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FBLA Business Calculations Test 4
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FBLA Business Calculations Test 4
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25 Questions

1. FBLA has decided to have a candy sale. The school pays $1.50 per box of candy and sells the candy for $2.85 per box. If FBLA sold 1400 boxes of candy, how much profit did they make?
2. Audrey's taxable income is $22,921. The AZ income tax rate on her taxable income is $840 plus 6% of the amount over $20,000. What is Audrey's tax?
3. Angela is comparing her retirement benefits at age 62 and age 65. If she retires at age 65, her monthly benefit will be $761. If she retires at age 62, her monthly benefit will be reduced by 20%. What is her monthly benefit at age 62?
4. Erin sells cosmetics on 8% commission. If commission is greater than $8,000, then she will receive a $1,000 bonus. Last month's sales totaled $80,000. What is Erin's commission?
5. Trisha wants to buy a condominium. The estimated expenses in the first year will be mortgage interest, $3,819; real estate taxes, $1,381; insurance, $257; depreciation, $1,370; maintenance and repairs, $425; lost income on cash invested, $985. She also estimates that she will save $1,400 in income taxes because of home expenses. What is the net cost of owning a home in the first year?
6. The original cost of a pair of slacks is $20 and is marked up 60%. What is the selling price?
7. Heather purchased 20 markers at $.75 each, 3 rolls of bulletin board border at $6.50 a roll, and 2 deskjet black printer cartridges for $31.50 each. Tax was 8%, shipping was $3.50. What is the total price of the invoice?
8. What is the net amount due on Matt's invoice in the amount of $325.17 with terms of 2/10, n/30 and paid 3 days after the invoice was received?
9. If Felicia's store pays a unit cost of $45 for an A-1 Battery and sells it for $80, what is the percentage mark-up?
10. Nichole H is a carryout cashier. She earns $5.15 for a regular 40 hour week. She earns double time for Sundays. Last week Nichole worked her regular 40 hours plus 7
11. The gross weight of a can of soup is 12.2 ounces. If the can weights 1.3 ounces, what is the net weight of the soup?
12. Elizabeth's gas tank holds 18 gallons of gasoline. To fill up the tank she bought 15 gallons of gasoline. How much gasoline, as a fractional part of the whole tank, was in the tank before it was filled?
13. From the problem above, what is the probability of picking a marble not marked 2?
14. Joe earns his living refinishing wood floors. Last month he refinished 6 floors for $80 each, 2 floors for $68 each, and 1 floor for $122. What is the average amount per floor earned?
15. Natalie receives a weekly salary of $500 per week plus a 5% commission on all sales over $650. Natalie's total sales last week were $2,880. Sales returns were $280. Where were her gross earnings for the week?
16. On June 30 Kyle's check register balance was 409.55 and his bank statement balance was $474.73. When comparing his register with the bank statement he noticed there was a bank service charge of $5.90 and interest earned of $4.24. Kyle also noticed failed to record check #3407 for $56.33 in his check register. Outstanding checks were #412, $8.45; #414 for $179.72. A deposit mailed on June 29 for $65 was not listed on the bank statement. What is the adjusted check register balance?
17. Emily purchased 100 shares of stock at $15 7/8 per share and her transaction cost is $12.50. What is the total amount Emily paid for the stock?
18. Erica bought a new boat for $8,500. She put down $1,200 and financed the balance at 10% simple interest for 60 months. What is the monthly payment?
19. Garrick is paid every two weeks. His pay is based on a 40-hour week at a regular pay rate of $8.71 an hour with time and a half for overtime. During the first week of a new pay period, Garrick worked 46 hours. In the second week of the pay period, he worked 43 hours. What is Garrick's gross pay for these two weeks?
20. In the four departments of the drug store owned by Matt H, sales for the day were: prescriptions, $2424.00, toiletries, $695.00; cards, $520.00; and over the counter medicines and vitamins, $1650.00. The prescription department is what percentage of the total?
21. What are Johnny's outstanding deposits if he has a statement balance of $648.35, outstanding checks of $44.89, and an adjusted balance of $794.83?
22. Trevor's Fashions expects fixed expenses of $2,000 and variable expenses of $6,000 to produce and sell 1,000 sweaters. To break even the company must sell the sweaters for at least how much?
23. Based on problem #43, at a selling price of $25 each, how many bases must be sold to break even?
24. Eve deposited $1800 in a savings account that earns 6% interest compounded quarterly. Assuming no deposits or withdrawals, what was the amount in the account at the end of the second quarter?
25. The average weekly pay of five employees is $473. The weekly pay of four of the employees is $385, $530, $526, $495. What is the weekly pay of the other employee?