Business Math Study Guide Quiz

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.?

46 Weeks

36 weeks

41 weeks

52 weeks

Jenny needs to raise $1,150.00 for the national conference. She saves $25 per week from her babysitting job. To find out how many weeks she needs to save, we can divide the total amount needed by the amount she saves per week: $1,150.00 ÷ $25/week = 46 weeks. Therefore, Jenny needs to save for 46 weeks to raise enough money for the national conference in Washington, D.C.

Explanation

Jenny needs to raise $1,150.00 for the national conference. She saves $25 per week from her babysitting job. To find out how many weeks she needs to save, we can divide the total amount needed by the amount she saves per week: $1,150.00 ÷ $25/week = 46 weeks. Therefore, Jenny needs to save for 46 weeks to raise enough money for the national conference in Washington, D.C.

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. What percent of the Jones’ budget is for emergencies and miscellaneous?

9%

5%

11%

7%

The given information states that Tim and Mary Jones budget a certain percentage of their annual income for various expenses. The percentages mentioned are for food, housing, transportation, clothing, savings, and the remainder for emergencies and miscellaneous. Since it is mentioned that 12% is budgeted for savings, it can be inferred that the remaining percentage, which is 7%, is allocated for emergencies and miscellaneous.

Explanation

The given information states that Tim and Mary Jones budget a certain percentage of their annual income for various expenses. The percentages mentioned are for food, housing, transportation, clothing, savings, and the remainder for emergencies and miscellaneous. Since it is mentioned that 12% is budgeted for savings, it can be inferred that the remaining percentage, which is 7%, is allocated for emergencies and miscellaneous.

3) 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?

$ 37.91

$102.82

$111.95

$ 35.92

John Miller's total deduction from his weekly check can be calculated by adding up the amounts withheld for social security and Medicare taxes, state taxes, and federal taxes. The amount withheld for social security and Medicare taxes is 7.65% of his earnings, which is calculated by multiplying $469.55 by 0.0765. This equals $35.92. The amount withheld for state taxes is $9.13, and the amount withheld for federal taxes is $66.90. Adding these three amounts together gives a total deduction of $35.92 + $9.13 + $66.90 = $111.95. Therefore, the correct answer is $111.95.

Explanation

John Miller's total deduction from his weekly check can be calculated by adding up the amounts withheld for social security and Medicare taxes, state taxes, and federal taxes. The amount withheld for social security and Medicare taxes is 7.65% of his earnings, which is calculated by multiplying $469.55 by 0.0765. This equals $35.92. The amount withheld for state taxes is $9.13, and the amount withheld for federal taxes is $66.90. Adding these three amounts together gives a total deduction of $35.92 + $9.13 + $66.90 = $111.95. Therefore, the correct answer is $111.95.

4) Put the fractions in order from the lowest to the highest value.

1/8, 1/6, 1/4, 1/2, 1/3, 1/5, 1/7

1/8, 1/7, 1/6, 1/5, 1/4, 1/3, 1/2

1/2, 1/4, 1/3, 1/6, 1/5, 1/8, 1/7

1/2, 1/3, 1/4, 1/5, 1/6, 1/7, 1/8

The fractions are ordered from lowest to highest value. The fraction 1/8 is the smallest fraction, followed by 1/7, 1/6, 1/5, 1/4, 1/3, and 1/2, which is the largest fraction.

Explanation

The fractions are ordered from lowest to highest value. The fraction 1/8 is the smallest fraction, followed by 1/7, 1/6, 1/5, 1/4, 1/3, and 1/2, which is the largest fraction.

5) Find the mean for 5.7 + 6.3 + 4.2 + 5.8 + 3.4.

25.4

5.1

5.08

6.3

The mean is calculated by adding up all the numbers and then dividing the sum by the total number of numbers. In this case, adding up 5.7, 6.3, 4.2, 5.8, and 3.4 gives a sum of 25.4. Since there are a total of 5 numbers, the mean is obtained by dividing 25.4 by 5, which equals 5.08.

Explanation

The mean is calculated by adding up all the numbers and then dividing the sum by the total number of numbers. In this case, adding up 5.7, 6.3, 4.2, 5.8, and 3.4 gives a sum of 25.4. Since there are a total of 5 numbers, the mean is obtained by dividing 25.4 by 5, which equals 5.08.

6) 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?

$231.50

$ 31.50

241.50

$178.50

The retail price of the camera is $241.50. This can be calculated by adding the 15% markup to the wholesale price of $210. 15% of $210 is $31.50, so when this amount is added to the wholesale price, the total retail price is $241.50.

Explanation

The retail price of the camera is $241.50. This can be calculated by adding the 15% markup to the wholesale price of $210. 15% of $210 is $31.50, so when this amount is added to the wholesale price, the total retail price is $241.50.

7) Find the quotient of 3/5 divided by 1/2

1

3/10

3 1/3

1 1/5

To find the quotient of 3/5 divided by 1/2, we can use the rule that states "dividing by a fraction is the same as multiplying by its reciprocal." So, we can rewrite the division as 3/5 multiplied by 2/1. Multiplying the numerators gives us 6, and multiplying the denominators gives us 5. Therefore, the quotient is 6/5, which can be simplified to 1 1/5.

Explanation

To find the quotient of 3/5 divided by 1/2, we can use the rule that states "dividing by a fraction is the same as multiplying by its reciprocal." So, we can rewrite the division as 3/5 multiplied by 2/1. Multiplying the numerators gives us 6, and multiplying the denominators gives us 5. Therefore, the quotient is 6/5, which can be simplified to 1 1/5.

8) 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?

