QRB 501 Final Exam 2 - Question and Answers

QRB 501 Final Exam 2 - Question and Answers 1. Central Airlines offers a trade discount series of 30/35/10 for frequent flyers. If a round-trip airline ticket is $683, what is the net price? Use the net decimal equivalent to find the net price. Round to the nearest cent. 1. $279.69 2. Sales of frozen pizza for a club fund-raiser increased from 500 one year to 610 the next year. What was the percent of increase? 1. 22% 3. An item sells for $524.00 and is reduced to sell for $440.16. Find the markdown amount and the rate of markdown. 1. Markdown amount = $83.84 Rate of markdown = 16% 4. Find the net price of a bicycle that lists for $82.95 if a discount rate of 15% is offered. Round to the nearest cent. 1. $70.51 5. An invoice received from Royal Exporters totaled $638.20, was dated October 10, and offered terms of 1/11 ROG. The shipment was received November 27. If the invoice was paid on December 12, find the net amount due. Round to the nearest cent. 1. $638.20 6. Cost = $4.04; Selling price = $7.12. Find the markup and the rate of markup based on cost. 1. Markup: $3.08 Rate of markup based on cost: 76.2% 7. The following test scores were recorded for a student: 79, 74, 72, 68, 74, 60, 70. Find the mean, median, and mode. • mean: 71, median: 72, mode: 74 8. Which month in 2009 had the highest sales? 1. Month 5 9. Which month in 2010 had the lowest sales? 1. Month 2 10. Felipe Rivera's savings account has a balance of $3159. After 4 years what will the amount of interest be at 1.6% compounded quarterly? 1. $208.37 11. An invoice for $8630, dated October 5, was received by a company with the terms 5/15 EOM. A decision was made to make a partial payment of $400 on November 2. Find the amount credited to the account and find the outstanding balance. Round to the nearest cent. 1. Credit: $421.05 Balance: $8208.95 12. The bar graph below shows the percent of income spent on leisure activities in various countries of the world. In which country is the highest percent of income spent on leisure activities? What percent is this? 1. USA; 27.2% 13. Cost = $5.22; Selling price = $10.35. Find the markup. 1. Markup: $5.13 14. Markup = $16.15; Selling price = $95.00. Find the cost. 1. Cost: $78.85 15. When finding the amount of change in percentage problems, the percent is always based on: 1. the original or beginning amount