This final exam study guide includes questions, answers, and explanations for 79 example QRB 501 final exam problems.
- Solve for the unknown in the equation. 11A = 77
- Solve for the unknown in the equation. B +5 = 21
- Solve for the unknown in the equation. X -53 = 27
- Solve for the unknown in the equation. 5 (X -4) = 25
- Manny plans to save 1/14 of his salary each week. If his weekly salary is $434, find the amount he will save each week.
- Last week at the festival, a man sold four times as many tie-dyed T-shirts as silkscreen shirts. He sold 225 shirts altogether. How many tie-dyed shirts did he sell?
- A man ordered three times as many boxes of ballpoint pens as boxes of felt tip pens. Ballpoint pens cost $4.14 per box, and felt tip pens cost $3.05. If the man’s order of pens totaled $77.35, how many boxes of each type of pen did you buy?
- For 28 hours of work, you are paid $208.60. How much would you receive for 36 hours?
- The annual real estate tax on a duplex house is $20,937 and the owner sells the house after 5 months of the tax year. How much of the annual tax will the seller pay? How much will the buyer pay?
- Two part-time employees share one full-time job. A girl works Mondays, Wednesdays, and Fridays, and a boy works Tuesdays and Thursdays. The job pays an annual salary of $28,632. What annual salary does each employee earn?
- The formula Total cost = Cost + Shipping costs + Installation is used to find the total cost of the business asset. The formula can be written in symbols as T = C + S + I. Solve the formula for S, the shipping cost of the asset.
- The formula, Salvage value = total Cost – depreciable Value, is used to set up a depreciation schedule for an asset. The formula can be written in symbols such as S = C – V. Solve the formula for C.
- The formula, use of this expected life = depreciable value / yearly depreciation is used to find yearly depreciation using the straight-line depreciation method. The formula can be written in symbols as L = V/Y. Solve the formula for V.
- Like the decimal as a percent 0.37
- Write the fraction as a percent. 35/100
- Write the mixed number as a percent 7 2/5
- Use the Appropriate Forms the Percentage Formula. Find P if R = 33 1/3% and B = 270
- Use the appropriate form of the percentage formula. Find B if P = 133 and R = 77 7/9%
- Use the Appropriate Form of the Percentage Formula. 80% of 90 is what number?
- A number increased from 782 to 1170. Find the percent of increase.
- A number is decreased by 50% to 450. What is the original amount?
- The cost of a pound of nails increased from $2.46 to $2.57. What is the percentage of increase to the nearest whole-number percent?
- A worker is getting a 2.5% raise. His current salary is $39,298. How much will his raise be?
- An employee makes $11.81 per hour but is getting a 5% increase. What is his new wage per hour to the nearest cent?
- Carol Wynne bought a silver tray that originally cost $210 and was advertised at 70% off. What was the sale price of the tray?
- Match the dollar values with the names in the circle graph $175, $120, $70, $55, $55
- The Family Budget Is Illustrated in the Figure to the Right. What percent of the take-home pay is allocated for food?
- The family budget is illustrated in figure to the right. What percent of take-home pay is spent for education is education, savings, and miscellaneous funds are used for education?
- Weekly expenses of students taking a business mathematics class are shown in the table on the right.
- Find the mean.
- Find the median.
- Find the mode.89 40 78 170 67 86 92 80 54 75 86 98 88 91 86 97 100 97 79 93 60 78 81 84 105 77
- Salaries for the Research and Development Department Are Given As $48,345, $27,961, $42,573, $19,522, $32,453, and $37,574. Find the mean, the median, and the mode of the salaries.
