ABEKA BUSINESS MATH TEST 3, 8 & 9
EXAM QUESTIONS WITH CORRECT
ANSWERS
Import Automotive General Journal - ANSWER-A. cash
B. mechanic fees OR income
C. car repairs for cash
D. tools OR equipment
E. cash
F. purchased tools for cash
G. mortgage payment OR accounts payable
H. cash
I. mortgage payment in cash
J. cash
k. mechanic fees OR income
L. car repairs for cash
M. salary and wage expense
N. cash
O. salaries and wages paid for second week in cash
93.7
846.25
+7.934 - ANSWER-947.884
11.1
-9.754 - ANSWER-1.346
.005
x 9.2 - ANSWER-.046
5,432
x 658 - ANSWER-3,574,256
12,428 : 478 - ANSWER-26
664.848 : 97.2 - ANSWER-6.84
9+8+6+4 - ANSWER-27
$3.15
x 21 - ANSWER-66.15
1.03[5.768 - ANSWER-5.6
, Round off $8.753 to the nearest cent - ANSWER-8.75
Multiply $18.94 by 28.8 and round off to the nearest cent - ANSWER-545.47
Identify owner's equity as a liability, capital or income - ANSWER-capital
Identify factory overhead as an asset, cost of goods sold or expense - ANSWER-cost of
goods sold
Blake Distributors - ANSWER-A. 125,000
B. 95,000
C. 285,000
D. 95,000
E. excess
F. 45,000
certificate of deposit - ANSWER-pays a higher rate of interest than a savings account
I = prt - ANSWER-simple interest formula
FDIC - ANSWER-insures the bank; insures deposited money up to $100,000
Federal Deposit Insurance Corporation - ANSWER-what FDIC stands for
percentage = percent x the whole - ANSWER-$1,480.50 = 6% x $24,675
percentage - ANSWER-a portion of the whole
ending-balance method - ANSWER-method that calculates your interest based on the
balance in your savings account at the end of the interest period
minimum-balance method - ANSWER-method that calculates your interest based on the
smallest balance that you had on any one days using the interest period
daily-interest method - ANSWER-method that calculates your interest based on the
daily transactions you make; you receive interest on every dollar that you deposit for the
length of time that it is in the bank
rate of income - ANSWER-the amount of return that you are actually receiving from your
investment written as a percent
EXAM QUESTIONS WITH CORRECT
ANSWERS
Import Automotive General Journal - ANSWER-A. cash
B. mechanic fees OR income
C. car repairs for cash
D. tools OR equipment
E. cash
F. purchased tools for cash
G. mortgage payment OR accounts payable
H. cash
I. mortgage payment in cash
J. cash
k. mechanic fees OR income
L. car repairs for cash
M. salary and wage expense
N. cash
O. salaries and wages paid for second week in cash
93.7
846.25
+7.934 - ANSWER-947.884
11.1
-9.754 - ANSWER-1.346
.005
x 9.2 - ANSWER-.046
5,432
x 658 - ANSWER-3,574,256
12,428 : 478 - ANSWER-26
664.848 : 97.2 - ANSWER-6.84
9+8+6+4 - ANSWER-27
$3.15
x 21 - ANSWER-66.15
1.03[5.768 - ANSWER-5.6
, Round off $8.753 to the nearest cent - ANSWER-8.75
Multiply $18.94 by 28.8 and round off to the nearest cent - ANSWER-545.47
Identify owner's equity as a liability, capital or income - ANSWER-capital
Identify factory overhead as an asset, cost of goods sold or expense - ANSWER-cost of
goods sold
Blake Distributors - ANSWER-A. 125,000
B. 95,000
C. 285,000
D. 95,000
E. excess
F. 45,000
certificate of deposit - ANSWER-pays a higher rate of interest than a savings account
I = prt - ANSWER-simple interest formula
FDIC - ANSWER-insures the bank; insures deposited money up to $100,000
Federal Deposit Insurance Corporation - ANSWER-what FDIC stands for
percentage = percent x the whole - ANSWER-$1,480.50 = 6% x $24,675
percentage - ANSWER-a portion of the whole
ending-balance method - ANSWER-method that calculates your interest based on the
balance in your savings account at the end of the interest period
minimum-balance method - ANSWER-method that calculates your interest based on the
smallest balance that you had on any one days using the interest period
daily-interest method - ANSWER-method that calculates your interest based on the
daily transactions you make; you receive interest on every dollar that you deposit for the
length of time that it is in the bank
rate of income - ANSWER-the amount of return that you are actually receiving from your
investment written as a percent
