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FBLA Business Calculations Test 6
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FBLA Business Calculations Test 6
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25 Questions

1. A company pays their sales staff a monthly commission of 4 percent on the first $15,000 of sales, 6 percent on the next $20,000 of sales, and 7.5 percent on all sales above $35,000. What amount would Tony Crenshaw earn if his sales for a month were $41,000?
2. Jane borrows $120,000 at 9.5 percent per annum interest compounding quarterly. She pays regular installments to the bank at the end of each quarter and intends to pay off the loan within four years. What quarterly installment does Jane pay the bank?
3. An investor earned $1,170 interest on funds invested at 9.75 percent annual simple interest for four years. How much was invested?
4. The cash price of a music system is $2,859, and the installment price is $3,115.35. How much is the finance charge?
5. A department store has current assets of $320,750 and current liabilities of $198,545. What is the store's current ratio, to the nearest tenth?
6. Hailey Kaufman borrowed $1,000 at 6 percent for 85 days. The bank determined the interest she will pay based on a 360 day year. What interest method did the bank use?
7. Sonja borrowed $1,575 and made18 payments of $105.25. How much did she pay in interest?
8. Redmond's property is assessed at $92,700. The school rate in his district is 1.52 cents per $1. What is Redmond's school tax?
9. A company's expense to revenue ratio is 4:7. What is this month's revenue if expenses were $8,000?
10. Samuel bought a new car with a purchase price of $35,340. He is charged a 6.5 percent sales tax on the purchase price. What is the total price with sales tax?
11. If four video cassettes cost $75, how many did Kim buy if she received $31.25 in change from her $500 check?
12. Mr. Bachner wants to insure his home, which is valued at $356,000. The annual rate is $.56 per $100, and the term rate for five years is 4.4 times the annual rate. How much will Mr. Bachner save by insuring his home under the five-year term instead of paying the annual rate for the five years?
13. Caleb's goal for October is to earn a commission of $8,000. If he receives a commission of 8 percent, what must his total sales be for October in order to achieve his goal?
14. What are Chelsea's outstanding deposits if she has a statement balance of $648.35, outstanding checks of $44.89 and an adjusted balance of $794.83?
15. What is the reduction if a $16.85 item is reduced by 25 percent?
16. Kenny Lee's credit card statement for May showed a previous balance of $289.16, new purchases of $107.99, a membership fee of $35, a finance charge of $5.96, and a payment of $100. What is his new balance?
17. The net price of goods from Paul's Fresh Produce to the local Frank's Food Market is $3,576.90. The terms are 3/10, n/30. The date of the invoice is May 1. The date paid is May 6. What is the cash price?
18. All Sports Trophies made this deposit: 6 hundreds; 14 fifties; and checks for $85, $23.50, $45, $17.50, $17.27, $32.35, $65. They got cash back of 50 one dollar bills, 20 five dollar bills, 10 ten dollar bills, and 8 twenty dollar bills. Find the total deposit.
19. Auburn Tire offers a 74-pound truck tire for $182 plus tax. If sales tax is 7.5 percent and excise tax is $4.50 plus 30 cents per pound over 70 pounds, find the total cost including tax.
20. What is the total simple interest for a $150.66 loan for two years at a 5 percent interest rate?
21. A homeowner insurance policy was cancelled at the end of 125 days. If the yearly premium was $361, what amount was refunded to the customer? Use 365 days in a year.
22. Fitness Center received three new weight machines on May 15 and the invoice in the amount of $1,215 for these good arrived on May 1 with discount terms of 2/15, n/30, ROG. How much must be paid if the invoice is paid on May 28?
23. Maegan has a tax liability is $25,112, tax credits of $7,650, other taxes of $2,211, and taxes paid of $21,200. How much will she receive as a refund or owe?
24. You have a $1,026.10 invoice dated June 5 with terms of 2/10, net 30. Assuming that you paid the invoice on June 14, what is the net amount you should pay?
25. A retailer ordered eight dozen jackets for $14.50 each. The list price of the jacket is $25.00. What will be the amount of the invoice when it is received?

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