INTRODUCTION TO FINANCIAL MATH A

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2) When dividing a number by another number that contains a decimal, the first step is to

1 point

A) divide as you would normally if there were not a decimal in the divisor.

B) move the decimal in the quotient the same number of digits from the divisor.

C) move the decimal to the right of the dividend.

D) move the decimal to the far right of the divisor and count the number of spaces (or digits) moved.

Clear selection

3) Amortize to a monthly amount of $35,500 over one year.

1 point

A) $17,750

B) $35,500

C) $8,875

D) $2,958.33

Clear selection

4) A weekly payroll register shows that Marcie Smith had total wages of $900. She had deductions of $25.20 for FICA tax, $39.40 for federal income tax, and $11 for medical insurance. Compute Smith's net pay.

1 point

A) $824.40

B) $844.40

C) $804.40

D) $800.40

Clear selection

5) The product of multiplier 25 and multiplicand 273 is:

1 point

A) 7,664

B) 7,774

C) 7,444

D) 6,825

Clear selection

6) A student’s height is 1.75 yards and 1 foot. What is her height in feet?

1 point

A) 6.25

B) 4.85

C) 5.25

D) 5.75

Clear selection

7) A check register shows a cash balance of $1,200.33 before writing four checks for $13.09, $127.12, $91.44, and $55.28. Compute the new cash balance shown in the check register.

1 point

A) $913.40

B) $933.40

C) $903.40

D) $900.40

Clear selection

8) Identify a pattern in the following numbers 50, 52, 56, 62.

1 point

A) increasing by multiples of 4

B) increasing by multiples of 6

C) increasing by multiples of 8

D) increasing by multiples of 2

Clear selection

Use for the next 3 questions.
Internet traffic on Google is being monitored by their Web master. The total numbers of visitors to the site last week by day are:
Mon. = 37,988
Tues. = 43,905
Wed. = 58,106
Thurs. = 60,561
Fri. = 76,145

9)
What is the mean of people surfing the Internet for these days?

1 point

Option 1

A) 58,789

B) 52,564

C) 50,867

D) 55,341

Clear selection

1 point

A) 37,988

B) 58,106

C) 38,157

D) 76,145

Clear selection

Use for the next 3 questions.
Internet traffic on Google is being monitored by their Web master. The total numbers of visitors to the site last week by day are:
Mon. = 37,988
Tues. = 43,905
Wed. = 58,106
Thurs. = 60,561
Fri. = 76,145

11)
What is the median of the people surfing the Internet last week?

1 point

A) 60,561

B) 76,145

C) 58,106

D) 37,988

Clear selection

12) Amounts that a person owes financial institutions and department stores are

1 point

A) income

B) capital

C) liabilities

D) assets

Clear selection

13) When adding or subtracting numbers that contain a decimal,

1 point

A) the decimals are not significant and will not affect alignment of numbers.

B) all decimals must be aligned.

C) all numbers should be aligned from left to right.

D) all numbers should be aligned from right to left.

Clear selection

14) The range of a data set is

1 point

A) the difference between the mode and the largest value.

B) the difference between the median and the largest value.

C) the difference between the mean and the largest value.

D) the difference between the largest value and the smallest value.

Clear selection

15) The problem 2 + 2 means to

1 point

A) decide that 2 is equal to 2.

B) divide 2 by 2.

C) add 2 and 2.

D) set up an equation.

Clear selection

16) Seven liters is equal to how many milliliters?

1 point

A) 70

B) 7,000

C) .07

D) 700

Clear selection

17) Josh ran in an 1800 meter cross-country race. How many kilometers did he run?

1 point

A) 1.8 kilometers

B) .18 kilometers

C) 2.1 kilometers

D) 18 kilometers

Clear selection

18) Stephen is purchasing ground beef to make hamburgers for his family's reunion. He estimates that he will need 65 hamburgers. If each hamburger is to be 5 ounces, how many pounds of ground beef must Stephen purchase? Round up to the nearest pound.

1 point

A) 21 pounds

B) 22 pounds

C) 20 pounds

D) 23 pounds

Clear selection

19) You dig a hole measuring 3 ft. long, 3 ft. wide, and 3 ft. deep. Fertilizer sells for $5 per cubic yard. How much will it cost to fill the hole with fertilizer?

1 point

A) $15

B) $45

C) $135

D) $5

Clear selection

20) Donald owns 10 shares of ABC stock that pays a 43 1/2 cents per share dividend each quarter. What are the total dividends earned in one year?

1 point

A) $174.00

B) $ 43.50

C) $ 17.40

D) $ 4.35

Clear selection

21) Find the net change in a stock if it opened at 63 7/8 and closed at 65 1/4.

1 point

A) 1 3/8 points gain

B) 1 7/8 points loss

C) 2 3/8 points loss

D) 1 7/8 points gain

Clear selection

22) Judith was paid $56.43 for working 6 3/4 hours. What is her hourly rate of pay?

1 point

A) $8.36

B) $8.68

C) $9.41

D) $8.64

Clear selection

23) Barb Wilson's checkbook balance was $1,212.67 on October 2. Since then, she has written four checks in the amounts of $15.00, $500.00, $32.97, and $109.44 and she made one deposit in the amount of $150. What is her adjusted checkbook balance?