- A company wants to group a collection of autographed photos by price ranges. Make a frequency distribution of the prices using the intervals $0-$9.99, $10-$19.99, $20-$29.99, $30-$39.99, and $40-$49.99.$2.50 $3.75 $5.27 $21.50 $43 $15 $26.23 $14.78 $12.75 $36 $37.50 $48 $7.50 $9.43 $7.50 $8.00 $12.50 $15.00 $9.50 $8.25 $14.58 $25 $18.50 $45 $32.50 $20 $10 $17.50 $6.75 $28.50
- The 7th Inning wants to group a collection of autographed photos by price ranges. The table with the price ranges is shown on the right. What percent of the collection is priced below $20?$3.41 $8.29 $9.77 $22.55 $46.28 $10.61 $25.82 $13.23 $19.35 $36.64 $34.86 $42.12 $9.72 $8.56 $9.11 $7.78 $19.11 $15.74 $5.63 $6.53 $18.54 $4.75 $15.82 $47.66 $37.49 $26.02 $13.47 $17.91 $6.64 $26.83
- A company wants to group a collection of autographed photos by price ranges. What percent of the collection is priced at $40 or over?$2.50 $3.75 a $1.19 $21.50 $43.00 $15.00 $26.00 $14.78 $12.75 $35.00 $37.50 $48.00 $7.50 $16.67 $7.50 $8.00 $12.50 $15.00 $9.50 $8.25 $7.86 $25.00 $18.50 $45.00 $32.50 $20.00 $10.00 $17.50 $6.75 $28.50
- The data shows the total number of employee medical leave days taken for on-the-job accidents in the first six months of the year. 11, 7, 14, 8, 15, 11. Find the mean number of days taken for medical leave each month.
- The data shows the total number of employee medical leave days taken for on-the-job accidents in the first six months of the year. 15, 7, 21, 9, 23, 15. Find the standard deviation.
- Find the trade discount on a computer that lists for $700 if a discount rate of 10% is offered.
- Find the net price of a computer that lists for $480 if a discount rate of 25% is offered.
- Calculate the trade discount for 20 boxes of computer paper if the unit price is $15.51 and a single trade discount rate of 10% is allowed.
- A company manages an electronic equipment store and has ordered 50 remote control color TVs for a special sale. The list price for each TV is $250 with a trade discount series of 7/9/4. Find the net price of the order by using the net decimal equivalent.
- One distributor lists ink-jet printers with 360 dpi and six scalable fonts that can print envelopes, labels, and transparencies for $175.55 with a treat discount series of 5/5/15. Another distributor list same brand and model printer at $220 with the trade discount series of 5/15/15. Which is the better deal if all other aspects of the deal, such as shipping, time availability, and warranty are the same or equivalent?
- A man received an invoice dated March 9, with terms 3/10, n/30 amounting to $520. He paid the bill on March 12. How much was the cash discount?
- A man gets an invoice for $470 with terms 4/10, 1/15, n/30. How much would he pay five days after the invoice date?
- A man gets an invoice for $430 with terms 2/10, 1/15, n/30. How much would he pay 23 days after the invoice date?
- Kariem Salaam is directing the Accounts Payable office and is training a new Accounts Payable associate. They are processing an invoice for a credenza that is dated August 19 in the amount of $388.18. The delivery ticket for the credenza is dated August 20. If the sales terms indicated on the invoice are 3/10 ROG, how much needs to be paid if the bill is paid on September 7?
- A man has an invoice for a complete computer system for $3941.12. The invoice shows terms of 4/10, 3/15, n/30. He can afford to pay $2600 within 10 days of the date on the invoice and the remainder within the 30 day period. How much should be credited to the account for the $2600 payment, and how much is still due?
- Selling price = $39.99: markup = $13.99. Find the cost.
- Markup = $80: rate of markup based on cost = 82%
- find the cost
- find the selling price
- Cost = $70: Selling Price = $168
- find the markup.
- Find the rate of markup based on cost
- A HDTV sells for $365 and has a 40% markup based on cost. Find the cost and markup.
- Cost = $51: selling price = $60. Find the rate of markup based on the selling price.
- An item sells for $56 and is reduced to sell for $35. Find the markdown amount and the rate of markdown.
