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FBLA Business Calculations Test 2
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FBLA Business Calculations Test 2
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25 Questions

1. Williams is a substitute teacher and is paid a per diem rate of $101.00. He substituted 14 days in January, 12 days in February, and 21 days in March. What were his gross earnings for the month of March?
2. A refrigerator sells for $1,162 on the installment plan. If you make a down payment of $100 and pay the balance over 18 months, what is the amount of each monthly payment?
3. Stevens purchased a $1,000 bond at 94
4. Bennett is paid on a piece-work basis. She receives 12.5 cents for the first 3,000 units completed and 15.5 cents for any units over that quantity. Last week she completed 3,250 units. What was her gross pay for the week?
5. Fuller's bank statement showed a balance of $289.07. In reviewing his checkbook records, he found that there were three outstanding checks totaling $242.39 and an outstanding deposit of $75.00. What is the reconciled bank statement balance?
6. A retailer purchased dress shirts from a supplier at $18 each. The shirts are marked up to retail for $32.99. What is the percent markup based on retail (to the nearest whole percent)?
7. Bennett owns property valued at $120,000. She is assessed at 80% of its full value. If the property tax rate is $28.10 per $1,000 of assessed value, what is her total property tax for the year?
8. Office Towne has 40 file cabinets in stock on January 1. During the month it received 20 additional file cabinets and sold 45. What is the inventory on January 31?
9. At the rate of 10 oranges for $1.50, how many oranges can you buy for $2.40?
10. Curtis invested $50,000 and Starr $30,000 in their partnership. Profits of the business for last year were $39,000. If Curtis and Starr share profits according to their investments, what amount does Starr receive?
11. James estimates his total net earnings for next year to be $42,600. If she plans to save 15% of her net income, what amount will she be able to save?
12. The price of a 15 oz. Box of cereal is $3.99. What is the price per pound?
13. Matthews paid an average of $32 per month in finance charges on his credit card last year. His credit card company charges an annual fee of $75. What is Matthews' total cost of credit for the year?
14. Adam earns $540 per week. What is his net pay if he has the following deductions: 6.75% for Social Security; 1.55% for medicare; and 10% federal withholding.
15. Money made from the sale of an investment is __________.
16. Penny leased a vehicle. She pays $403.50 per month for 48 months. Her deposit was $1,600. She paid a $75 title fee and $55 license fee. What is her total lease cost on the car for the four-year period?
17. NYS FBLA rents a copy machine for use at its annual conference. The base rental is $150 per day plus two cents per copy made. What is the total rental cost for three days and for 2,000 copies?
18. Find the cost of goods sold using the following data: Beginning inventory, $417,600; Purchases, $75,800; Ending Inventory, $396,800.
19. A lawn mower has a list price of $420. Williams purchased the mower on sale for $315. What was the markdown percentage on the mower?
20. Find the amount of interest payable on a personal loan of $2,000 for 60 days at an annual interest rate of 6%.
21. Benson receives an annual salary of $40,664. She is paid biweekly. What amount does she receive as gross earning each pay period?
22. Diane ordered $3,300 in merchandise for her store. The supplier offers a chain discount of 20/10. What was her final cost for the merchandise?
23. Shari earned $84.00 last month babysitting. She spent $56.00 of it during the month. What percentage of her month's earnings did she save?
24. Anita deposited the following items into her account at her bank: 12 twenty dollar bills; one roll of quarters; $1.25 in loose change; and $322.94 in checks. She received 50 onedollar bills in cash back. How much did she deposit in her account?
25. Pedro purchased a five-year term life insurance policy which provides $100,000 coverage. What is his annual premium payment if the cost is $2.70 per $1,000?

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