2016 SLC test

Utilities, employee wages, and taxes are examples of

operating expenses

The financial statement that includes revenue and expenses is the

income statement

The amount the business pays for the merchandise it sells is

cost of goods sold

Net sales - Cost of goods sold =

gross profit

Amounts that a person owes financial institutions and department stores are

liabilities

Items owned by a person or business are

assets

Business transactions are entered in a(n)

journal

Calculate current ratio by

dividing the amount of current assets by the amount of current liabilities

Assets that can be quickly converted to cash are

current

10) How quickly assets can be turned to cash is called

liquidity

11) Dividing the amount of the current assets by the amount of current liabilities is the formula for

current ratio

12) Checks are used to withdraw money from an account.

drafts

A check that has cleared/been processed by the bank is a(n)

canceled check

When a person writes a check, realizing that they have insufficient funds and hoping they can make a deposit before the check is cashed is called

floating a check

Money put into a checking account is called a

demand deposit

The person authorized to write checks is the

maker

A check written by the bank on its own funds is a

cashier's check

A personal check that the bank guarantees to be good is the

certified check

The ____ can be purchased at a bank, service stations, and supermarkets to individuals who do not wish to use cash and do not have a checking account.

money order

"For deposit only" is an example of a

restrictive endorsement

The process of matching your checkbook register with the bank statement is called

reconciliation

Normally checks will not be honored after ____ months.

D) 6

Which of the following factors will not impact the cost of your auto insurance?

color of the car

All of the following are examples of employee benefits except

workers compensation

The equation for simple interest is

principal x rate x time

Stop payment order is

a request that the bank not cash or process a specific check

The ____ on the check allows you to write the purpose of the check.

memo

NSF is printed on a check that

has bounced

The lists payments and deposits processed by the bank during a month and the balance of your checking account according to the ban

bank statement

The person authorized to write checks on an account is the

maker

The checking account number

appears in bank coding at the bottom of the check

The _ appears in fraction form in the upper right corner of each check.

C) ABA number

When a bank covers a check written for an amount greater than the balance in the account, they charge the customer a(n) _ fee.

overdraft

Assets - Liabilities =

net worth

One mile equals

1,609.34 meters

70 miles per hour equals

112.65 kilometers (km) per hour

You want to purchase new carpet for your living room that measures 20 feet by 10 feet. The carpet costs 4.50 per square foot. How much will your living room carpet cost?

$900

A section of land is 560 acres. You have inherited three sections of land and charge a tenant $325 per acre each year for rent. How much doe the tenant owe you for rent each year?

$546,000

Which of the following is not an example of a rational number?

square root of 2

A current U.S. dollar is worth 0.77952 Euros. You are visiting France and purchase a shirt for 31.1808 Euros. What is the dollar cost of the shirt?

$40

You receive a trade discount of 15% for making a large order. Your order totals $1350.00. How much will you pay?

$1,147.50

One gallon of paint that sells for $42.00 covers 6200 square feet of wall. Your new house has 100,000 square feet of wall space needing paint. What will your paint cost for this project? (Assuming you can only buy gallon sized paint cans)

$714

A recipe calls for two pints of cream. How many cups does this equal?

4

How many ounces are in a two-liter bottle?

33.814

You have just purchased 101.442 ounces of soda. How many liters have you purchased?

3

You empty your piggy bank. You have 33 quarters, 6 half dollars, 82 dimes, 67 nickels, and 55 pennies. How much money do you have

$23.35

A three-liter bottle is half full. How many ounces are left?

50.721

You pay your credit card bill. This transaction requires you to

debit the Liability (credit card bill) and credit the Asset (cash)

A person or institution that holds or generally manages the property is the

trustee

The person who rents an apartment is the

tenant

Credit that has interest accumulating on interest has

compounded interest

Purchase of big items like homes and automobiles are usually finance with

installment loans

You purchase a new automobile for $38,000 with an interest rate of 2.9% for 6 years. Using simple interest what will your monthly payments equal?

$576.00

A credit card that has the total charges due each month is called a(n)

open charge

Which of the following is not one of the C's of credit?

charisma

An item that sells for $20.00 costs $21.40 with sales tax. What is the sales tax rate?

7%

There is an 80% chance of rain. This means that there is

a 4 out of 5 chance for rain

The numerical descriptive measure of a population is called

the parameter

What is the median for this set of numbers (55, 48, 42, 40, 38, 36, 34)

40

The mode in this set is (10, 9, 9, 9, 8, 8, 7, 6, 4, 3, 3, 1

9

What is the mean for this set of numbers (55, 48, 42, 38, 36, 34)

42.16

The fastest growing city in a state had a population increase of 12% and the city with the slowest growth in the same state grew 5%. What is the range for community growth in this state?

