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Final Review
All chapters
| Question | Answer |
|---|---|
| Convert this decimal to a percent. .63 | 6.3% |
| Convert this percent to a decimal. 9.6% | 0.096 |
| Convert this fraction to a percent. 3/8 | 37.5% |
| A "B" grade on a certain test is 85%. How many questions can you miss on a 20-question exam to get a B? | 3 |
| The population of a town increased from 18,225 last year to 19,191 this year. What is the percent increase? | 9.1% Increase |
| 70 is 40% of what number? | 175 |
| 92 is what percent of 80? | 115% |
| Your boss promises you a 15% pay raise in 2 months. If you currently earn $10.80 an hour, what will your hourly rate be in 2 months? | $12.42 |
| An invoice for $122.34 has terms of 3/10, 1/20, n/45. If you make payment 17 days after the invoice date, what amount should you pay? | $121.12 |
| A trade discount is given as an incentive to pay the seller promptly. (T or F) | False |
| Markup can be used for pricing services. (T or F) | True |
| Ike Penrose sells oriental rugs. Ike buys a rug for $1,850. Based on an 80% markup on cost, at what price should Ike resell the rug? | $3,330 |
| If a retailer sells a $1,200 refrigerator at $320 off, what is the reduced price? | $880 |
| A hot tube, originally priced at $9,350, is marked down to $7,975. What is the percent markdown? | 14.7% |
| Employers cannot provide overtime pay that exceeds time and a half. (T or F) | False |
| Clyde Spratt sold 18 vacuum cleaners during the week. If Clyde earns $40 per sale, what is his gross pay for the week? | $720 |
| For Problems 1-7, consider a loan in which you borrow $5,000 on March 10 for 6 months at 8% interest. | |
| Problem #1: What is the principal amount? | $5,000 |
| Problem #2: What is the term? | 6 months |
| Problem #5: What is the maturity value? | $5,200 |
| You get a 180-day $3,000 consumer loan at 11% . You are required to pay a $100 setup fee at the time you get the loan. What is your APR? | 18.37% |
| 6% compounded semiannually | 3% |
| 9% compounded quarterly | 2.25% |
| 10.5% compounded monthly | 0.875% |
| Laurie Ingalls loans a friend $400 at 5% simple interest for 3 years. What is the maturity value? | $448 |
| For Problems 1-5, assume you deposit $1,500 today in a savings account. You earn 7.5%, compounded semi-annually. You deposit an additional $250 at the end of each 6 months. At the end of 5 years, you withdraw the balance of $5,134.53. Identify each value. | |
| Problem #1: n? | 10 years |
| Problem #2: i? | 3.75% |
| Problem #4: PMT? | $250 |
| Gregg Levan is 45 years old and deposits $1,000 at the end of every 6 months into an individual retirement account (IRA). If the account earns 6.45% compounded semi-annually, how much will Gregg have when he retires 22 years later? | $508,640.18 |
| Brain's uncle gives all of his nieces and nephews $4,000 on their 30th birthdays. Brain just turned 21. What is the value of the $4,000 gift, in today's dollars, assuming that Brain can earn 8.3% compounded annually? | -$3,093.05 |
| You are thinking about buying a hot tub priced at $24,999. Your bank will loan you $20,500 at 7.7% for 5 years. Determine your monthly payment. | -412.73 |
| Calculate the monthly payment on a 25-year $450,000 mortgage loan at 6 7/8% interest. | -3,144.71 |
| You get a $550,000 mortgage loan with 1 1/4 points. What dollar amount do you pay for points? | $6875 |
| Determine the recovery period of the Fence. | 7 years |
| For Problems 4-7, consider weekly TV sales of Judy's Appliance Store. Eight TV sets were sold: $359; $329; $575; $3,700; $285; $359; and $285. | |
| Problem#4: What is the mean? | $772.13 |
| Problem#5: What is the median? | $344 |
| Problem#6: Which TV was the most popular? (That is, what is the mode?) | $285 |
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ch0506712
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