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Final Examination Booklet

Math for Business
and Finance

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Math for Business and Finance

EXAMINATION NUMBER:

06044

2

00

Complete the following exam by answering the questions and

compiling your answers into a word-processing document. When

you’re ready to submit your answers, refer to the instructions at

the end of your exam booklet. Be certain to indicate the proper

question number before each of your answers. Remember to

show your work if an answer requires a mathematical solution.

Answer each of the following questions. Each answer is worth 4

points.

1. On November 1, 2009, Broom Company received a bank state-
ment that showed a \$2,950 balance. Broom showed a \$4,010
checking account balance. The bank didn’t return check No.
124 for \$1,080 and check No. 138 for \$720. A \$3,200 deposit
made on October 30 was in transit. The bank charged Broom
\$12 for check printing and \$18 for an NSF check. Broom forgot
to record a \$30 withdrawal at the ATM. The bank also collected
a \$400 note for Broom. Prepare a bank reconciliation.

2. Erasers cost \$5 per carton and pencils cost \$7 per carton.
If an order comes in for a total of 15 cartons for \$85, how
many cartons of each were bought?

3. The price of a hamburger increased from \$1.10 to \$1.59.
What percent did the price increase?

4. Morgan Company received from Lee Company an invoice
dated September 27. Terms were 2/10 EOM. List price on
the invoice was \$5,000 (freight not included). Morgan
receives a 9/7 chain discount. Freight charges are Morgan’s
responsibility but Lee agreed to prepay the \$150 freight
charge. Morgan pays the invoice November 9. What does
Morgan pay Lee?

Math for Business and Finance

5. Sullivan’s Handbags marks up their bags at 45% of the
selling price. Pat Sullivan saw a bag at a trade show that
she would sell to her customers for \$85. What is the most
she could pay for the bag and still retain the 45% markup
of the selling price?

6. Jeff Jones earns \$1,200 per week. He is married and claims
four withholding allowances. The FICA rate is as follows:
Social Security rate is 6.2% on \$97,500; Medicare rate is
1.45%. To date his cumulative wages are \$6,000. Each
paycheck, his employer also deducts \$42.50 for health
insurance. What is his net pay? (Calculate FIT by the
percentage method.)

7. Lisa Kane borrowed \$8,000 on an 8%, 60-day note. After
15 days, Lisa paid \$2,000 on the note. On day 45, Lisa paid
\$1,000 on the note. What is the total interest and ending
balance due by the U.S. rule? Use ordinary interest.

8. On May 12, Bob Campbell accepted a \$5,000 note in granting
a time extension of a bill of goods bought by Rick Ween.
Terms of the note were 8% for 120 days. On July 8, Bob
needed to raise cash and discounted the note at Rick’s bank
at a discount rate of 9%. Calculate Bob’s proceeds.

9. Jacob Fonda deposited \$25,000 in a savings account at 10%
interest compounded semiannually. At the beginning of
Year 4, Jacob deposits an additional \$40,000 at 10% interest
compounded semiannually. At the end of six years, what is
the balance in Jacob’s account?

10. Roger Fox made deposits of \$900 semiannually to Reel Bank,
which pays 6% interest compounded semiannually. After
seven years, Roger made no more deposits. What would be
the balance in the account eight years later from the last
deposit?

11. Dick Hercher borrowed \$7,000 to travel to London. His loan
is to be paid in 48 monthly installments of \$190. At the end
of 14 months, Dick decides to pay off his loan. What is the
final payoff Dick will make?

2

Examination 3

12. A condo is advertised in The Wall Street Journal for
\$350,000. It states in the ad that a 20% down payment
is required. The rate of interest is 11% on a 25-year
mortgage. What would be (A) the monthly payment along
with (B) the total cost of interest?

13. Use this information to calculate the following:

A. Net sales

B. Gross profit

C. Total operating expenses

D. Net Income

14. A truck costing \$25,000 with a residual value of \$5,000 was
purchased by Rim Corporation. The truck’s estimated life
is 10 years. At the end of Year 2, what is the book value
using declining-balance method? Assume a depreciation
rate of twice the straight-line method.

