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Study guide

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DESCRIPTION FOR THIS STUDY GUIDE:

This final exam study guide includes questions, answers, and explanations for 79

example QRB 501 final exam problems.

1. Solve for the unknown in the equation. 11A = 77

2. Solve for the unknown in the equation. B +5 = 21

3. Solve for the unknown in the equation. X -53 = 27

4. Solve for the unknown in the equation. 5 (X -4) = 25

5. Manny plans to save 1/14 of his salary each week. If his weekly salary is $434,

find the amount he will save each week.

6. Last week at the festival, a man sold four times as many tie-dyed T-shirts as

silkscreen shirts. He sold 225 shirts altogether. How many tie-dyed shirts did he

sell?

7. A man ordered three times as many boxes of ballpoint pens as boxes of felt tip

pens. Ballpoint pens cost $4.14 per box, and felt tip pens cost $3.05. If the mans

order of pens totaled $77.35, how many boxes of each type of pen did you buy?

8. For 28 hours of work, you are paid $208.60. How much would you receive for 36

hours?

9. The annual real estate tax on a duplex house is $20,937 and the owner sells the

house after 5 months of the tax year. How much of the annual tax will the seller

pay? How much will the buyer pay?

10. Two part-time employees share one full-time job. A girl works Mondays,

Wednesdays, and Fridays, and a boy works Tuesdays and Thursdays. The job

pays an annual salary of $28,632. What annual salary does each employee

earn?

11. The formula Total cost = Cost + Shipping costs + Installation is used to find the

total cost of the business asset. The formula can be written in symbols as T = C

+ S + I. Solve the formula for S, the shipping cost of the asset.

12. The formula, Salvage value = total Cost depreciable Value, is used to set up a

depreciation schedule for an asset. The formula can be written in symbols such

as S = C V. Solve the formula for C.

13. The formula, use of this expected life = depreciable value / yearly

depreciation is used to find yearly depreciation using the straight-line

depreciation method. The formula can be written in symbols as L = V/Y. Solve

the formula for V.

14. Like the decimal as a percent 0.37

15. Write the fraction as a percent. 35/100

16. Write the mixed number as a percent 7 2/5

17. Use the Appropriate Forms the Percentage Formula. Find P if R = 33 1/3% and B

= 270

18. Use the appropriate form of the percentage formula. Find B if P = 133 and R = 77

7/9%

19. Use the Appropriate Form of the Percentage Formula. 80% of 90 is what

number?

20. A number increased from 782 to 1170. Find the percent of increase.

21. A number is decreased by 50% to 450. What is the original amount?

22. The cost of a pound of nails increased from $2.46 to $2.57. What is the

percentage of increase to the nearest whole-number percent?

23. A worker is getting a 2.5% raise. His current salary is $39,298. How much will his

raise be?

24. An employee makes $11.81 per hour but is getting a 5% increase. What is his

new wage per hour to the nearest cent?

25. Carol Wynne bought a silver tray that originally cost $210 and was advertised at

70% off. What was the sale price of the tray?

26. Match the dollar values with the names in the circle graph $175, $120, $70, $55,

$55

27. The Family Budget Is Illustrated in the Figure to the Right. What percent of the

take-home pay is allocated for food?

28. The family budget is illustrated in figure to the right. What percent of take-home

pay is spent for education is education, savings, and miscellaneous funds are

used for education?

29. Weekly expenses of students taking a business mathematics class are shown in

the table on the right.

1. Find the mean.

2. Find the median.

3. Find the mode.

89 40 78 170 67 86 92 80 54 75 86 98 88 91 86 97 100 97 79 93 60 78 81 84 105 77

30. Salaries for the Research and Development Department Are Given As $48,345,

$27,961, $42,573, $19,522, $32,453, and $37,574. Find the mean, the median,

and the mode of the salaries.

31. A company wants to group a collection of autographed photos by price ranges.

Make a frequency distribution of the prices using the intervals $0-$9.99, $10-

$19.99, $20-$29.99, $30-$39.99, and $40-$49.99.

