Mathematics for Business and Personal Finance

Chapter 19: Financial Management

Practice Tests Final Exam

1
Yolanda Rivas works in a boutique selling clothes. She earns $8.25 per hour. Last week she worked 36 hours. What was her straight-time pay?
A)$288.75
B)$297.00
C)$306.00
D)$314.50
2
ALGEBRA Yoshiu Sunjoo sells automobiles. He is guaranteed a minimum salary of $600 per month plus commission of 1.5% of his total sales. What are Yoshiu’s total sales for a month in which his gross pay was $3,787.50?
A)$252,500
B)$250,000
C)$212,500
D)$202,500
3
Caroline Tilda's gross pay is $68,400 a year. The state income tax is 3% of taxable wages. Caroline takes a married exemption of $4,000 for herself and her husband. How much is withheld from her gross earnings for state income tax for the year?
A)$205.20
B)$228.00
C)$1,932.00
D)$2,736.00
4
The Irwins' records for September, October, and November show that their expenditures totaled $3,567.05, $3,678.16, and $3,781.57, respectively. What is their average monthly expenditure for the three months?
A)$368.90
B)$3,006.70
C)$3,675.59.
D)$11,026.78
5
Maurice White's deposit includes two checks: $145.18 and $512.06; cash: 4 one-dollar bills, 9 five-dollar bills, 3 ten-dollar bills, 15 quarters, 10 dimes, 18 nickels, and 32 pennies. Find the total deposit.
A)$597.08
B)$726.71
C)$742.21
D)$842.12
6
Alan Louden deposits $615.00 in a savings account. The account pays an annual interest rate of 5%. He makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
A)$3.08
B)$7.69
C)$92.25
D)$112.42
7
ALGEBRA Reggie Anderson earned $12.00 in simple interest in 6 months at an annual interest rate of 4%. How much money did he invest?
A)$240
B)$300
C)$600
D)$670
8
ALGEBRA Appliance Mart marked down a new dryer 40% when purchased with a washing machine. The dryer’s sale price was $399. What was the regular selling price of the dryer when purchased alone?
A)$997.50
B)$850.00
C)$665.00
D)$636.99
9
Alice Futrell's charge account showed a previous balance of $220.40, a finance charge of $2.20, new purchases of $142.18 and $32.15, a payment of $200.00, and a credit of $18.46. What is the new balance?
A)$178.47
B)$215.39
C)$231.26
D)$615.39
10
Cassandra and Patrick Watters are purchasing a new television and stereo system for $2,750 with an installment loan that as an APR of 8%. The store financing requires a 20% down payment and 12 monthly payments. What is the monthly payment?

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A)$129.80
B)$191.40
C)$239.25
D)$242.18
11
Richard and Elizabeth Korte rent a compact car for 5 days in Denver for $39.95 per day with unlimited miles. They also pay a CDW fee of $18.50 per day. They drive 120 miles each day and pay $67.50 for gasoline. What is the total cost to rent the car?
A)$285.75
B)$304.25
C)$359.75
D)$410.25
12
The McIntoshs are considering the purchase of a new home for $265,000. A 20% down payment is required. What is the amount of the mortgage loan needed to finance the purchase?
A)$53,000
B)$208,015
C)$212,000
D)$238,500
13
Isaiah and Sarah Rable have applied for a $170,000 loan at an annual interest rate of 5.50%. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. According to the table below, what is the total amount of interest charged?

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A)$172,420
B)$177,616
C)$258,440
D)$357,840
14
Max Bennett has a single health insurance plan. The PPO annual premium is $11,980. The employer pays 85% of the cost. How much is deducted from his weekly paycheck?
A)$34.56
B)$36.82
C)$195.83
D)$499.17
15
Sierra Harman is 35 years old. She wants to purchase a $100,000, 5-year term life insurance policy. What is her annual premium?

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A)$277
B)$298
C)$347
D)$351
16
Catalina Bana deposits $8,000 in a 4-year CD that earns interest at an annual rate of 3.00% compounded monthly. Find the amount of the CD in 4-years.

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A)$9,018.62
B)$9,105.84
C)$9,109.02
D)$9,200.31
17
Olivia George bought 800 shares of Cedar Fair at $36.26 per share. The broker's commission was $14.95 for fewer than 1,000 shares or $0.015 per share for 1,000 or more. What was the total Olivia paid?
A)$29,008.00
B)$29,020.00
C)$29,022.95
D)30,270.95
18
Nature's Own, a health food company, is searching for a nutritionist. The personnel department placed advertisements for a total cost of $1,236. After reviewing several résumés, they narrowed their search to three candidates who they wanted to interview. The travel expenses for the three candidates were $160.20, $215.80, and $78.20. After the interviews, Paloma Escobar was hired at an annual salary of $62,500. Paloma sold her home and Nature's Own, paid the $10,500 broker's fee. What is the total recruiting cost?
A)$12,190.20
B)$18,938.20
C)$52,954.20
D)$63,454.20
19
A customer places a special order through Anders Furniture. The list price of a dining room set in the manufacturer's catalog is $1,250. Anders Furniture receives a 40% trade discount. What is the net price for the furniture order?
A)$500
B)$600
C)$750
D)$825
20
Animal Wonderland purchased small aquariums for $12.00 each. Animal Wonderland sells the aquariums for $29.99 each. What is the markup on each aquarium?
A)$9.99
B)$12.00
C)$17.99
D)$41.99
21
ALGEBRA Cricket Crafts has a set of craft scissor kits that are marked down 60% to a sale price of $18.00. Find the regular selling price.
A)$18.00
B)$30.00
C)$45.00
D)$60.00
22
Three hundred forty-two out of 500 people surveyed "like" the new flavor of yogurt. What percent of the total people surveyed like it?
A)34.2%
B)68.4%
C)76.3%
D)146%
23
ALGEBRA Animal Wonderland would like to move to a larger space. The budget allows $6,875 to rent the needed 11,000 square foot of space. What is the maximum annual rate per square foot Animal Wonderland can pay?
A)$7.00
B)$7.35
C)$7.50
D)$8.00
24
Georgina's Washer Service purchased a heavy-duty triple-load washer that cost $3,250. The life of the washing machine is estimated to be 10 years. The total salvage value after 10 years of use is $500. Using the straight-line method, find the annual depreciation of the washer.
A)$250
B)$275
C)$325
D)$350
25
Mega Mulch borrowed $70,000 from its bank to pay for new equipment. The bank loaned the money at 6% ordinary interest for 210 days. What is the maturity value of the loan?
A)$72,000.00
B)$72,416.44
C)$72,450.00
D)$73,000.00
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