- Selling price = $800: reduced (new) price = $550. Find the markdown amount and the rate of markdown.
- How much interest will have to be paid on a loan of $7910 for two years at a simple interest rate of 5.9% per year?
- Convert two years, expressed in decimal form to the nearest hundredth. 5 months.
- A loan is made for 102 months. Convert the time to years.
- A loan made on March 16 is due September 4 of the following year. Find the exact time for the loan in a non-leap year and a leap year.
- A loan is made on January 17 and has a due date of October 20 during a leap year. Find the exact time of the loan.
- A loan is made on March 20 for 180 days. Find the due date.
- A man makes a simple discount note with a face value of $2300, a term of 140 days, and a 9% discount rate. Find the discount. (Use the bankers rule.)
- Find the discount and proceeds on a $3230 face value note for three months if the discount rate is 9.2%. (Use the bankers rule.)
- Find the maturity value of the undiscounted promissory note that states that Philip Esterey borrowed $1000 for a period of 10 months ordinary interest at 8%. The date of the note was July 21, 2008. The maturity date was May 21.
- A bank made a farmer a loan of $1000 and 18% or three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest simple interest for the same period.
- Tom Bond borrowed $6100 at 8 ½% for three years compounded annually. What is the compound amount of the loan and how much interest will be paid on the loan?
- Margaret Hillman invested $4000 at 2.6% compounded quarterly for one year. Find the future value and the interest earned for the year. Use the simple interest formula method.
- Find the effective interest rate for a loan for three years compounded semiannually at an annual rate of 6%.
- Ross Land has a loan at $8500 compounded quarterly for three years at 12%. What is the effective interest rate for the loan?
- Compute the amount of money to be set aside today to ensure a future value of $5500 in one year if the interest rate is 6.5% annually, compounded annually.
- How much should Linda Bryan set aside now to buy equipment that costs $4500 in one year? The current interest rate is 1.05% annually, compounded annually.
- Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have $26,000 to pay cash For a Ventura Van, which he plans to purchase in one year? He can invest at 1.5% annually, compounded annually.
- Rosa Burnett needs $1500 in three years to make the down payment on a new car. How much must she invest today if she receives 1.5% interest annually, compounded annually?
- Prepare a balance sheet for the bakery for December 31, 2012. The company assets include cash, $2035, Accounts Receivable, $4131, and merchandise inventory, $2401. The liabilities include Accounts Payable, $3653, wages payable, $1727. The owner’s capital is $3187.
- Prepare a balance sheet for the nursery for December 31, 2012. The company assets include cash, $8766, Accounts Receivable, $7823, and merchandise inventory, $18,050. The liabilities include accounts payable, $10,247, wages payable, $3460. The owner’s capital is $20,932.
- Complete the vertical analysis on the balance sheet for the bakery for 2012.
- Complete the vertical analysis on the balance sheet for the nursery for 2012.
- Complete the income statement for Sitha Ros’s Oriental Groceries for the Years 2011 and 2012.
- Complete the portion for July 31, 2011, of the income statement shown for Miss Muffin’s Bakery using the given information: gross sales, $34,568: returns and allowances, $340: cost of beginning inventory, $16,342: cost of purchases, $26,599: positive ending inventory, $21,683: total operating expenses, $2979. Compute net sales, cost of goods sold, gross profit, and net income.
- Find the current ratio for George’s business and the current ratio for Jose’s business, given the following information:George Jose
Current Assets $30,000 $820,000
Current Liabilities 7000 797,000
Working Capital $23,000 $23,000
78. Find the acid test ratio for a business if the balance sheet shows the following amounts: cash, $32,429: receivables, $13,029: marketable securities, $0: current liabilities, $20,395.
79. Find the operating ratio for Sol’s Dry Goods if the income statement for the month shows net sales, $14,500; cost of goods sold, $5500; gross profit, $6000; operating expenses, $2500; net income, $2500. Express results to the nearest 10th of a percent.
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