$2.50 $3.75 $5.27 $21.50 $43 $15 $26.23 $14.78 $12.75 $36 $37.50 $48 $7.50 $9.43

$7.50 $8.00 $12.50 $15.00 $9.50 $8.25 $14.58 $25 $18.50 $45 $32.50 $20 $10 $17.50

$6.75 $28.50

32. The 7th Inning wants to group a collection of autographed photos by price

ranges. The table with the price ranges is shown on the right. What percent of

the collection is priced below $20?

$3.41 $8.29 $9.77 $22.55 $46.28 $10.61 $25.82 $13.23 $19.35 $36.64 $34.86 $42.12

$9.72 $8.56 $9.11 $7.78 $19.11 $15.74 $5.63 $6.53 $18.54 $4.75 $15.82 $47.66

$37.49 $26.02 $13.47 $17.91 $6.64 $26.83

33. A company wants to group a collection of autographed photos by price ranges.

What percent of the collection is priced at $40 or over?

$2.50 $3.75 a $1.19 $21.50 $43.00 $15.00 $26.00 $14.78 $12.75 $35.00 $37.50

$48.00 $7.50 $16.67 $7.50 $8.00 $12.50 $15.00 $9.50 $8.25 $7.86 $25.00 $18.50

$45.00 $32.50 $20.00 $10.00 $17.50 $6.75 $28.50

34. The data shows the total number of employee medical leave days taken for on-

the-job accidents in the first six months of the year. 11, 7, 14, 8, 15, 11. Find the

mean number of days taken for medical leave each month.

35. The data shows the total number of employee medical leave days taken for on-

the-job accidents in the first six months of the year. 15, 7, 21, 9, 23, 15. Find the

standard deviation.

36. Find the trade discount on a computer that lists for $700 if a discount rate of 10%

is offered.

37. Find the net price of a computer that lists for $480 if a discount rate of 25% is

offered.

38. Calculate the trade discount for 20 boxes of computer paper if the unit price is

$15.51 and a single trade discount rate of 10% is allowed.

39. A company manages an electronic equipment store and has ordered 50 remote

control color TVs for a special sale. The list price for each TV is $250 with a trade

discount series of 7/9/4. Find the net price of the order by using the net decimal

equivalent.

40. One distributor lists ink-jet printers with 360 dpi and six scalable fonts that can

print envelopes, labels, and transparencies for $175.55 with a treat discount

series of 5/5/15. Another distributor list same brand and model printer at $220

with the trade discount series of 5/15/15. Which is the better deal if all other

aspects of the deal, such as shipping, time availability, and warranty are the

same or equivalent?

41. A man received an invoice dated March 9, with terms 3/10, n/30 amounting to

$520. He paid the bill on March 12. How much was the cash discount?

42. A man gets an invoice for $470 with terms 4/10, 1/15, n/30. How much would he

pay five days after the invoice date?

43. A man gets an invoice for $430 with terms 2/10, 1/15, n/30. How much would he

pay 23 days after the invoice date?

44. Kariem Salaam is directing the Accounts Payable office and is training a new

Accounts Payable associate. They are processing an invoice for a credenza that

is dated August 19 in the amount of $388.18. The delivery ticket for the credenza

is dated August 20. If the sales terms indicated on the invoice are 3/10 ROG,

how much needs to be paid if the bill is paid on September 7?

45. A man has an invoice for a complete computer system for $3941.12. The invoice

shows terms of 4/10, 3/15, n/30. He can afford to pay $2600 within 10 days of the

date on the invoice and the remainder within the 30 day period. How much

should be credited to the account for the $2600 payment, and how much is still

due?

46. Selling price = $39.99: markup = $13.99. Find the cost.

47. Markup = $80: rate of markup based on cost = 82%

1. find the cost

2. find the selling price

48. Cost = $70: Selling Price = $168

1. find the markup.

2. Find the rate of markup based on cost

49. A HDTV sells for $365 and has a 40% markup based on cost. Find the cost and

markup.

50. Cost = $51: selling price = $60. Find the rate of markup based on the selling

price.

51. An item sells for $56 and is reduced to sell for $35. Find the markdown amount

and the rate of markdown.

52. Selling price = $800: reduced (new) price = $550. Find the markdown amount

and the rate of markdown.

