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FBLA Business Calculations Test
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FBLA Business Calculations Test
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25 Questions

1. Calculate the inventory turnover ratio using the Weighted Average method.
2. Kathy makes two payments a year of $450 each for her real estate taxes. She makes four payments a year of $225 for auto insurance. How much must she budget monthly for these two items?
3. What is the biweekly amount of gross pay for a corporate accountant with an annual salary of $50,000?
4. A retailer wants to sell 200 electronic toys at its after Christmas sale. The toys cost the store $15 each. The store's overhead related to the toys is $5,000. Before Christmas the toys sold for $55 each. In order for the store to break even, what percentage markup will be added to the cost of the toys?
5. Your only income is listed on the W-2 you received from your employer. Which form can you file your income tax return on?
6. Anthony had a loan in the amount of $7,500 at 18 percent for 2 years. What is the total amount Anthony repaid?
7. Assume that you are depositing the following items into your savings account. C $20 bills, five $10 bills, two $5 bills, eight $1 bills; five quarters; and checks for $92.65, $200, and $325. What is the total deposit?
8. Hometown Bank (HB) has a revenue of $220,250 and expenses of $210,250. HB's total assets equal $171,500 and liabilities equal $100,000. Calculate HB's return on assets (ROA).
9. When Jane turned eighteen, she moved into an apartment. In order to protect her belongings, she should buy:
10. Erin Marlow's checking account had a balance of $235.42. She writes one check for $36.75 to purchase a pair of jeans and another for $6.75 to purchase a book. What is the new balance on Erin's account?
11. Craft Dreams is marking down its stock of flower vases. The regular price of the vases is $17.99. The sale price is $12.99. What is the markdown rate based on selling price?
12. A service charge is usually associated with:
13. Dan paid an annual premium of $5,285 for the building and contents for his business. He sold his business seven months after the policy was in force and cancelled the policy. The short rate percent for 7 months is 75%. What was his refund?
14. Emily had $375.71 in her checking account and wrote checks for $69.75, $54.75, and $57.50. What is Emily's account balance after she makes a deposit of $218.25?
15. The Heise Heating and Cooling Company purchases these quantities of thermostats from April 1 to June 30: April 15, 41 at $146; May 19, 53 at $139; June 21, 21 at $149. The April 1 beginning inventory of 27 was valued at $141 each. Find the value of the ending inventory of 35 using the weighted average method to the nearest cent.
16. Calculate the total tax.
17. Compute the mean for the following values: 15, 20, 90, 80, 10
18. What is the selling price of an $11.81 item with a markup of 34 percent?
19. What is the usual overtime rate for employees who work more than 40 hours in a given week?
20. Stephanie took out a $3,000 2-year loan at an interest rate of 8 percent per year. How much interest did she have to pay at the end of the 2 years?
21. Jeremy Deaton purchased a home with a $78,500 mortgage at 9 percent for 15 years. What is the balance of the principal after the first monthly payment of $796.78?
22. Total assets are $98,000, and total liabilities are $49,000. Find the current ratio.
23. Andy's grandparents gave him a $100 gift certificate to a sporting goods store. Andy found Nike shoes, but they cost $120. After the holidays, the shoes went on sale for 25 percent off. How much money was left after he bought the Nike shoes on sale if tax was 8 percent?
24. Which of the following percents have a value greater than 1?
25. Dan Thomas had the following job expenses for last year: union dues, $388; licenses, $109; commuting cost, $1,478. His total job benefits for the same period were $39,256. Find his net job benefits.

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