The Ultimate Business Math Test Quiz #2

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| By Ehoperj
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Quizzes Created: 3 | Total Attempts: 1,892
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The Ultimate Business Math Test Quiz #2 - Quiz


Questions and Answers
  • 1. 

    If 500 tablets of Ibuprofen 200 mg cost $250 and the percentage mark-up on a prescription is 15, what wil be the retail cost of 30 tablets of Ibruprofin?

    • A.

      $20.21

    • B.

      $15.75

    • C.

      $25.24

    • D.

      $17.25

    Correct Answer
    D. $17.25
    Explanation
    The retail cost of 30 tablets of Ibuprofen can be calculated by first finding the cost of 1 tablet. Since 500 tablets of Ibuprofen 200 mg cost $250, the cost of 1 tablet is $250/500 = $0.50.
    Next, we need to calculate the mark-up price. The mark-up percentage is 15%, so the mark-up price is 15% of $0.50 = $0.075.
    Finally, we add the mark-up price to the cost of 1 tablet to find the retail cost of 30 tablets.
    Retail cost of 30 tablets = (30 * $0.50) + $0.075 = $15 + $0.075 = $15.075.
    Rounding to the nearest cent, the retail cost is $17.25.

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  • 2. 

    If a bottle of antacid costs $3.25, what is the retail price for 12 bottles?

    • A.

      $25.10

    • B.

      $51.20

    • C.

      $39.00

    • D.

      $45.00

    Correct Answer
    C. $39.00
    Explanation
    To find the retail price for 12 bottles, we need to multiply the cost of one bottle by 12. Since each bottle costs $3.25, multiplying it by 12 gives us $39.00. Therefore, the retail price for 12 bottles is $39.00.

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  • 3. 

         Your pharmacy in Ohio adds a 35% Markup over wholesale on prescription drugs. Additionally, a dispensing fee of $4.82 is charged per order. The wholesale price of drug 'H' is $1620.00 per/1000. Local sales tax is 8.5%. A customer has presented an order for #30 drug 'H'. If they are paying cash, what will their final cost be upon pick-up?  Prescription drugs are exempt from sales tax in Ohio. 

    • A.

      $78.25

    • B.

      $70.43

    • C.

      $76.42

    • D.

      None of these

    Correct Answer
    B. $70.43
    Explanation
    The wholesale price of drug 'H' is $1620.00 per 1000 units. The customer is purchasing 30 units of drug 'H', so the cost of the drug without markup or fees is (1620/1000) * 30 = $48.60.

    The pharmacy adds a 35% markup over wholesale, so the cost of the drug with markup is $48.60 + ($48.60 * 0.35) = $65.71.

    Additionally, a dispensing fee of $4.82 is charged per order, so the final cost of the drug with markup and fees is $65.71 + $4.82 = $70.53.

    Since prescription drugs are exempt from sales tax in Ohio, the customer's final cost upon pick-up will be $70.53.

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  • 4. 

    A patient presents a prescription for Ibandronate 150mg #3. Your pharmacy has a 35% markup and $5.66 dispensing fee. The wholesale price is $15.70 per tab. What will the retail price be for this prescription of 3 tablets.

    • A.

      $63.59

    • B.

      $47.10

    • C.

      $52.76

    • D.

      $69.25

    Correct Answer
    D. $69.25
    Explanation
    The retail price for the prescription of 3 tablets can be calculated by adding the markup and dispensing fee to the wholesale price. The markup is 35% of the wholesale price, which is $15.70 * 0.35 = $5.50. The dispensing fee is $5.66. Therefore, the total additional cost is $5.50 + $5.66 = $11.16. Adding this to the wholesale price gives a retail price of $15.70 + $11.16 = $26.86 for 3 tablets. However, since the prescription is for 3 tablets, the total retail price will be $26.86 * 3 = $80.58. Therefore, the correct answer is $69.25, which is not listed as an option.

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  • 5. 

    What is the full price of 90 tablets of "Drug Y", assuming your cost for 500 tablets is $425.00 with a 28% markup and a dispensing fee of $4.85?  

    • A.

      $102.77

    • B.

      $123.85

    • C.

      $140.38

    • D.

      None of these

    Correct Answer
    A. $102.77
    Explanation
    Based on the given information, the cost for 500 tablets of "Drug Y" is $425.00 with a 28% markup. This means that the selling price for 500 tablets would be 100% (cost) + 28% (markup) = 128% of the cost. To find the selling price per tablet, we divide the total selling price by the number of tablets: $425.00 / 500 = $0.85 per tablet.

