The Ultimate Business Math Test Quiz #3

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| By Ehoperj
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Ehoperj
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Quizzes Created: 3 | Total Attempts: 1,947
| Attempts: 458
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  • 1/10 Questions

    If a bottle of antacid costs $2.25, what is the retail price for 20 bottles?

    • $40.00
    • $45.00
    • $50.00
    • None of these
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About This Quiz

The Ultimate Business Math Test Quiz #3 assesses your ability to calculate retail costs, markups, and profits in a pharmaceutical setting. It tests practical skills in financial management and pricing strategies relevant for professionals in healthcare economics.

The Ultimate Business Math Test Quiz #3 - Quiz

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  • 2. 

    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?

    • $150.40

    • $152.50

    • $158.40

    • None of these

    Correct Answer
    A. $158.40
    Explanation
    The pharmacy purchased the 100-tablet bottle of the new cardiovascular drug for $440. With a 20% markup based on acquisition cost, the pharmacy would sell the bottle for $528. Since there are 100 tablets in the bottle, the cost per tablet would be $528/100 = $5.28. Therefore, 30 tablets would cost a patient 30*$5.28 = $158.40.

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  • 3. 

    If 500 tablets of Ibuprofen 200 mg cost $200 and the percentage mark-up on a prescription is 20, what wil be the retail cost of 60 tablets of Ibruprofin?

    • $25.00

    • $28.80

    • $14.40

    • None of these

    Correct Answer
    A. $28.80
    Explanation
    The retail cost of 60 tablets of Ibuprofen can be calculated by first finding the cost per tablet and then multiplying it by the number of tablets. The cost per tablet can be found by dividing the total cost of 500 tablets ($200) by the number of tablets (500), which gives $0.40 per tablet. Then, the retail cost of 60 tablets can be found by multiplying the cost per tablet ($0.40) by the number of tablets (60), which equals $24.00. However, since there is a 20% mark-up, the final retail cost will be 20% higher than $24.00, which is $28.80. Therefore, the correct answer is $28.80.

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  • 4. 

    A pharmacist purchases a box of a dozen tubes of zinc oxide ointment for $18.00. What is the markup if a tube of ointment sells for $3.55.

    • $1.50

    • $2.05

    • $14.45

    • None of these

    Correct Answer
    A. $2.05
    Explanation
    The markup can be calculated by subtracting the cost price from the selling price. In this case, each tube of ointment is sold for $3.55 and the pharmacist purchased a dozen tubes for $18.00. Therefore, the cost price of each tube is $18.00 divided by 12, which is $1.50. Subtracting the cost price of $1.50 from the selling price of $3.55 gives a markup of $2.05. Therefore, the correct answer is $2.05.

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  • 5. 

    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?

    • $12,546 and $18,091

    • $18,091 and $12,546

    • $88,000 and $12,546

    • $12,546 and $88,000

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

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  • 6. 

    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?  

    • $102.77

    • $123.85

    • $140.38

    • None of these

    Correct Answer
    A. $102.77
    Explanation
    The full price of 90 tablets of "Drug Y" can be calculated by first determining the cost per tablet. The cost for 500 tablets is $425.00, so the cost per tablet is $425.00 / 500 = $0.85.

    Next, we need to apply the 28% markup. The markup is calculated by multiplying the cost per tablet by 28% (or 0.28). So the markup per tablet is $0.85 * 0.28 = $0.238.

    Now we add the markup per tablet to the cost per tablet to get the selling price per tablet. $0.85 + $0.238 = $1.088.

    Finally, we multiply the selling price per tablet by the number of tablets (90) and add the dispensing fee ($4.85) to get the full price. $1.088 * 90 + $4.85 = $102.77.

    Therefore, the correct answer is $102.77.

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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?

    • $82.15

    • $87.08

    • $56.18

    • None of these

    Correct Answer
    A. $87.08
    Explanation
    The pharmacy purchased the crutches for $53 and marked them up by 55 percent. To calculate the markup, we multiply $53 by 55 percent (or 0.55), which gives us $29.15. Adding this markup to the original cost of $53, we get $82.15.

    However, the patient will also have to pay sales tax, which is 6 percent of the selling price. To calculate the sales tax, we multiply $82.15 by 6 percent (or 0.06), which gives us $4.93. Adding this tax to the selling price, the patient will have to pay a total of $82.15 + $4.93 = $87.08 for the crutches. Therefore, the correct answer is $87.08.

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  • 8. 

        Your pharmacy in Ohio adds a 25% Markup over wholesale on prescription drugs. Additionally, a dispensing fee of $5.82 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. 

    • $60.75

    • $66.57

    • $72.23

    • None of these

    Correct Answer
    A. $66.57
    Explanation
    The wholesale price of drug 'H' is $1620.00 per/1000. The customer is ordering #30 of drug 'H', so the cost of the drug without markup or fees would be $1620.00 * (30/1000) = $48.60. The pharmacy adds a 25% markup over wholesale, so the cost with markup would be $48.60 + ($48.60 * 0.25) = $60.75. Additionally, a dispensing fee of $5.82 is charged per order, so the final cost would be $60.75 + $5.82 = $66.57. Therefore, the correct answer is $66.57.

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  • 9. 

    A pharmacist purchases a box of a dozen tubes of zinc oxide ointment for $18.00.  What is the percent markup based on cost if a tube of the ointment sells for $3.55.

    • 137%

    • 37%

    • 167%

    • 67%

    Correct Answer
    A. 137%
  • 10. 

    A patient presents a prescription for Ibandronate 150mg #3. Your pharmacy has a 25% markup and $5.66 dispensing fee. The wholesale price is $15.70 per tab. What will the retail price be for this prescription of the tablets.

    • $58.88

    • $47.10

    • $69.25

    • None of these

    Correct Answer
    A. None of these

Quiz Review Timeline (Updated): Apr 14, 2023 +

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  • Current Version
  • Apr 14, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 06, 2013
    Quiz Created by
    Ehoperj
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