5-12%

Your favorite football team has scored 42, 24, 35, and 28 points in its first four games. What is the average scoring capability of your team?

32

You work at a store where you have to count out change. A customer makes a $5 purchase and sales tax is 6%. The customer gives you a $10 bill. Which one of the following is the correct amount of change?

$5.70

Your new automobile gets an average of 38 miles per gallon. You plan a round trip to your favorite football game. Distance for one way is 980 miles and gas costs $3.00 per gallon. How much should you expect to pay for gas?

$154.74

The answer in a division problem is the

quotient

Five batteries cost $6.98. What is the cost per battery to the nearest one hundredth?

$1.40

A can of soda has 12.5 ounces. How many ounces are in a twelve pack of this soda?

150

Convert 8.35 into a mixed fraction.

8 7/20

During your first year of college you take five classes (3 credits each). You earned A's (4.0) for two classes, B's (3.0) for two classes, and a D(1.0) for one class. What is your GPA?

3.0

A new automobile that cost $42,000 last month is now clearance priced at $38,000. What is the discount % on the price of the new automobile?

9.5%

½ + 3/8 =

7/8

You have been asked to add 3.5, 4.7, 6.8 and 9.4 and then convert the answer in fraction form.

24 2/5

Your thermos holds 32.6 ounces and a cup of coffee is 6.2 ounces. How many cups of coffee are in the thermos?

5.26

7/8 converted to a decimal equals

.875

Solve: ½-1/8 =

D) ¾

9/6 is another number for

1 ½

75/100 is reduced to

¾

Convert 5/8 into a decimal number.

.625

Your stock shows +3/4. What has happened for each share of stock?

gone up $.75

Jack is the manager of a large restaurant. His base salary is $72,000 per year. The amount of pay that goes into a retirement account is 8% which equals $__

5,760

Sales tax in your city is 7.65%. You go on a shopping spree at your favorite clothing store and purchase $568.00 (before sales tax) of the latest styles. How much sales tax will be added to this transaction?

$43.45

Bill signed a promissory note on May 1, 2014 for $2,225 payable in 90 days. The interest rate on the note is 8%. One what day is the note due?

July 30, 2014

Matt is paid a monthly salary of $1,000 plus 8% commission on all sales, and a 5% commission on all sales in excess of $20,000. Last month, Matt's sales totaled $30,000. What will his total month wage equal?

$3,900

A store has a 40% mark-up rate on the cost of merchandise that it sells. A store purchases a flat-screen television for $300. What is the selling price for the television?

$420

The mark-up for a bicycle is 40% of the price offered to the public. If a bicycle sells for $240, how much did the store pay for the bicycle?

$144.00

A new television costs $425.50 with sales tax. Customers can take 24 months to pay the price calculated using simple interest of 6%. What will be the monthly payments?

$19.86

Your store manager says to mark down all summer apparel by 75%. What will shorts that originally cost $42.00 now cost?

$10.50

You own 500 acres of land. Current land prices are $2,000 per acre and the property tax rate is 4.5%. What is your property tax bill?

$45,000

Your corporate business credit card allows you to give a 20% tip for meals. Your lunch in NYC costs $38.50. What is the maximum tip you can leave for this tab?

$7.70

A new outlet mall that has 102 store plans to increase its size by 15 percent next year. How many new stores are planned for next year?

15

A city with a population of 300,000 has 152,000 women and 148,000 men. What is the percentage for each group?

51% women/49% men

One state produces 32% of all the corn in a country. This year farmers harvest 80 billion bushels of corn. How much corn did the state that produces 32% produce?

25.6 billion

A census indicates that your city has grown from 300,000 to 368,000 in ten years. What is your average growth rate (%) each year?

Logan earns $10 per hour and works 40 hours per week. He earns 6% commission on all sales. There are four weeks in a month and Logan sold $40,000 of merchandise during the month. How much did Logan earn for the month?

$4,000

6 million people voted in yesterday's election. The winning candidate received 51% of the vote. How many votes did the losing candidate receive?

2,940,000

Sales for a Chick-fil-a restaurant are $6.5 million. The operator calculates that they will earn 15% after all expenses. How much will the operator earn?

$975,000

A grocery store has weekly sales of $2.4 million. The sales on Friday and Saturday totaled $920,000. What percentage of sales took place on those two days?

38

Your syllabus states that test scores make up 60% of your grade, projects make up 30% of your grade and attendance makes up 10% of your grade. Your test average is 82%, project grade is 92%, and attendance grade is 70%. What is your grade point average for this class in percent?

83.8%

A student has a 40% attendance record for class that meets 5 times per week for 36 weeks. How many days will they attend class during the 36 weeks?

72