1. Calculate the optional bodily injury cost for the following:
Class: 10
Optional bodily injury: 100/300/50
$144
2. What are overhead expenses? They contribute indirectly to the running of a business.
3. The tax rate of $6943 in decimal can be expressed per $100 as? $69.43.
4. The tax rate of $0.0984 in decimal can be expressed as how many mills? 98.4 mills
5. Which of the following items is subject to sales tax in District of Columbia? Shampoo
6. With net sales of $40,000, beginning inventory at retail of $14,000, ending inventory at retail of $20,000 and cost of goods sold of $19,500, what is the inventory turnover at retail rounded to the nearest hundredth?
40000 ÷ 17000 = 2.35
7. Assume the mean useful life of a particular light bulb is 2,000 hours, which is normally distributed with a standard deviation of 300 hours. What is the range of the useful life of light bulbs within two standard deviations of the mean? Between 1,400 and 2,600 hours
8. Find the mean for the following numbers and do not round your answer to the nearest whole number: 38 + 18.05 + 25 + 26 +46. 30.61
9. What is the retail method? It eliminates the need to take a physical inventory.
10. Total sales of $400,000 that included a 6% sales tax yields actual sales of $377,358.49
11. Which of the following statements is true of preferred stock? It never has a preference to dividends over common stockholders
12. Bauer Supply had a total cost of goods sold of $1,400 with 140 units available for sales. What was the average cost per unit? $10
13. Suppose department A is 8,000 square feet, Department B is 5,000 square feet and department C is 6,000 square feet. What is the percent of overhead expense applied to department C? (Round your answer to the nearest whole percent) 32%
14. To avoid extortion of extreme values, a good indicator would be the Median
15. During inflation, the best method to use in inventory valuation that produces the smallest amount of profit is FIFO
16. Commissions charged on the trading of stock are charged on buying and selling of stocks.
17. Crestwood paint supply had a beginning inventory of 10 cans of paint at $25.00 per can. They purchased 20 cans during the month at $30.00 per can. They had an ending inventory valued at $500. How much paint in dollars was used for the month? $350
18. Range of 35, 22, 43, 18, 22, 27, 48, 39, 31, and 16 is 32
19. Usually, assessed value is rounded to the nearest dollar
20. Jay Miller insured his pizza shop for $200,000 for fire insurance at an annual rate per $100 of $49. At the end of 10 months, Jay cancelled the policy since his pizza shop went out of business. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the refund to Jay. $127.40
21. The municipality of Waterloo needs $915,000 from property tax to meet its budget. The total value of assessed property in Waterloo is $14,000,000. What is the tax rate per dollar? (Round your answer to the nearest thousandth). .065
22. The building of Jim’s hardware is assessed at $109,000. The rate is $86.95 per $1,000 of assessed valuation. The tax due is $9,477.55
23. The weighted average-method is best used for heterogeneous products.
24. Kris bought a new coat for $8,000. She must pay 5% sales tax and 7% excise tax. The currier is shipping the coat, so Kris must also pay a $15 insurance charge. What is the total purchase price of the coat? $8975
25. Clay’s fishing shop’s beginning inventory is $70,000 and ending inventory is $36,500. What was Clay’s average inventory? $53,250
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1.
Calculate
the
optional
bodily injury cost for the following:
Class
:
1
0
Optional
bodily injury:
100/300/50
$
144
2.
What are overhead expenses?
They contribute
in
directly to the running of a business.
3.
The tax rate of
$
6943
in decimal can be expressed per
$
100 as?
$
69.43
.
4.
The tax rate of
$
0.
0984
in decimal can b
e expressed as how many mills?
98.4 mills
5.
Which of the following items is subject to sales tax in
District of
Columbia?
Shampoo
6.
With net sales of
$
40
,
000
, beginning inventory at retail of
$
14,000
, ending inventory at
retail of
$
20,000
and cost of goods
sold
of
$
19,500
, what is the
inventory
turnover at
retail rounded to the nearest hundredth
?
400
00
÷
17000
=
2.35
7.
Assume the mean use
ful life of a particular light
bulb is 2
,
000
hours, which is normally
distributed with a standard deviation of 300 hours. What
is the range of the useful life of
light bulbs within two
standard deviations of the mean?
Between 1,400 and 2,600 hours
8.
Find the mean for t
he following numbers and do not round your answer to the nearest
whole number: 38 + 18.05 + 25 + 26 +46
.
30.61
9.
What is the retail method?
It eliminates the need to take a physical inventory.
10.
Total sales of $400,000 that included a 6% sales tax yields actual sales of
$377,358.49
11.
Which of the following statements is true of pref
erred stock?
It never has
a preference
to dividends over common stockholders
12.
Bau
er Supply had a total cost of goods sold of $1,400 with
140
unit
s available for sales.
What was the average cost per unit?
$
10
13.
Suppose department A is 8,000 square feet, Department B is 5,000 square feet and
department C is
6,000 square feet. What is the percent of overhead expense applied to
department C? (
Round your answer to the nearest whole
percent
)
32%
14.
To avoid extortion of extreme values, a goo
d
indicator would be the
Median
15.
During inflation, the best method to use in inventory val
uation that produces the smallest
amount of profit is
FIFO
16.
Commissions charged on the trading of stock are
charged
on buying and selling of
stocks
.
17.
Crestwood paint supply had a beginning inventory of 10 cans of paint at $25.00 per can.
They purchased 20 cans during the month at $30.00 per can. They h
ad an
endi
ng
inventory valued at $500. How much paint in dollars was used for the month?
$350
18.
Range of 35, 22, 43, 18, 22, 27, 48, 39, 31, and 16 is
32
19.
Usually, assessed value is rounded to the nearest
dollar
20.
Jay Miller insure
d
his pizza shop for $200,000 for fire insurance at an annual rate per
$100 of $49. At the end
of
10 months, Jay
cancelled the policy since his pizza shop went
out of business. Using the t
ables in the
Business Math Handbook that
accompanies
the
course textbook
, determine the refund to Jay.
$127.40