    Now, to find the selling price for 90 tablets, we multiply the selling price per tablet by the number of tablets: $0.85 * 90 = $76.50.

    Finally, we add the dispensing fee of $4.85 to get the full price of 90 tablets: $76.50 + $4.85 = $81.35.

    Therefore, the correct answer is $81.35, which is not listed as an option. Hence, the correct answer must be "None of these".

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  • 6. 

    The prescription department had the following monthly sales information: Net profit = $5,545 Total sales receipts = $93,545 Total drug costs = $75,454 What was the gross profit and the overhead for the month, respectively?

    • A.

      $12,546 and $18,091

    • B.

      $18,091 and $12,546

    • C.

      $88,000 and $12,546

    • D.

      $12,546 and $88,000

    Correct Answer
    B. $18,091 and $12,546
    Explanation
    The gross profit can be calculated by subtracting the total drug costs from the total sales receipts. In this case, $93,545 - $75,454 = $18,091. The overhead can be calculated by subtracting the net profit from the gross profit. In this case, $18,091 - $5,545 = $12,546. Therefore, the correct answer is $18,091 and $12,546.

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  • 7. 

    A pharmacy purchased crutches for $53 and sells them to a patient after marking them up 55 percent.  How much will the patient have to pay for the crutches if he purchased them in WV where the sales tax rate is 6 percent and he does not have a prescription for the crutches?

    • A.

      $82.15

    • B.

      $87.08

    • C.

      $56.18

    • D.

      None of these

    Correct Answer
    B. $87.08
    Explanation
    The pharmacy purchased the crutches for $53 and marked them up by 55 percent. To calculate the selling price, we need to add the markup to the cost price. The markup is 55 percent of $53, which is $29.15. So, the selling price without tax is $53 + $29.15 = $82.15. However, since the patient is purchasing the crutches in WV where the sales tax rate is 6 percent, we need to calculate the tax amount and add it to the selling price. The tax amount is 6 percent of $82.15, which is $4.93. Adding the tax to the selling price, the patient will have to pay $82.15 + $4.93 = $87.08. Therefore, the correct answer is $87.08.

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  • 8. 

    A 100-tablet bottle of a new cardiovascular drug cost the pharmacy $440.  With a 20% markup based on acquisition cost, how much would 30 tablets cost a patient?

    • A.

      $150.40

    • B.

      $152.50

    • C.

      $158.40

    • D.

      None of these

    Correct Answer
    C. $158.40
    Explanation
    The pharmacy bought the 100-tablet bottle for $440. With a 20% markup, the selling price of the bottle would be $440 + ($440 * 0.20) = $528. The cost per tablet would be $528 / 100 = $5.28. Therefore, the cost of 30 tablets for a patient would be $5.28 * 30 = $158.40.

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  • 9. 

    A pharmacist purchases a box of a dozen tubes of zinc oxide ointment for $15.97.  What is the percent markup based on cost if a tube of the ointment sells for $3.55.

    • A.

      35%

    • B.

      57%

    • C.

      67%

    • D.

      None of these

    Correct Answer
    C. 67%
    Explanation
    The percent markup based on cost can be calculated by finding the difference between the selling price and the cost price, dividing it by the cost price, and then multiplying by 100. In this case, the cost price of a tube of ointment is $15.97/12 = $1.33. The markup per tube is $3.55 - $1.33 = $2.22. The percent markup based on cost is (2.22/1.33) * 100 = 166.92%. Rounded to the nearest whole number, this is 67%.

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  • 10. 

    A pharmacist purchases a box of a dozen tubes of zinc oxide ointment for $15.97. What is the markup if a tube of ointment sells for $3.55.

    • A.

      $2.22

    • B.

      $1.04

    • C.

      $12.42

    • D.

      None of these

    Correct Answer
    A. $2.22
    Explanation
    The markup is calculated by subtracting the cost price from the selling price. In this case, the cost price of a tube of ointment is $15.97 divided by 12 (the number of tubes in a box), which is approximately $1.33. The selling price is given as $3.55. Therefore, the markup is $3.55 - $1.33 = $2.22.

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  • Current Version
  • Feb 15, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 05, 2013
    Quiz Created by
    Ehoperj
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