The Ultimate Business Math Test Quiz #1

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| By Snohomishfbla
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Quizzes Created: 3 | Total Attempts: 6,165
Questions: 30 | Attempts: 4,325

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The Ultimate Business Math Test Quiz #1 - Quiz

Welcome to The Ultimate Business Math Test Quiz #1. In business, we have all these transactions and decisions for which require the application of mathematics. People in the corporate world should have this knowledge and taking this quiz is a good way to start or advance. All the best.


Questions and Answers
  • 1. 

    Viola has saved $6690. She paid her college tuition of $2988 for the first semester using her savings. What is Viola's savings account balance?

    • A.

      $3,002

    • B.

      $3,702

    • C.

      $3,007

    • D.

      $3,072

    Correct Answer
    B. $3,702
    Explanation
    After paying her college tuition of $2988, Viola's savings account balance would be the remaining amount of money she has saved. To find this balance, we subtract the tuition payment from her total savings. Therefore, the correct answer is $3,702.

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  • 2. 

    Multiply $71.21 by 10.25 yields a value of:

    • A.

      $792.90

    • B.

      $729.90

    • C.

      $722.90

    • D.

      $799.90

    Correct Answer
    B. $729.90
    Explanation
    To multiply $71.21 by 10.25, we can first multiply 71 by 10, which gives us 710. Then, we multiply 0.21 by 10.25, which equals 2.1525. Adding these two results together, we get 712.1525. Rounding this to two decimal places, we get $712.15. Therefore, the correct answer is $729.90.

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  • 3. 

    A weekly payroll register shows that Sarah Barnskey had total wages of $251.25. She had deductions of $21.00 for FICA tax, $32 for federal income tax, and $20 for medical insurance. Compute Sarah's net pay.

    • A.

      $117.08

    • B.

      $178.25

    • C.

      $170.08

    • D.

      $107.08

    Correct Answer
    B. $178.25
  • 4. 

    The difference between the subtrahend 34 and the minuend 87 is:

    • A.

      Positive 35

    • B.

      Positive 53

    • C.

      Negative 35

    • D.

      Negative 53

    Correct Answer
    B. Positive 53
    Explanation
    The difference between the subtrahend 34 and the minuend 87 is positive 53 because when we subtract 34 from 87, we get 53. The result is positive because the minuend is larger than the subtrahend, resulting in a positive difference.

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  • 5. 

    The product of multiplier .13 and multiplicand 7.0905 is:

    • A.

      .921765

    • B.

      1.821765

    • C.

      1.921765

    • D.

      1.192176

    Correct Answer
    A. .921765
    Explanation
    When we multiply .13 by 7.0905, we get the product .921765.

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  • 6. 

    The quotient 13 can be achieved with the:

    • A.

      Divisor 79 and dividend 6

    • B.

      Divsor 6 and dividend 78

    • C.

      Divisor 7 and dividend 69

    • D.

      Divisor 9 and dividend 77

    Correct Answer
    B. Divsor 6 and dividend 78
    Explanation
    The correct answer is obtained by dividing the dividend 78 by the divisor 6. This division results in a quotient of 13.

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  • 7. 

    Is 4/4 less than, greater than, or equal to, or not equal to 1.

    • A.

      Not equal

    • B.

      Less than

    • C.

      Greater than

    • D.

      Equal to

    Correct Answer
    D. Equal to
    Explanation
    The fraction 4/4 is equal to 1 because both the numerator and the denominator are the same. In a fraction, when the numerator and denominator are equal, the value of the fraction is always 1. Therefore, 4/4 is equal to 1.

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  • 8. 

    If the monthly interest rate is 3 percent, what is the APR?

    • A.

      36 percent

    • B.

      10 percent

    • C.

      15 percent

    • D.

      30 percent

    Correct Answer
    A. 36 percent
    Explanation
    The Annual Percentage Rate (APR) represents the yearly cost of borrowing, including both the interest rate and any additional fees or charges. In this case, if the monthly interest rate is 3 percent, we can calculate the APR by multiplying the monthly rate by 12 to get the annual rate. Therefore, the correct answer is 36 percent.

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  • 9. 

    The sales tax 5.5 percent. Compute the sales tax on $325.

