SUMMATIVE TEST IN BUSINESS MATH (ELECTIVE 7) 4.

Solve for the ordinary interest on Php 1,480 for 110

NAME: __________________________________
days at 5%.

GRADE SECTION: ___________________ a. 22.61 b. 22.30 c. 226.10 d. 223

PART I: IDENTIFICATION 5. What is the final amount of item number 4?

Choose the word being defined/describe on the box below.
a. 1502.61 b. 1502.30 c. 1706.1 d. 1703
1. It is the amount of money paid to an agent for 6. Find the exact interest on Php 1,200 for 100 days
at 4%.
Commission Straight commission
Interest Salary plus commission a. 13.05 b. 13.10 c. 13.15 d. 13.33
Trade discount Salary plus bonus
Graduated commission Principal 7. Find the final amount on Php 1,200 for 100 days at
Retail discount Override commission 4%.
Ordinary interest invoice price a. 1213.05 b. 1213.10 c. 1213.15 d. 1213
Exact interest list price final amount
8. The interest on a loan of Php 2,500 is Php 60. if
buying or selling goods. the loan is to be paid after 180 days, what is the
2. It is the salesman earning is based on his rate of interest charged?
commission alone. a. 4% b. 4.5% c. 4.7% d. 4.8%
3. Aside from commission, a salesman has a fixed
salary. 9. a TV was sold at 15000 after deducting a discount
4. A salesman is given a bonus if he exceeds his of 15% from the market price. What is the marked
sales quota. price?
5. As the sales volume increases, the rate of a. 17,647.06 b. 15,647.06 c. 16, 746.06 d. 18000
commission increases.
6. Commission earned from the sales of the 10. A refrigerator's original price is 26800. Joan was
representative. given a discount of 3216. What is the rate of the
7. It is referred to as discount given b y the seller to discount given? How much did he pay in total?
the buyer at the time of purchase of goods. a. 9% b. 10% c. 11% d. 12%
8. It is referred to as a discount given by a retailer to
attract more customers. 11. How much did she pay in total?
9. It is the amount paid by someone who borrows a
a. 22584 b. 23584 c. 25384 d. 26584
certain amount of money.
10. Interest is computed for a given number of days, 12. Mrs. Santos saved 7000 for buying goods in bulk
divided by 360, assuming that there are only 360 orders. She was given a 20% discount. What was
days in a year. the original price of the goods?
11. Interest is computed for a given number of days,
a. 1400 b. 3500 c. 14000 d. 35000
divided by 365, which is actual number of days in a
year. 13. What is the rate of interest charge on a loan of Php
12. It is the sum of the principal amount and the 3,400 if the interest paid is Php 150 at the end of 9
interest. months?
13. It is the original price of goods.
14. It is the amount after the deduction of the trade a. 4% b. 5% c. 6% d. 7%
discount from the list price. 14. Enrico is a salesman in a department store . He
15. Referred to as the borrowed money or invested receives a salary of Php 15,000 a month plus a
amount commission of 1.5% on all sales. Last month his
PART II: Choose the letter of the correct answer: total sales were Php 65,000. how much did he earn
1. Find the interest on Php 2,500 for 5 years at 5%. for the month?

a. 525 b. 625 c. 52500 d. 62500 a. 15975 b. 15875 c. 15795 d. 15000

2. Find the final amount on item number 1 15. Marco, an agent sold a condo unit for Php
2,775,000. If his commission was 8%, how much
a. 3025 b. 3125 c. 55000 d. 65000 did was his commission?
3. How much interest is due on Php 1,500 at 6% for 9 a. 2220000 b. 222000 c. 22200 d. 2220
months?
a. 6.75 b. 67.50 c. 675 d. 6750
Answer:
1. Commission
2. Straight commission
3. Salary plus commission
4. Salary plus bonus
5. Graduated commission
6. Override commission
7. Trade discount
8. Retail discount
9. Interest
10. Ordinary interest
11. Exact interest
12. Final amount
13. List price
14. Invoice price
15. Principal
PART II
1. B
2. B
3. B
4. A
5. A
6. C
7. C
8. D
9. A
10. D
11. B
12. D
13. C
14. A
15. B
16.