QRB 501 Final Exam

QRB
501 Final Exam

1. Find the range for the set of
data: 23, 29, 17, 21, 21. The range is
_____

2. Write the percent as a decimal Round to the nearest thousandth if the
division does not terminate. 9/24 %
9/24% = _____

3. A number is decreased by 40% to 180. What is the original amount?
The original amount is ______

4. The grades earned by student on a mid- term business math exam are shown on
the right. Make a frequency distribution of the data using the intervals 60-69,
70-79, 80-89, and 90-99.
77 85 63
88 94
81
91 72 84
87
98
93 85 68 91
78
86 98 83
92
Fill out the ground frequency
distribution.

Class intervals Tally
Class Frequency
60-69 __________
_____
70-79
__________
_____
80-89
__________
_____
90-99
__________
_____

5. Solve for x. Remember to perform a check.
X/6 = 8

6. A loan for $3,000 with a simple annual interest rate of 15% was made on June
17 and was due on August 17. Find the exact interest. Click the icon to view
the table of the sequential number for dates of the year. I = $ ___

7. Solve for the unknown in the question.
5A + 6= 36
A = ____ .

8. Find the amount that should be set aside today to yield the desired future
amount.
Future Amount
Interest
Compounding Investment
needed
rate
period
time
$5,000
6%
semiannually 2 years
Click the icon to view the present value of $1.00 table. The present value is
____

9. An employee makes $12.41 per hour but is getting a 4% increase. What is his
new wage per hour to the nearest cent? His
new wage per hour is $________.

10. Solver for the unknown in the
equation. K/2 + 4 = 6
K = ________

11. Makeup rate based on selling price = 11%; markup = $390. Find the selling
price. Round to the nearest cent. The selling price is $ ____.

12. Ronnie Cox has just inherited $27,000. How much of this money should he set
aside today to have $16,000 to pay cash for a Ventura Van, which he plans to
purchase in one year? He can invest at 1.8% annually, compounded annually. The amount of the money to be set aside is $
____.

13. A compact disc player sells for $320. The cost is %86. Find the markup of
the cd player.
The markup is $________.

14. A man received an invoice dated March 9, with term 4/10, n/30 amounting to
$550. He paid the bill on March 12. How much was the cash discount? The cash
discount was $____.

15. A man’s stock earned
$142,000,000. If these earning represent $1.19per share, how many shares of
stock are there? The man has ____shares of stock.

16. Solve for the unknown is equation. 8K – 2K= 8
K = ________

17. A serving tray costs $1,363and sells for $2,042.
a. Find the rate of markup based on cost. The rate of markup based on cost is
__%.
b. Find the rate of markup based on selling price. The rate of markup based on
selling price is ___%.

18. A sofa cost $388 and sells for
$659.60, which is 170% of the cost.
a. Find the rate of markup. The rate of markup is ____%.
b. Find the markup. The markup is $_____.

19. A number increase from 2,107 to 7,240. Find the amount of increase. The
amount increase is _____.

20. Find the mean for the scores: 3,800; 5,300; 8,560; 4300; 5,340. The mean
for the scores is ____.

21. Find the net price of a computer that lists for $660 if a discount rate of
10% is offered. The net price of the computer is $_____.

22. Solve the proportion for N. N/5 = 21/15
N = ____

23. An item sells for $56 and is reduce to sell for $35. Find the markdown
amount an the rate of markdown. The markdown amount is $____. The rate of
markdown is ___%.

24. Find the deviation from the mean for the set of data: 23, 26, 19, 21, 21.
Score
Deviation from mean
23
________
26
________
19
________
21
_______
21
_______

25. A bank made a farmer a loan of $1,200 at 14% for three years compounded
annually. Find the future value and the compounded interest paid on the loan.
Compare the compound interest with simple interest for the same period.
Future value = $____.
Compound interest = $____.
Simple interest = $____.
Compound interest is $____ more than simple interest.

26. The price of a winter coat dropped by 35% to $106. What was the original
price? The original price was approximately $_______.

27. Find the gross profit margin ratio if the premier Eatery had net sales of
$390,923 and its cost of goods sold was $176,532. The gross profit margin ratio is _______ to 1.

28. Compute the amount of money to be set aside today to ensure a future value
of $2,200 in one year if the interest rate is 7.5% annually, compounded
annually.
The amount of money to be set aside is $_________.

29. Find the interest paid on a loan of $2,500 for three years at a simple
interest rate of 12% per year. The interest on a loan is $____.