1 point

A) $ 705.26

B) $ 815.56

C) $ 923.41

D) $1,610.64

Clear selection

24) What is a reasonable estimate for 18.5% of 19,974?

1 point

A) $3,000

B) $4,000

C) $5,000

D) $2,000

Clear selection

25) The price of an item was $1.49 last week. This week, the price is $1.41. What is the percent decrease in the price?

1 point

A) 5.67 percent

B) 5.47 percent

C) 94.6 percent

D) 5.37 percent

Clear selection

26) Per diem means by the

1 point

A) hour.

B) dime.

C) day.

D) clock.

Clear selection

27) The result of subtraction is called the

1 point

A) difference.

B) factor.

C) partial product.

D) minuend.

Clear selection

28) A $1,000 note was signed on August 8 at 9 percent for 90 days. What is the maturity date of the note?

1 point

A) November 3

B) November 6

C) November 4

D) November 5

Clear selection

29) Three months is what fractional part of a year?

1 point

A) 1/4

B) 1/3

C) 3/4

D) 2/3

Clear selection

30) Which set of numbers will both round to 400?

1 point

A) 450 and 350

B) 392 and 375

C) 380 and 450

D) 415 and 455

Clear selection

31) Calculate simple interest on a principal of $21,000 at 12%.

1 point

A) $2,520

B) $2,005

C) $255

D) $200.50

Clear selection

32) The sales tax is 4.9%. Compute the sales tax on $800.

1 point

A) $3.09

B) $309

C) $30.90

D) $39.20

Clear selection

33) Calculate simple interest on a principal of $780 at 12%.

1 point

A) $9.36

B) $936

C) $9,360

D) $93.60

Clear selection

34) Calculate simple interest on a principal of $1,370 at 15%.

1 point

A) $2,055

B) $2,005

C) $20.50

D) $205.50

Clear selection

35) The sales tax is 6.7%. Compute the sales tax on $500.

1 point

A) $35.50

B) $3.05

C) $33.50

D) $30.50

Clear selection

36) The sales tax is 5%. Compute the sales tax on $225.

1 point

A) $1.12

B) $11.25

C) $111.25

D) $112.25

Clear selection

37) A credit card that has the total charges due each month is called a(n)

1 point

A) line of credit

B) installment charge

C) revolving charge

D) open charge

Clear selection

38) You purchase a new automobile for $38,000 with an interest rate of 2.9% for 6 years. Using simple interest what will your monthly payments equal?

1 point

A) $619.61

B) $599.61

C) $720.00

D) $800.61

Clear selection

39) The Trent's bought a house for $200,000. They were able to finance $145,000. Find the percentage of the down payment.

1 point

A) 32 percent

B) 27.5 percent

C) 30 percent

D) 29 percent

Clear selection

40) Nuwana's monthly credit card statement contains the following information:
Previous balance of $787.29
Payment of $150
New purchases: $50.35, $87.45, $21.05, and $142.15
Finance charge of $13.81
What is the new balance?

1 point

Option 1

A) $948.29

B) $938.29

C) $952.10

D) $902.10

Clear selection

41) When calculating simple interest, which of the following components is not used?

1 point

A) interest rate

B) down payment

C) time

D) principal

Clear selection

42) When calculating ordinary simple interest, how many days are considered to be a full year?

1 point

A) 365.25

B) 360

C) It makes no difference for the interest calculation.

D) 365

Clear selection

43) When you accept credit, you may incur all of the following, except:

1 point

A) fees

B) interest

C) “free” money

D) debt

Clear selection

44) When calculating exact simple interest, how many days are considered a full year?

1 point

A) 365

B) It makes no difference for the interest calculation.

C) 360

D) 365.25

Clear selection

45) Calculate the cost of 9 percent inflation for 2 years on the cost of a $25,000 car.

1 point

A) $ 2,250

B) $ 2,452.50

C) $29,702.50

D) $27,250

Clear selection

46) Andy buys a big-screen TV for $1,500. He will make equal monthly payments for three years at $50/mo. How much interest will he pay?

1 point

A) $300

B) $1,650

C) $1,800

D) $1,500

Clear selection

47) If 8 calculators cost $145.20, what is the cost of 1 calculator?

1 point

A) $18.15

B) $18.25

C) $18.30

D) $18.45

Clear selection

48) The purchase of a house requires a down payment of 25 percent. If the down payment is $16,497.50, what is the cost of the house?

1 point

A) $65,990

B) $66,990

C) $65,900

D) $64,990

Clear selection

49) Find the interest on a $685 loan at 12 percent for 60 days. Use 360 days in a year.

1 point

A) $15.70

B) $88.20

C) $13.70

D) $6.85

Clear selection

50) If $12,000 is borrowed at 5 percent ordinary simple interest and the interest charge is $50, for how long was the money kept?

1 point

A) 300 days

B) 6 months

C) 30 days

D) 75 days

Clear selection

51) Angie needs to borrow $3,000 from her dad for a down payment on a car. Her plan is to save part of her paycheck each week for the next 120 days in order to have enough to pay back the loan. How much will she pay in four months if her dad charges her 6 percent annual simple interest?

1 point

A) $3,720

B) $3,072

C) $3,060

D) $3,600

Clear selection

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