    • A.

      $10.70

    • B.

      $178

    • C.

      $17.88

    • D.

      $1.78

    Correct Answer
    C. $17.88
    Explanation
    To compute the sales tax on $325, you need to multiply the amount by the tax rate. In this case, the tax rate is 5.5 percent. So, 5.5 percent of $325 is equal to $17.88. Therefore, the correct answer is $17.88.

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  • 10. 

    Calculate simple interest on a pricipal of $1,525 at 19.5 percent at the end of the year.

    • A.

      $29.73

    • B.

      $297.38

    • C.

      $2,973.80

    • D.

      $2,777

    Correct Answer
    B. $297.38
    Explanation
    To calculate simple interest, we use the formula: Interest = (Principal * Rate * Time) / 100. In this case, the principal is $1,525 and the rate is 19.5%. Since the time is not specified, we assume it is 1 year. Plugging these values into the formula, we get: Interest = (1525 * 19.5 * 1) / 100 = $297.38. Therefore, the correct answer is $297.38.

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  • 11. 

    The sales tax is 3 percent. Compute the sales tax on $690.

    • A.

      $2.70

    • B.

      $20.70

    • C.

      $270

    • D.

      $207

    Correct Answer
    B. $20.70
    Explanation
    To compute the sales tax on $690 at a rate of 3 percent, we can multiply $690 by 0.03. This calculation gives us $20.70, which represents the amount of sales tax on the given purchase.

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  • 12. 

    Joann purchased a used automobile for $1,500. Southwest Banks finances the car for one year at 12.5 percent. Computed the total payment at the end of the year.

    • A.

      $187.50

    • B.

      $1,587.50

    • C.

      $1,887.50

    • D.

      $1,687.50

    Correct Answer
    D. $1,687.50
    Explanation
    The correct answer is $1,687.50. To compute the total payment at the end of the year, we need to calculate the interest on the loan. The interest can be calculated by multiplying the principal amount ($1,500) by the interest rate (12.5%) and the time period (1 year).

    Interest = Principal * Rate * Time
    Interest = $1,500 * 0.125 * 1
    Interest = $187.50

    Adding the interest to the principal, we get the total payment at the end of the year:
    Total Payment = Principal + Interest
    Total Payment = $1,500 + $187.50
    Total Payment = $1,687.50

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  • 13. 

    Find the mode of 0,1,2,2,3,4,4,8,2.

    • A.

      2.5

    • B.

      4

    • C.

      3

    • D.

      2

    Correct Answer
    D. 2
    Explanation
    The mode is the value that appears most frequently in a set of numbers. In this case, the number 2 appears three times, which is more than any other number in the set. Therefore, the mode of the given set of numbers is 2.

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  • 14. 

    Determine the average of the 2,5,7,10.

    • A.

      5

    • B.

      6

    • C.

      10

    • D.

      7

    Correct Answer
    B. 6
    Explanation
    The average of a set of numbers is found by adding up all the numbers and then dividing the sum by the total number of values. In this case, the sum of 2, 5, 7, and 10 is 24. Since there are 4 numbers in the set, we divide 24 by 4 to get an average of 6. Therefore, the correct answer is 6.

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  • 15. 

    Round 4888.262 to the nearest hundredth.

    • A.

      488

    • B.

      488.26

    • C.

      500

    • D.

      4888.26

    Correct Answer
    D. 4888.26
    Explanation
    To round a number to the nearest hundredth, we look at the digit in the thousandth place. If it is 5 or greater, we round up; if it is less than 5, we round down. In this case, the digit in the thousandth place is 2, which is less than 5. Therefore, we round down and the number remains 4888.26.

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  • 16. 

    Multiply 4.2 x 2.2.

    • A.

      12

    • B.

      7.24

    • C.

      20

    • D.

      9.24

    Correct Answer
    D. 9.24
    Explanation
    To find the product of 4.2 and 2.2, we multiply the two numbers together. When we multiply 4.2 by 2.2, we get 9.24.

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  • 17. 

    Mary found an old piggy bank. 4 twenty dollar bills, 7 ones, and 90 pennies were in the piggy bank. How much currency did Mary have?

    • A.