30. A company managers a electronic equipment store and has ordered 200 remote
controlled color TVs for a special sale. The list price for each TV is $250
with a trade discount series of 7/8/4. Find the net price of the order by using
the net decimal equivalent. The total net price is $____.

31. A loan is made for 90 months. Convert the time to years. 90 months = ____ years.

32. Find the median for the scores: 92, 69, 72, 81, 72, 95, 89, 74, 72, 89, 89,
96, 74, 76.
The median is ____.

33. Match the dollar values with the names in the circle graph: $188, $143,
$83, $62, $62.
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Choose the correct answer below.
a. Chevez – $188, Young – $62, Chow – $62, Santoni – $83, Wilson – $143
b. Cheveq – $188, Young – $62, Chow -$62, Santoni – $143, Wilson – $83
c. Cheveq – $143, Young – $62, Chow -$62, Santoni – $188, Wilson – $83
d. Cheveq – $62, Young – $188, Chow -$143, Santoni – $62, Wilson – $83

34. Cost = $80; Selling price = $200.
a. Find the makeup. The markup is $____.
b. Find the rate of markup based on cost. The percent of markup based on cost
is ____%.

35. Find the mode for the amounts:
$17,292; $14,913; $13,512; $14,500; $18,514; $14,913.
Select the correct choice below and fill in any answer boxes within your
choice.
a. The mode is $____
b. There is no mode

36. Use the net price rate to calculate the net price for 20 boxes of computer
paper if the unit price is $12.74 and a single trade discount rate of 40% is
allowed. The net price is $____.

37. Use the line graph to the right determine what speed gave the highest
gasoline mileage for both types of automobiles. _______ mph.

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38. One distributor list ink-jet printers with 360 dpi and six scalable fonts
that can print envelopes, labels and transparencies for $181.88 with a trade
discount series of 5/ 5/ 15. Another distributor lists the same brand and model
printer at $221 with a trade discount series of 5/15/15. Which is the better
deal if all other aspects of the deal, such as shipping, time of availability,
and warranty are the same or equivalent?
Which is better deal?
The second deal – $221 with the 5/15/15 discount series.
The first deal – $181.88 with the 5/15/15 discount series.

39. Company A reported net sales of $261,583 and had average total assets of
$163,777. Find its asset turnover ratio. The asset turnover ratio is
approximately ____.

40. Find the maturity value of a loan of $2,300.00 after two years. The loan
carries a simple interest rate of 7.2% per year. The maturity value of a loan
is $____.

41. Find the operating ratio for sol’s Dry Goods if the income statement for
the month shows net sales, $15500; cost of goods sold, $6500; gross profit,
$7000; operating expenses, $2500; net income, $3500. Express result to the
nearest tenth for a percent. Operating ratio is ____%.

42. A company purchase 10,000 pairs of men’s slacks for $18.66 per pair and
marked them up $22.13. What was the selling price of each pair of slacks? Use
the formula S = C +M. The selling price of each pair of slacks is $____.

43. A man needed money to buy lawn equipment. He borrowed $500.00for eight
months and paid $53.98 in interest. What was the rate of interest?
The rate of interest per year was ___%.

44. Selling price = $41.99; markup = $13.99. Find the cost. The cost is $____.

45. Solve for the unknown in the question. 4(X – 4) = 4
X = ___

46. An item is originally priced to sell for $75 and is marked down 20%. A
customer has a coupon for an additional 5%. What is the total percent
reduction? The total percent reduction is ___%.

47. Steven found a bicycle within an original price tag of $499 but it had been
reduced by 35%. What is the amount of markdown and the sale price?
The markdown is $___.
The new selling price is $___.

48. Find the acid-test ratio for a business if the balance sheet shows the
following amounts: cash, $32,568; receivable, $13,042; marketable
securities,$0; current liabilities, $23,255. The acid-test ratio is
approximately ___.

49. A company sold garden hoses at a reduced price of $7.62 and took an end
of-season markdown of $8.37. What was the original selling price of each
hose? Use the formula M = S-N, where M is the markdown, S is the original
selling price, and N is the reduce price.
The original selling price of each hose is $___.

50. Identify the rate, based and portion. 81% of 22 is what number?
Which values are given? Select the correct choice below and fill in any answer
boxes in your choice. (Type an integer or a decimal do not perform the
calculation.)
a. The base is ___ and the portion is____. The rate is not given.
b. The rate is ___ % and the base is___. The portion is not given.
c. The rate is ___% and the portion is ___. The base is not given.

51. Find the exact interest on a loan of $32,600 at 8% annually for 35 days. $___

52. Solve for the unknown in the equation. 2A + 4A = 24
A = ___. (Simplify your answer.)