown is:
 
A. 57.51%
B. 36.51%
C. 35.61%
D. 55.71%
E. None of these
  An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:
 
A. $197.40
B. $179.40
C. $149.70
D. $194.70
E. None of these
  When markups are based on the selling price, the:

A. Selling price is the portion
B. Selling price is 100%
C. Selling price is cost - markup
D. Selling price is 100% + cost percent
E. None of these
B. Selling price is 100%

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