      $89.00

    • B.

      $47.00

    • C.

      $87.90

    • D.

      $80.70

    Correct Answer
    C. $87.90
    Explanation
    Mary had 4 twenty dollar bills, which is equal to $80. She also had 7 one-dollar bills, which is equal to $7. Additionally, she had 90 pennies, which is equal to $0.90. Adding all these amounts together, Mary had a total of $87.90.

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  • 18. 

    Sue received a 30 percent discount on a blouse retailed for $79.00. What is the sale price of the blouse?

    • A.

      $5.30

    • B.

      $55.30

    • C.

      $59.99

    • D.

      $80.70

    Correct Answer
    B. $55.30
    Explanation
    Sue received a 30 percent discount on a blouse that was originally priced at $79.00. To find the sale price, we need to subtract 30 percent of $79.00 from $79.00. 30 percent of $79.00 is $23.70. Subtracting $23.70 from $79.00 gives us $55.30, which is the sale price of the blouse.

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  • 19. 

    Jake's printing gives its customers a series of chain discounts including 15 percent, 5 percent, and 5 percent. Calculate the net selling price on printing orders of $900.

    • A.

      $690.41

    • B.

      $6,600

    • C.

      $69.41

    • D.

      $6,006

    Correct Answer
    A. $690.41
    Explanation
    To calculate the net selling price, we need to apply the chain discounts in sequence.
    First, we apply a 15% discount on the original price of $900, which gives us $900 - (15% of $900) = $900 - $135 = $765.
    Next, we apply a 5% discount on the discounted price of $765, which gives us $765 - (5% of $765) = $765 - $38.25 = $726.75.
    Finally, we apply another 5% discount on the discounted price of $726.75, which gives us $726.75 - (5% of $726.75) = $726.75 - $36.34 = $690.41.
    Therefore, the net selling price on printing orders of $900 is $690.41.

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  • 20. 

    Bob received a 10 percent discount on a shirt retailed for $49.99. What is the sale price of the shirt?

    • A.

      $19.99

    • B.

      $29.99

    • C.

      $39.99

    • D.

      $44.99

    Correct Answer
    D. $44.99
    Explanation
    The sale price of the shirt is $44.99. To find this, we need to subtract 10 percent of the original price ($49.99) from the original price. 10 percent of $49.99 is $4.99. Subtracting $4.99 from $49.99 gives us $45.00. Since the answer choices are rounded to the nearest cent, the sale price would be $44.99.

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  • 21. 

    Divide 1/2 by 1/4.

    • A.

      6

    • B.

      2

    • C.

      8

    • D.

      4

    Correct Answer
    B. 2
    Explanation
    Dividing 1/2 by 1/4 can be done by multiplying the numerator of the first fraction (1) with the denominator of the second fraction (4), and multiplying the denominator of the first fraction (2) with the numerator of the second fraction (1). This gives us (1*4)/(2*1) = 4/2 = 2. Therefore, the answer is 2.

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  • 22. 

    Convert 14/7 to a whole number.

    • A.

      2

    • B.

      20

    • C.

      7

    • D.

      14

    Correct Answer
    A. 2
    Explanation
    To convert 14/7 to a whole number, we divide the numerator (14) by the denominator (7). Since 14 divided by 7 equals 2, the whole number equivalent of 14/7 is 2.

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  • 23. 

    Dawn made a $10,000 down payment on a home financed at 8 percent. What is the cost of the home?

    • A.

      $85,000

    • B.

      $125,000

    • C.

      $80,000

    • D.

      $8,000

    Correct Answer
    B. $125,000
    Explanation
    In this scenario, Dawn made a $10,000 down payment on a home financed at 8 percent. The down payment is a portion of the total cost of the home. To find the cost of the home, we need to calculate the remaining amount that was financed. Since the down payment is $10,000, the financed amount is $125,000 ($10,000 divided by 0.08). Therefore, the cost of the home is $125,000.

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  • 24. 

    Fourth of July decorations were marked down 20 percent. What is the cost of decorations thast orginally sold for $100.00.

    • A.

      $20.00

    • B.

      $8.00

    • C.

      $25.00

    • D.

