Business Math Study Guide Quiz

15 Questions | By Debbie16 | Updated: Apr 14, 2022 | Attempts: 327

Questions

Settings

Create your own Quiz

Questions and Answers

1.

Your FBLA chapter has been invited to attend a national conference in Washington D.C. Each member must raise $1,150.00 to go. Jenny is able to save $25/week from her babysitting job. How many weeks must she save to raise enough money for the national conference in Washington, D.C.?
- A.
  
  46 Weeks
- B.
  
  36 weeks
- C.
  
  41 weeks
- D.
  
  52 weeks
2.

Tim and Mary Jones budget 27% of their annual income of $85,300 for food, 38% for housing including operating expenses and furnishings, 9% for transportation, 7% for clothing, 12% for savings, and the remainder for emergencies and miscellaneous. How much do Tim and Mary budget monthly for food?
- A.
  
  $19,192.50
- B.
  
  $23,031.00
- C.
  
  $ 1,919.25
- D.
  
  $ 2,303.10
3.

Tim and Mary Jones budget 27% of their annual income of $85,300 for food, 38% for housing including operating expenses and furnishings, 9% for transportation, 7% for clothing, 1 2% for savings, and the remainder for emergencies and miscellaneous. What is the total amount Tim and Mary budget for one year for their housing?
- A.
  
  $32,414.00
- B.
  
  $32,414.00
- C.
  
  $ 2,701.17
- D.
  
  $34,214.00
4.

Tim and Mary Jones budget 27% of their annual income of $85,300 for food, 38% for housing including operating expenses and furnishings, 9% for transportation, 7% for clothing, 12% for savings, and the remainder for emergencies and miscellaneous. What percent of the Jones’ budget is for emergencies and miscellaneous?
- A.
  
  9%
- B.
  
  5%
- C.
  
  11%
- D.
  
  7%
5.

Jason is hired as a new teacher on a 10-month contract for $28,950. If he receives monthly checks for the entire year, what is his monthly gross pay?
- A.
  
  $2,412.50
- B.
  
  $2,421.50
- C.
  
  $2,895.00
- D.
  
  $2,859.00
6.

An employee is paid 1-1/2 times the regular rate for overtime work. The regular rate is $12.75 per hour. What is the employee’s overtime rate?
- A.
  
  $13.75
- B.
  
  $17.52
- C.
  
  $18.86
- D.
  
  $18.68
7.

Using the chain discount complement method, find the net-price rate when a chain discount of 30% less 20% less 5% is offered.
- A.
  
  45%
- B.
  
  55%
- C.
  
  5%
- D.
  
  53.2%
8.

Find the monthly finance charge for an average daily balance of $145.59 and annual percentage rate of 24
- A.
  
  $ 34.94
- B.
  
  $291.18
- C.
  
  $ 2.91
- D.
  
  $ 29.11
9.

Gerald Davis obtained a discount loan of $1,500 at an interest rate of 18.65%. The loan was granted to Gerald for 146 days. The bank Gerald was borrowing from uses exact interest. What proceeds did Gerald receive?
- A.
  
  $ 111.90
- B.
  
  $1,386.55
- C.
  
  $ 133.45
- D.
  
  $1,388.10
10.

John Miller earned $469.55 this week as a research assistant. His employer withheld 7.65% of his check for social security and Medicare taxes. In addition $9.13 was withheld for state taxes and $66.90 for federal taxes. What was the total amount deducted from John’s weekly check?
- A.
  
  $ 37.91
- B.
  
  $102.82
- C.
  
  $111.95
- D.
  
  $ 35.92
11.

Jerrica O’Reilly deposited $800 into a savings account at Nations National Bank. The account earned an annual interest rate of 5 1/2%. What was her interest after three months
- A.
  
  $ 11.00
- B.
  
  $ 13.20
- C.
  
  $110.00
- D.
  
  $132.00
12.

The Sony Company sold a digital camera at a wholesale price of $210. The XYZ Department store uses a 15% markup. What is the retail price of the camera?
- A.
  
  $231.50
- B.
  
  $ 31.50
- C.
  
  241.50
- D.
  
  $178.50
13.

Find the quotient of 3/5 divided by 1/2
- A.
  
  1
- B.
  
  3/10
- C.
  
  3 1/3
- D.
  
  1 1/5
14.

Put the fractions in order from the lowest to the highest value.
- A.
  
  1/8, 1/6, 1/4, 1/2, 1/3, 1/5, 1/7
- B.
  
  1/8, 1/7, 1/6, 1/5, 1/4, 1/3, 1/2
- C.
  
  1/2, 1/4, 1/3, 1/6, 1/5, 1/8, 1/7
- D.
  
  1/2, 1/3, 1/4, 1/5, 1/6, 1/7, 1/8
15.

Find the mean for 5.7 + 6.3 + 4.2 + 5.8 + 3.4.
- A.
  
  25.4
- B.
  
  5.1
- C.
  
  5.08
- D.
  
  6.3