53. How much interest will have to be paid on a loan of $7910 for two years at a

simple interest rate of 5.9% per year?

54. Convert two years, expressed in decimal form to the nearest hundredth. 5

months.

55. A loan is made for 102 months. Convert the time to years.

56. A loan made on March 16 is due September 4 of the following year. Find the

exact time for the loan in a non-leap year and a leap year.

57. A loan is made on January 17 and has a due date of October 20 during a leap

year. Find the exact time of the loan.

58. A loan is made on March 20 for 180 days. Find the due date.

59. A man makes a simple discount note with a face value of $2300, a term of 140

days, and a 9% discount rate. Find the discount. (Use the bankers rule.)

60. Find the discount and proceeds on a $3230 face value note for three months if

the discount rate is 9.2%. (Use the bankers rule.)

61. Find the maturity value of the undiscounted promissory note that states that

Philip Esterey borrowed $1000 for a period of 10 months ordinary interest at 8%.

The date of the note was July 21, 2008. The maturity date was May 21.

62. A bank made a farmer a loan of $1000 and 18% or three years compounded

annually. Find the future value and the compound interest paid on the loan.

Compare the compound interest simple interest for the same period.

63. Tom Bond borrowed $6100 at 8 % for three years compounded annually. What

is the compound amount of the loan and how much interest will be paid on the

loan?

64. Margaret Hillman invested $4000 at 2.6% compounded quarterly for one year.

Find the future value and the interest earned for the year. Use the simple interest

formula method.

65. Find the effective interest rate for a loan for three years compounded

semiannually at an annual rate of 6%.

66. Ross Land has a loan at $8500 compounded quarterly for three years at 12%.

What is the effective interest rate for the loan?

67. Compute the amount of money to be set aside today to ensure a future value of

$5500 in one year if the interest rate is 6.5% annually, compounded annually.

68. How much should Linda Bryan set aside now to buy equipment that costs $4500

in one year? The current interest rate is 1.05% annually, compounded annually.

69. Ronnie Cox has just inherited $27,000. How much of this money should he set

aside today to have $26,000 to pay cash For a Ventura Van, which he plans to

purchase in one year? He can invest at 1.5% annually, compounded annually.

70. Rosa Burnett needs $1500 in three years to make the down payment on a new

car. How much must she invest today if she receives 1.5% interest annually,

compounded annually?

71. Prepare a balance sheet for the bakery for December 31, 2012. The company

assets include cash, $2035, Accounts Receivable, $4131, and merchandise

inventory, $2401. The liabilities include Accounts Payable, $3653, wages

payable, $1727. The owners capital is $3187.

72. Prepare a balance sheet for the nursery for December 31, 2012. The company

assets include cash, $8766, Accounts Receivable, $7823, and merchandise

inventory, $18,050. The liabilities include accounts payable, $10,247, wages

payable, $3460. The owners capital is $20,932.

73. Complete the vertical analysis on the balance sheet for the bakery for 2012.

74. Complete the vertical analysis on the balance sheet for the nursery for 2012.

75. Complete the income statement for Sitha Ross Oriental Groceries for the Years

2011 and 2012.

76. Complete the portion for July 31, 2011, of the income statement shown for Miss

Muffins Bakery using the given information: gross sales, $34,568: returns and

allowances, $340: cost of beginning inventory, $16,342: cost of purchases,

$26,599: positive ending inventory, $21,683: total operating expenses, $2979.

Compute net sales, cost of goods sold, gross profit, and net income.

77. Find the current ratio for Georges business and the current ratio for Joses

business, given the following information:

George Jose

Current Assets $30,000 $820,000

Current Liabilities 7000 797,000

______________________________________________

Working Capital $23,000 $23,000

78. Find the acid test ratio for a business if the balance sheet shows the following

amounts: cash, $32,429: receivables, $13,029: marketable securities, $0: current

liabilities, $20,395.

79. Find the operating ratio for Sols Dry Goods if the income statement for the month

shows net sales, $14,500; cost of goods sold, $5500; gross profit, $6000; operating

expenses, $2500; net income, $2500. Express results to the nearest 10

th

of a percent.

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