ABEKA BUSINESS MATH TEST 12 FINAL EXAM QUESTIONS AND ANSWERS

ABEKA BUSINESS MATH TEST 12 FINAL
EXAM QUESTIONS AND ANSWERS
June 29 - ANSWER-last date to receive a discount on an invoice received on June 9 if
the terms are 10/20; n/60

$100 - ANSWER-simple interest on $500 at 10% for 2 years ($500 x .10 x 2)

$266.80 - ANSWER-gross pay for 40 hours at $6.67 per hour (40 x $6.67)

$414.60 - ANSWER-net pay if the gross pay is $793.20 and the deductions are $275
and $103.60

$220,000 - ANSWER-find the assets if liabilities are $100,000 and capital is $120,000
(add the liabilities and capital)

$872.50 - ANSWER-find the cost of the bond if the face value is $1,000 and the quoted
price is 87 1/4 ($1,000 x .8725)

$1,350 - ANSWER-find the cost for 200 shares of stock at 6 3/4 per share (200 x 6.75)

$9.75 - ANSWER-find the overtime rate of 1 1/2 times the regular rate if the pay per
hour is $6.50 ($6.50 x 1.5).375

.375 - ANSWER-convert 3/8 to a decimal (3 divided by 8)

.0075 - ANSWER-convert 3/4% to a decimal

154.3% - ANSWER-convert 1.543 to a percent (1.543 x 100)

$1,067.50 - ANSWER-find the current balance if the previous balance was $1,500 and
checks for $7.50, $150, and $275 were written on the account

17% - ANSWER-find the percent of increase from $6.00 to $7.00 to the nearest whole
percent ($7 - $6 = $1; take $1 divided by $6 = .166666 = 17%)

$108 - ANSWER-find the commission at a rate of 12% on a sale of $900 ($900 * .12)

$56,000 - ANSWER-find the assessed value if the market value is $80,000 and the
percent of assessment is 70% ($80,000 x .70)

5.3% - ANSWER-change $5.30 per hundred to a tax rate written as a percent