Business Math Test 2 (test in lesson 27)
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31 Terms
A business's report card
Income statement
Gross profit less expenses
Net profit
Income from sales less any returns or allowances
Net sales
expenses less gross profit
Net loss
The amount a business pays for the merchandise it sells
cost of goods sold
Utilities, employee wages, taxes and other expenses incurred by the business
Operating expenses
Net sales less cost of goods sold
gross profit
Find the missing information. Show your work.
Beginning inventory: $14,320
Merchandise Purchases: $7,880
Goods available for sale: $________________
Ending inventory: $11,250
Cost of goods sold $___________________
$22,200
$10,950
Find the missing information. Show your work.
Sales: $50,000
Returns: $4,680
Net sales: $______________________
Cost of goods sold: $22,950
Gross Profit $______________________
$45,320
$22,370
Find the missing information. Show your work.
Sales: $132,600
Returns and allowances: $5,280
Net sales: $_____________________
Cost of goods sold: $62,900
Gross profit $_____________________
Expenses: $41,820
Net profit or loss: $___________________
Label as profit or loss:_________________________
$127,320
$64,420
$22,600 profit
Complete the Income Statement. See picture .
15.__________________________________
16.__________________________________
17.__________________________________
18.__________________________________
19.__________________________________
20.__________________________________
Answer:
15. 446,432
529,100
236,100
230,332
211,260
19,072
Ross Furniture had an inventory of $493,654 at the beginning of the month. During the month they purchased $96,380 worth of merchandise and sold $456,322 worth of merchandise with only $53 worth returned. At the end of the month they had an inventory of $297,364. Their expenses for the month were $152,318.
Find the value of the goods available for sale during the month at Ross Furniture.
Answer: 590,034
Ross Furniture had an inventory of $493,654 at the beginning of the month. During the month they purchased $96,380 worth of merchandise and sold $456,322 worth of merchandise with only $53 worth returned. At the end of the month they had an inventory of $297,364. Their expenses for the month were $152,318.
Find the cost of goods sold.
Answer: 292,670
Ross Furniture had an inventory of $493,654 at the beginning of the month. During the month they purchased $96,380 worth of merchandise and sold $456,322 worth of merchandise with only $53 worth returned. At the end of the month they had an inventory of $297,364. Their expenses for the month were $152,318.
Find the net sales.
Answer: 456,269
Ross Furniture had an inventory of $493,654 at the beginning of the month. During the month they purchased $96,380 worth of merchandise and sold $456,322 worth of merchandise with only $53 worth returned. At the end of the month they had an inventory of $297,364. Their expenses for the month were $152,318.
Find the gross profit
Answer: 163,599
Ross Furniture had an inventory of $493,654 at the beginning of the month. During the month they purchased $96,380 worth of merchandise and sold $456,322 worth of merchandise with only $53 worth returned. At the end of the month they had an inventory of $297,364. Their expenses for the month were $152,318.
Did Ross Furniture have have an excess or a deficit for the month?
Answer: excess
Ross Furniture had an inventory of $493,654 at the beginning of the month. During the month they purchased $96,380 worth of merchandise and sold $456,322 worth of merchandise with only $53 worth returned. At the end of the month they had an inventory of $297,364. Their expenses for the month were $152,318.
Find the amount of excess of deficit.
Answer: 11,281
Show all work
50,132 x 4.8 =
Answer: 240,633.6
Show all work
6.90324 - 1.874632 =
Answer: 5.03
Show all work
.003 x .02 =
Answer: .00006
Show all work
5.28 ÷.492096
Answer: 10.73
Show all work
81 ÷ 20,331 =
Answer: 0.003984
Show all work
7.423 + 16.97 + 8.1153 + 7.2901 =
Answer: 39.7984
Show all work
17 + 24 - 6 + 18 + 14 - 19 - 8 + 2 =
Answer: 42
Show all work
2,054 ÷ 1,980,056 =
Answer: 0.001037
Ralph Cartwright earned $728.50 last summer mowing yards, He charged an average o $15.50 per yard. How many yards did he mow?
Answer: 47
Ralph spent $55.20 on gasoline and $47.90 on other equipment for his yardwork. His lawn mower depreciated $25 during the summer. What was his profit?
Answer: $602.40
Ralph worked a total of 120 hours on the lawns. What was his net pay per hour? (use net profit to find net pay per hour)
Answer: $5.02
Mark Johnston's little sister operated a lemonade stand during the summer. She made $49.70 from the 70 glasses of lemonade she sold. How much did she charge per cup of lemonade?
Answer: $.71
Jay's bird feeders had an inventory of $8,987.42 at the beginning of the month. They purchased $6,204.97 of merchandise during the month. What was the value of the goods available for sale?
Answer: $15,192.39
Jay's bird feeders had $8,423.18 in inventory at the end of the month. The store had $21,683.50 in net sales during the month. Find the gross profit for the month.
Answer: $14,914.29