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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

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Questions and Answers on the Topic of Expenses and Taxation. (2022, Feb 20). Retrieved from https://essaylab.com/essays/questions-and-answers-on-the-topic-of-expenses-and-taxation

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