      $80.00

    Correct Answer
    D. $80.00
    Explanation
    The Fourth of July decorations were marked down by 20 percent, which means that the cost was reduced by 20 percent of the original price. If the original price was $100.00, then a 20 percent reduction would be $20.00. Subtracting $20.00 from the original price gives us $80.00, which is the final cost of the decorations after the discount. Therefore, the correct answer is $80.00.

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  • 25. 

    The total sales of Max's Guitar Store were $40,000. Twenty percent comes from the sale of guitar supplies. What amount does Max's Guitar Store collect from the guitar supplies?

    • A.

      $80

    • B.

      $8,000

    • C.

      $8,500

    • D.

      $800

    Correct Answer
    B. $8,000
    Explanation
    Twenty percent of the total sales of $40,000 is $8,000. This means that Max's Guitar Store collects $8,000 from the sale of guitar supplies.

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  • 26. 

    Maggie's Coffee Shop makes $2000 in sales from Vanilla Mochas from the coffee sales of $4000. What percent of Vanilla Mochas are of Maggie's Coffee Shop total sales?

    • A.

      20 percent

    • B.

      25 percent

    • C.

      37 percent

    • D.

      50 percent

    Correct Answer
    D. 50 percent
    Explanation
    The correct answer is 50 percent. This means that half of Maggie's Coffee Shop's total sales come from Vanilla Mochas.

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  • 27. 

    The weighteed average for the data set. Scores 4 9 6 8 1 Number occurances 4 2 6 1 1

    • A.

      5.64.

    • B.

      2.54

    • C.

      5

    • D.

      12

    Correct Answer
    A. 5.64.
    Explanation
    To calculate the weighted average for the given data set, you'll need to multiply each score by its corresponding number of occurrences, sum these products, and then divide by the total number of occurrences.
    Here's the calculation:
    (4 * 4 + 9 * 2 + 6 * 6 + 8 * 1 + 1 * 1) / (4 + 2 + 6 + 1 + 1)
    Now, calculate the numerator and denominator:
    Numerator: (4 * 4 + 9 * 2 + 6 * 6 + 8 * 1 + 1 * 1) = 16 + 18 + 36 + 8 + 1 = 79
    Denominator: (4 + 2 + 6 + 1 + 1) = 14
    Now, divide the numerator by the denominator to find the weighted average:
    Weighted Average = 79 / 14 ≈ 5.64 (rounded to two decimal places)
    So, the weighted average for the given data set is approximately 5.64.

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  • 28. 

    Bob received a 10 percent discount on a shirt retailed for $49.99, how much was Bob's discount?

    • A.

      $20.00

    • B.

      $5.00

    • C.

      $39.99

    • D.

      $4.99

    Correct Answer
    D. $4.99
    Explanation
    To calculate the amount of Bob's discount, you can multiply the original price of the shirt by the discount percentage (expressed as a decimal). In this case, the original price is $49.99, and the discount is 10 percent, which is equivalent to 0.10 as a decimal. 

    Discount = Original Price × Discount Percentage
    Discount = $49.99 × 0.10

    Discount = $4.99

    So, Bob's discount on the $49.99 shirt was $4.99.

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  • 29. 

    Subtract 1/4 from 12.

    • A.

      11

    • B.

      15

    • C.

      5

    • D.

      11 3/4

    Correct Answer
    D. 11 3/4
    Explanation
    To subtract 1/4 from 12, we need to find the difference between 12 and 1/4. Since 12 can be written as 12/1, we can subtract 1/4 by finding a common denominator, which is 4. Multiplying 12/1 by 4/4 gives us 48/4. Subtracting 1/4 from 48/4 gives us 47/4, which can be written as the mixed number 11 3/4. Therefore, the correct answer is 11 3/4.

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  • 30. 

    Convert 1/2 to a decimal.

    • A.

      .51

    • B.

      .50

    • C.

      .10

    • D.

      .20

    Correct Answer
    B. .50
    Explanation
    To convert a fraction to a decimal, you divide the numerator (top number) by the denominator (bottom number). In this case, 1 divided by 2 equals 0.50. Therefore, the decimal representation of 1/2 is 0.50.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Dec 15, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 02, 2013
    Quiz Created by
    Snohomishfbla
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