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FBLA Business Calculations Test 3
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FBLA Business Calculations Test 3
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25 Questions

1. Find the amount of interest payable on a personal loan of $2,000 for 60 days at an annual interest rate of 6%.
2. 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?
3. 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?
4. Alyson has calculated her state taxable income to be $45,300. She pays a state income tax rate of $1,000 plus 1.5% of taxable income over $36,000. What is her state income tax due?
5. George purchased a $1,000 bond quoted at 89
6. The price of a 15 oz. Box of cereal is $3.99. What is the price per pound?
7. Calculate the exact interest on a $12,000 loan for 65 days at 7% per annum.
8. You can purchase a DVD player for $169.95 cash or on installment by paying $20 down and $26.17 a month for six months. What is the total additional cost of using the installment plan?
9. 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?
10. Juan purchased 1,000 shares of stock at $6.25 per share. In addition, he paid a transaction fee of $25 and a commission equal to 1
11. 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?
12. A truck driver drove 225 miles in five hours. At that same rate, how many miles could the driver drive in 7 hours?
13. On sales of $34,000, a salesperson earns $2,720 in commissions. What is the rate of commission on the sale?
14. At the rate of 10 oranges for $1.50, how many oranges can you buy for $2.40?
15. 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?
16. A book company sells approximately 9 million paperback books each year. Sales for the entire paperback book market totals approximately 30 million books per year. What is the company's market share for paperback books?
17. Find the cost of goods sold using the following data: Beginning inventory, $417,600; Purchases, $75,800; Ending Inventory, $396,800.
18. What is the amount due at maturity on an eighteen-month loan for $3,200 at a rate of7.5%?
19. Benson receives an annual salary of $40,664. She is paid biweekly. What amount does she receive as gross earning each pay period?
20. Melanie purchased 100 shares of stock at $106.30 per share. Her internet online stockbroker charged her a commission of $15.95 on the transaction. What is the total amount that she paid for the stock?
21. 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?
22. Find the ordinary interest from March 3 to March 15 on a $1,000 loan at 15% interest.
23. Smith purchased a new car for $24,000 and paid an additional sales tax of $1,800. What is the sales tax rate on the purchase?
24. Ajax Sports rents retail store space in a shopping center at an annual cost of $8.00 per square foot. The rented space totals 5,000 square feet. How much is the monthly rental cost?
25. 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?

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