$32,414.00

$ 2,701.17

$34,214.00

Tim and Mary budget 38% of their annual income for housing, including operating expenses and furnishings. Since their annual income is $85,300, the total amount they budget for one year for their housing is calculated by multiplying 38% by $85,300. This equals $32,414.00.

Explanation

Tim and Mary budget 38% of their annual income for housing, including operating expenses and furnishings. Since their annual income is $85,300, the total amount they budget for one year for their housing is calculated by multiplying 38% by $85,300. This equals $32,414.00.

9) Jason is hired as a new teacher on a 12-month contract for $28,950. If he receives monthly checks for the entire year, what is his monthly gross pay?

$2,412.50

$2,360.50

$2,895.00

$2,859.00

Jason's annual salary is $28,950. To find his monthly gross pay, we divide his annual salary by the number of months in a year, which is 12. Therefore, his monthly gross pay is $28,950 / 12 = $2,412.50.

Explanation

Jason's annual salary is $28,950. To find his monthly gross pay, we divide his annual salary by the number of months in a year, which is 12. Therefore, his monthly gross pay is $28,950 / 12 = $2,412.50.

10) Find the monthly finance charge for an average daily balance of $145.59 and annual percentage rate of 24

$ 34.94

$291.18

$ 2.91

$ 29.11

The monthly finance charge can be calculated by multiplying the average daily balance by the annual percentage rate and dividing by 12. In this case, the calculation would be (145.59 * 24) / 12 = 291.18 / 100 = $2.91.

Explanation

The monthly finance charge can be calculated by multiplying the average daily balance by the annual percentage rate and dividing by 12. In this case, the calculation would be (145.59 * 24) / 12 = 291.18 / 100 = $2.91.

11) Using the chain discount complement method, find the net-price rate when a chain discount of 30% less 20% less 5% is offered.

45%

55%

5%

53.2%

The chain discount complement method is used to find the net-price rate when multiple discounts are offered in succession. In this case, a chain discount of 30% less 20% less 5% is given. To find the net-price rate, we first calculate the complement of each discount rate, which is the percentage of the original price that remains after each discount is applied. The complement of 30% is 70%, the complement of 20% is 80%, and the complement of 5% is 95%. We then multiply these complement rates together to find the net-price rate, which is 70% * 80% * 95% = 53.2%. Therefore, the correct answer is 53.2%.

Explanation

The chain discount complement method is used to find the net-price rate when multiple discounts are offered in succession. In this case, a chain discount of 30% less 20% less 5% is given. To find the net-price rate, we first calculate the complement of each discount rate, which is the percentage of the original price that remains after each discount is applied. The complement of 30% is 70%, the complement of 20% is 80%, and the complement of 5% is 95%. We then multiply these complement rates together to find the net-price rate, which is 70% * 80% * 95% = 53.2%. Therefore, the correct answer is 53.2%.

12) 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?

$19,192.50

$23,031.00

$ 1,919.25

$ 2,303.10

Tim and Mary budget 27% of their annual income for food. To find the monthly budget for food, we need to divide the annual income by 12 (months). Therefore, the monthly budget for food is $85,300 * 0.27 / 12 = $1,919.25.

Explanation

Tim and Mary budget 27% of their annual income for food. To find the monthly budget for food, we need to divide the annual income by 12 (months). Therefore, the monthly budget for food is $85,300 * 0.27 / 12 = $1,919.25.

13) 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?

$13.75

$17.52

$18.86

$19.125

The employee's overtime rate can be calculated by multiplying the regular rate by 1.5. Therefore, the overtime rate would be $12.75 * 1.5 = $19.125.

Explanation

The employee's overtime rate can be calculated by multiplying the regular rate by 1.5. Therefore, the overtime rate would be $12.75 * 1.5 = $19.125.

14) 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?

$ 111.90

$1,386.55

$ 133.45

$1,388.10

To calculate the proceeds, we use the formula: Proceeds = Principal - Interest. The interest can be calculated using the formula: Interest = Principal × Rate × Time, where Principal is the loan amount, Rate is the interest rate (as a decimal), and Time is the time period (in years). Substituting the given values: Interest = $1,500 × 0.1865 × (146/365) ≈ $13.45. Thus, Proceeds = $1,500 - $13.45 = $1,386.55.

Explanation

To calculate the proceeds, we use the formula: Proceeds = Principal - Interest. The interest can be calculated using the formula: Interest = Principal × Rate × Time, where Principal is the loan amount, Rate is the interest rate (as a decimal), and Time is the time period (in years). Substituting the given values: Interest = $1,500 × 0.1865 × (146/365) ≈ $13.45. Thus, Proceeds = $1,500 - $13.45 = $1,386.55.

15) What is the future value of an investment of $1,000 made for 3 years at an annual interest rate of 5%, compounded annually?

$1,050

$1,157.63

$1,102.50

$1,215.51

Explanation

Business Math Study Guide Quiz

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.?

2)

What first name or nickname would you like us to use?

3) 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?

4) Put the fractions in order from the lowest to the highest value.

5) Find the mean for 5.7 + 6.3 + 4.2 + 5.8 + 3.4.

6) 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?

7) Find the quotient of 3/5 divided by 1/2

9) Jason is hired as a new teacher on a 12-month contract for $28,950. If he receives monthly checks for the entire year, what is his monthly gross pay?

10) Find the monthly finance charge for an average daily balance of $145.59 and annual percentage rate of 24

11) Using the chain discount complement method, find the net-price rate when a chain discount of 30% less 20% less 5% is offered.

12) 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?

13) 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?

14) 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?

15) What is the future value of an investment of $1,000 made for 3 years at an annual interest rate of 5%, compounded annually?