Business Calculations Test

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Emily bought a new car for $11,400. She used the car three years and then traded it in for$5,100. Find the average annual depreciation.

1 point

$16,500.00

$6,300.00

$223.53

$2,100.00

Clear selection

Trisha wants to buy a condominium. The estimated expenses in the first year will be mortgage interest, $3,819; real estate taxes, $1,381; insurance, $257; depreciation, $1,370;maintenance and repairs, $425; lost income on cash invested, $985. She also estimates that she will save $1,400 in income taxes because of home expenses. What is the net cost of owning a home in the first year?

1 point

$3,819

$6,837

$8,237

$1,400

Clear selection

Louis is paid a salary of $500 a month, a 1% commission on all sales, and 2% more on monthly sales over $8,500. In June his sales were $12,500 and in July, $14,300. His total salary and commission in July is?

1 point

$14,300

$705

$1,454

$759

Clear selection

Johnny H works on a straight commission basis and sold five copy machines at $4,500each. The commission rate was 6%. What is the amount of commission Johnny was paid?

1 point

$1,350

$22,500

$270

$4,500

Clear selection

Audrey’s taxable income is $22,921. The AZ income tax rate on her taxable income is$840 plus 6% of the amount over $20,000. What is Audrey’s tax?

1 point

$2,291.00

$1375.26

$1015.26

$840.00

Clear selection

Erica earned $3,292 in wages as a part-time salesclerk and $116 in interest. Her employer withheld $480 in federal income tax from her wages. What is Erica’s adjusted gross income?

1 point

$3408.00

$3176.00

$2928.00

$596.00

Clear selection

Parker Motor, Inc. paid its employees $24,595.74 in wages. FICA taxes were deducted on that amount at the rate of 7.65%. As an employer, Parker Motor also paid an equal amount of FICA tax on the wages. How much did Parker Motor send to the federal government in FICA taxes?

1 point

$18,815.74

$1,881.57

$24,595.74

$3,763.15

Clear selection

Angela is comparing her retirement benefits at age 62 and age 65. If she retires at age 65,her monthly benefit will be $761. If she retires at age 62, her monthly benefit will be reduced by 20%. What is her monthly benefit at age 62?

1 point

$761.00

$152.20

$913.20

$608.80

Clear selection

The gross weight of a can of soup is 12.2 ounces. If the can weights 1.3 ounces, what is the net weight of the soup?

1 point

13.5 ounces

12.2 ounces

10.9 ounces

15.86 ounces

Clear selection

Claudio had $45.38 on hand on April 21. During the week he earned $105 mowing lawns,$63 trimming shrubbery, and $147 doing odd jobs. If he had $23.43 on hand at the end of the week, how much money did he spend during the week?

1 point

$360.38

$315.00

$383.81

$336.95

Clear selection

Heather’s checkbook balance on 11/30 was $575.23. On the same date the bank statement showed a balance of $770.68. Included on the bank statement was a service charge of$4.15 and interest earned of $3.34. Outstanding checks were #106, $25.76; #109, $19.10;#110, $142.13; and #112, $9.27. What is the adjusted bank balance?

1 point

$574.42

$571.08

$575.23

$566.93

Clear selection

On June 30 Kyle’s check register balance was 409.55 and his bank statement balance was$474.73. When comparing his register with the bank statement he noticed there was a bank service charge of $5.90 and interest earned of $4.24. Kyle also noticed failed to record check #3407 for $56.33 in his check register. Outstanding checks were #412, $8.45; #414for $179.72. A deposit mailed on June 29 for $65 was not listed on the bank statement.What is the adjusted check register balance?

1 point

$347.32

$286.56

$351.56

$412.32

Clear selection

Joe earns his living refinishing wood floors. Last month he refinished 6 floors for $80 each,2 floors for $68 each, and 1 floor for $122. What is the average amount per floor earned?

1 point

$738

$270

$30

$82

Clear selection

The average weekly pay of five employees is $473. The weekly pay of four of the employees is $385, $530, $526, $495. What is the weekly pay of the other employee?

