Consumer math final exam answers

MA101 Final Exam:

QUESTION 1

1. Choose the one alternative that best completes the statement or answers the question. Find the ending balance in the account register.

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$4271.87

$4664.14

$3803.25

$5118.87

10 points

QUESTION 2

1. Choose the one alternative that best completes the statement or answers the question. Find the ending balance in the account register.

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$1296.56

$2590.32

$1583.07

$2012.04

10 points

QUESTION 3

1. Reconcile the bank statement with the check register balance. Find the current balance.

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$601.87

$596.00

$1193.94

$590.13

10 points

QUESTION 4

1. Reconcile the bank statement with the check register balance. Find the current balance.

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$2374.39

$2375.44

$2373.34

$2394.64

10 points

QUESTION 5

1. Solve the problem.

Find the trade discount on a bicycle that lists for $80.95 if a discount rate of 15% is offered. Round to the nearest cent.

$11.64

$12.14

$68.81

$68.31

10 points

QUESTION 6

1. Solve the problem.

Find the net price of a bicycle that lists for $82.95 if a discount rate of 15% is offered. Round to the nearest cent.

$70.51

$12.69

$12.44

$70.76

10 points

QUESTION 7

1. Solve the problem.

Calculate the trade discount for 3 chairs if the unit price is $39 and a single trade discount of 6.25% is allowed. Round to the nearest cent.

$73.13

$7.31

$41.44

$2.44

10 points

QUESTION 8

1. Solve the problem. Round to the nearest cent.

The list price of a keyboard is $788. If the trade discount series offered is 10/30/20, find the net price by using the net decimal equivalent.

$315.20

$472.80

$397.15

$390.85

10 points

QUESTION 9

1. Solve the problem. Round to the nearest cent.

The list price of a car is $8760. It is available at either a 10/20/5 or a 35/30 trade discount series. Which trade discount series gives the better deal? By how much?

10/20/5, $2006.04

10/20/5, $2628.00

35/30, $2628.00

35/30, $2006.04

10 points

QUESTION 10

1. Solve the problem. Round to the nearest cent or tenth of a percent.

Original price $1489.00; markdown $163.79. Find the reduced price and the rate of the markdown.

· Reduced (new) price = $163.79

· Rate of markdown = 89%

· Reduced (new) price = $1652.79

· Rate of markdown = 11%

· Reduced (new) price = $1325.21

· Rate of markdown = 89%

· Reduced (new) price = $1325.21

· Rate of markdown = 11%

10 points

QUESTION 11

1. Solve the problem. Round to the nearest cent or tenth of a percent.

Reduced price = $22.21; markdown rate = 35%. Find the original price and the markdown amount.

· Original price = $14.44

· Markdown amount = $7.77

· Original price = $34.17

· Markdown amount = $11.96

· Original price = $10.25

· Markdown amount = $11.96

· Original price = $29.99

· Markdown amount = $7.77

10 points

QUESTION 12

1. Solve the problem. Round to the nearest cent or tenth of a percent.

An item sells for $524.00 and is reduced to sell for $440.16. Find the markdown amount and the rate of markdown.

· Markdown amount = $83.84

· Rate of markdown = 16%

· Markdown amount = $83.84

· Rate of markdown = 84%

· Markdown amount = $70.43

· Rate of markdown = 16%

· Markdown amount = $369.73

· Rate of markdown = 84%

10 points

QUESTION 13

1. Solve the problem.

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Ann Preston is married, has a gross weekly salary of $543.74 (all of which is taxable), and the number of withholding allowances she claims is 1. Use the tax tables to find the federal tax withholding to be deducted from her weekly salary.

$32

$33

$31

$30

10 points

QUESTION 14

1. Solve the problem.

Mai earns a gross weekly income of $464.00. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent.

· Social Security tax = $1.95

· Medicare tax = $0.67

· Social Security tax = $20.49

· Medicare tax = $7.73

· Social Security tax = $194.90

· Medicare tax = $67.28

· Social Security tax = $19.49

· Medicare tax = $6.73

10 points

QUESTION 15

1. Solve the problem.

Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year.

$2140.00

$160.00

$140.00

$14.00

10 points

QUESTION 16

1. Solve the problem.

Find the interest paid on a loan of $3946 for 5 months at a simple interest rate of 12% per year.

$198.96

$157.84

$236.76

$197.30

10 points

QUESTION 17

1. Solve the problem.

How much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year?

$793.15

$898.90

$674.18

$786.54

10 points

QUESTION 18

1. Solve the problem.

Find the installment price of a table bought on the installment plan with a down payment of $30 and 6 payments of $51.12.

$336.72

$30

$306.72

$366.72

10 points

QUESTION 19

1. Solve the problem.

Find the amount financed on a TV with a cash price $430.00 and a down payment of $86.00.

$86.00

$429.80

$344.00

$430.00

10 points

QUESTION 20

1. Solve the problem.

Find the amount financed if a $25 down payment is made on a camera with a cash price of $260.

$260

$235

$315.86

$25

10 points

QUESTION 21

1. Use the table to find the future value. Round to the nearest cent.

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$15,000 at 1% compounded annually for 3 years

$15,301.50

$15,454.50

$15,450.00

$15,300.00

10 points

QUESTION 22

1. Choose the one alternative that best completes the statement or answers the question. Solve the problem.

For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.

gross profit: $82,000; net income: $152,000

gross profit: $152,000; net income: $82,000

gross profit: $152,000; net income: $29,000

gross profit: $72,100; net income: $29,000

10 points

QUESTION 23

1. Find the sales tax and total sale. Round to the nearest cent.

Item Marked Price

Sales Tax Rate

$28.83

6%

$1.44; $30.27

$1.73; $30.56

$17.30; $46.13

$2.02; $30.85

10 points

QUESTION 24

1. Find the sales tax and total sale. Round to the nearest cent.

Item Marked Price

Sales Tax Rate

$978.08

6%

$48.90; $1026.98

$68.47; $1046.55

$586.80; $1564.88

$58.68; $1036.76

10 points

QUESTION 25

1. Write the word or phrase that best completes each statement or answers the question. Solve the problem. Round dollar amounts to the nearest dollar.

Use the straight-line method to complete the depreciation table for a combine harvester that costs $4300, has a salvage value of $300, and has an estimated life of 5 years.

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