15. A toy store has a beginning inventory of eight sets of paints
at a cost of \$1.25 each. During the year, the toy store
purchased three at \$1.50, five at \$2, six at \$2.50, and ten
at \$3. By the end of the year, 21 sets were sold. Calculate
the following:

A. The number of paint sets in stock

B. The cost of ending inventory under LIFO

C. The cost of ending inventory under FIFO

D. The cost of ending inventory under Weighted Average

Sales returns \$ 700

Rent expense 1,288

Sales discounts 950

Depreciation expense 600

Cost of merchandise sold 7,600

Gross sales 20,900

Advertising expense 1,650

Salary expense 2,900

Heat expense 900

Math for Business and Finance4

16. Pete’s Warehouse has a market value of \$5,000,000. The
property in Pete’s area is assessed at 40% of the market
value. The tax rate is \$105.10 per \$1,000 of assessed value.
What is Pete’s property tax?

17. Jim Smith, who lives in Territory 5, carries 10/20/5
compulsory liability insurance along with optional collision
that has a \$200 deductible. Jim was at fault in an accident
that caused \$1,800 damage to the other auto and \$600
damage to his own. Also, the courts awarded \$13,000 and
\$8,000 respectively, to the two passengers in the other
car for personal injuries. How much does the insurance
company pay, and what is Jim’s share of responsibility?

18. Jeff Sellers bought 200 shares of Radio Shack stock at
\$22.35. Eight months later, he sold the stock at \$31.76.
Assuming a 2% commission charge, what is the bottom
line for Jeff?

19. Sales at Sullivan Realty totaled 10 homes for the month.
They were as follows:

\$182,900
\$189,000
\$160,000
\$210,000
\$175,000
\$158,000
\$ 99,000
\$126,000
\$185,000
\$109,000

Calculate the mean and median.

20. The property of Al’s garage is worth \$300,000. Al has a
fire insurance policy of \$180,000 that contains an 80%
coinsurance clause. What will the insurance company pay
on a fire that causes \$210,000 damage? If Al met the
coinsurance requirement, how much would the insurance
company have to pay?

Examination 5

21. Earl Miller plans to buy a boat for \$19,500 with an interest
charge of \$2,500. Earl figures he can afford a monthly
payment of \$650. If Earl has to pay 36 equal monthly
payments, by how much can he afford the boat per month?

22. Peter Mabel sold a total of 400 Oatmeal (\$1.50) and Wheat
(\$2) breads during the Labor Day weekend. How many of
each did Pete sell if total sales were \$700?

23. Mel’s Furniture received an invoice dated September 27
for five bedroom sets at \$3,000 each. The invoice indicated
a trade discount of 5/8/3. The seller of the furniture
prepaid the freight of \$200. Terms were 2/10 EOM.
Assuming Mel pays on November 2, what amount would
be paid? (Be sure to include the freight cost.)

24. Mobilee Oil Company accepted a \$10,000, 120-day note,
dated March 3, at 8.5% to settle a past due accounts
receivable. Mobilee Oil discounted the note to raise cash
on May 10 at a discounted rate of 9%. What proceeds did
Mobilee Oil receive?

25. Ray Long wants to retire in Arizona when he is 70 years
of age. Ray is now 50. He believes he will need \$130,000
to retire comfortably. To date, Ray has set aside no
retirement money. Assume Ray gets 14% interest
compounded semiannually. How much must Ray invest
today to meet his \$130,000 goal?

Math for Business and Finance6

SUBMITTING YOUR ASSIGNMENT
You can submit your final exam online:

1. On your computer, save a revised and corrected version
of your project. Be sure to include your student number
and exam number on your saved documents.

2. Go to http:www.takeexamsonline.com and log in.

3. Go to My Courses.

4. Click on Take Exam next to the lesson you’re working on.

5. Enter your e-mail address in the box provided. (Note:
This information is required for online submission.)

6. Attach your file or files as follows:

a. Click on the Browse box.

b. Locate the file you wish to attach.

c. Double-click on the file.

d. Click on Upload File.

e. If you have more than one file to attach, repeat
steps a–d.

7. Click on Submit Files.

Be sure to keep a backup copy of your completed assignment!

http://www.takeexamsonline.com

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