1 point

$500

$429

$484

$473

Clear selection

Elizabeth’s gas tank holds 18 gallons of gasoline. To fill up the tank she bought 15 gallons of gasoline. How much gasoline, as a fractional part of the whole tank, was in the tank before it was filled?

1 point

1/18

5/6

1/6

1/3

Clear selection

David bought a box of lettuce (24 heads to the box). He used 1⁄2 of the box and threw away1/6 of the box which had spoiled. How many heads of lettuce did he have left?

1 point

Clear selection

A prize of $20,000 is to be shared by two winners, Lillian and Nichole, in a contest with the ratio of 6 to 3. How much is the smaller share worth?

1 point

$13,333

$12,000

$6,667

$8,000

Clear selection

On a holiday weekend, Morris worked 15 hours at double time pay. His regular pay rate is$10.00 for the 40 hours he worked. What is Morris’ gross pay?

1 point

$400.00

$300.00

$525.00

$700.00

Clear selection

Garrick is paid every two weeks. His pay is based on a 40-hour week at a regular pay rate of $8.71 an hour with time and a half for overtime. During the first week of a new pay period, Garrick worked 46 hours. In the second week of the pay period, he worked 43hours. What is Garrick’s gross pay for these two weeks?

1 point

$775.19

$814.39

$1162.79

$117.59

Clear selection

In the four departments of the drug store owned by Matt H, sales for the day were:prescriptions, $2424.00, toiletries, $695.00; cards, $520.00; and over the counter medicines and vitamins, $1650.00. The prescription department is what percentage of the total?

1 point

46%

44%

35%

25%

Clear selection

Erin sells cosmetics on 8% commission. If commission is greater than $8,000, then she will receive a $1,000 bonus. Last month’s sales totaled $80,000. What is Erin’s commission?

1 point

$7,400.00

$6,400.00

$740.00

$640.00

Clear selection

Amanda, a salesperson, is paid 6% commission for all sales. She needs a monthly income of $3,000. What is the monthly sales volume Jamie must meet?

1 point

$18,000

$36,000

$48,000

$50,000

Clear selection

Natalie receives a weekly salary of $500 per week plus a 5% commission on all sales over$650. Natalie’s total sales last week were $2,880. Sales returns were $280. Where were her gross earnings for the week?

1 point

$561.50

$597.50

$532.50

$516.50

Clear selection

Trisha’s business trip from Parker to phoenix is 175 one-way. Your company reimburses you mileage at $31 a mile. When you return to Parker you complete an expense voucher for how much?

1 point

$54.25

$5.43

$108.50

$10.85

Clear selection

If Felicia’s store pays a unit cost of $45 for an A-1 Battery and sells it for $80, what is the percentage mark-up?

1 point

56%

78%

44%

82%

Clear selection

Arizona Western College’s enrollment this year was 5,323. This was a 14% increase from the enrollment last year. What was AWC’s enrollment last year?

1 point

746

4,578

4,669

6.068

Clear selection

Emily purchased 100 shares of stock at $15 7/8 per share and her transaction cost is $12.50.What is the total amount Emily paid for the stock?

1 point

$1600.00

$1587.50

$1575.00

$1612.50

Clear selection

Erica bought 80 shares of stock at $42.50 per share. The company paid annual dividends of$2.75 per share. What is the annual yield to the nearest hundredth of a percent?

1 point

2.20%

5.16%

3.44%

6.47%

Clear selection

What is the net amount due on Matt’s invoice in the amount of $325.17 with terms of 2/10,n/30 and paid 3 days after the invoice was received?

1 point

97.55

$292.65

$318.67

$422.72

Clear selection

What are Johnny’s outstanding deposits if he has a statement balance of $648.35,outstanding checks of $44.89, and an adjusted balance of $794.83?

1 point

$1398.29

$101.59

$191.37

$794.83

Clear selection

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