Consumer Math Quiz

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Question 1

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

     

    $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.

       

      $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.

         

        $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.

           

          $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.

                            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.

                                            $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 PriceSales Tax Rate$28.836% 

                                                $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 PriceSales Tax Rate$978.086% 

                                                  $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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