Business Math - Test 1j j j j
Thejfirstjstepjinjroundingjis:j-jtojiden fyjthejplacejvaluejofjthejdigitjtojbejrounded.
Whenjyoujarejreconcilingjajbankjstatement,jit'sjrecommendedjthatjyoujdojthejfollowing:j-j-
Recordjdepositsjoutstanding
-jListjyourjbalance
-jRecordjchecksjoutstanding
-jListjyourjbankjstatementsjbalance
Thejprocessjofjanalyzingjthejdifferencesjbetweenjthejbankjstatementjbalancejandjthejcheckbookjbalancejis:j
-jBankjReconcilia on
MelvinjSmalljtypedj485jbusinessjle ers.jThejcostjofjwri ngjthesejle ersjwasjes matedjtojbej$3,455.25.jWha
tjwasjthejaveragejcostjofjajle erjtojthejnearestjcent?j-j$7.12
Ajproperjfrac onjis:j-jwhenjthejnumeratorjisjgreaterjthanjthejdenominator
ThejpricejofjajnewjApplejiPodjhasjincreasedjbyj1/4.jIfjthejoriginaljpricejofjthejApplejwasj$200,jwhatjisjthejpric
ejtoday?j-j(Determinejwhatj1/4jofj200jisj[50].jAddjthej50jtoj200jtojgetj250.)j$250
AtjBestjBuyjajflatjscreenjtelevisionjwithjajregularjpricejofj$1,790jwasjreducedjbyj$395.jAssumingj800jcustome
rsjpurchasedjthejtelevision,jwhatjwerejthejtotaljsalesjtojBestjBuy?j-
j(Subtractj395jfromj$1,790,jthenjmul plyjbyj800jcustomersj=j$1,116,000)
$1,116,000
A.jJ.jRyanjboughtj500jsharesjofjGooglejatj$364.55jperjshare.jAssumingjnojcommission,jwhatjdidjRyanjspend?j
-j(Mul plyjthejnumberjofjsharesjbyjthejpricejofjthejshare.)
$182,275
, Whichjofjthejfollowingjresultsjinjcredi ngjthejcheckbookjbalance?
Interestjearned
Overdra jprotec onjcharge
Servicejcharge
NSF
Nonejotjthesej-jInterestjearned
Thejpayeejis:j-jthejpersonjtojwhomjthejcheckjisjpayable.
Outstandingjchecks:j-jHavejnotjbeenjreceivedjbyjthejbankjforjprocessing
IfjJanjsellsj2,500jglowjs cksjonjthejFourthjofjJulyjatj$1.99jeach,jwhatjwilljherjtotaljprofitjbejifjeachjs ckjcostjhe
rj$.88?j-j$2,775
Cartonsjofjhumidifiersjarejstockedjinj25,500jsq.j .jofjwarehousejspacejatjHomejDepot.jIfjeachjcartonjrequire
sj4j1/4jsq.j .jofjspace,jhowjmanyjcartonsjcanjbejstoredjinjthisjspace?j-
j(Dividejthejtotaljsquarejfootagejbyj4j1/4.)
6,000
Credi ngjanjaccountjbyjthejbankjmeansjaj___________jtojthatjaccount.j-jIncrease
LesterjMoyjboughtjtwojnewjMichelinjTiresjforjhisjcarjatj$99.55jperj re.jHejwasjalsojchargedj$4.95jperj rejforj
moun ng,j$2.65jperj rejforjvalves,jandj$3.99jperj rejforjbalancing.jWhatjwasjLester'sjfinaljbill?j-
j(Mul plyjthejpricejofjthej rejbyj2jandjaddjthejotherjrepairjcosts.)
$222.28
JanejCo.'sjcheckbookjcurrentlyjhasjajbalancejofj$295.10.jThejbankjstatementjshowsjajbalancejofj$205.10.jTh
ejstatementjrevealedjinterestjincomejofj$10.03jalongjwithjcheckjchargesjofj$2.95.jJanejrecordedjaj$200jchec
kjasj$150.jDepositsjinjtransitjwerej$402.80.jCheckjnumbersj85,j88,jandj92jforj$90.80,j$108.10,jandj$156.82jw
erejnotjreturnedjwithjthejstatement.jThejreconciledjbalancejis:j-j($295.10j+j$10.03j-j$2.95j-
j$50j=j$252.18;j$205.10j+j$402.80j-j$90.80j-j$108.10j-j$156.82j=j$252.18.)
$252.18
Thejfirstjstepjinjroundingjis:j-jtojiden fyjthejplacejvaluejofjthejdigitjtojbejrounded.
Whenjyoujarejreconcilingjajbankjstatement,jit'sjrecommendedjthatjyoujdojthejfollowing:j-j-
Recordjdepositsjoutstanding
-jListjyourjbalance
-jRecordjchecksjoutstanding
-jListjyourjbankjstatementsjbalance
Thejprocessjofjanalyzingjthejdifferencesjbetweenjthejbankjstatementjbalancejandjthejcheckbookjbalancejis:j
-jBankjReconcilia on
MelvinjSmalljtypedj485jbusinessjle ers.jThejcostjofjwri ngjthesejle ersjwasjes matedjtojbej$3,455.25.jWha
tjwasjthejaveragejcostjofjajle erjtojthejnearestjcent?j-j$7.12
Ajproperjfrac onjis:j-jwhenjthejnumeratorjisjgreaterjthanjthejdenominator
ThejpricejofjajnewjApplejiPodjhasjincreasedjbyj1/4.jIfjthejoriginaljpricejofjthejApplejwasj$200,jwhatjisjthejpric
ejtoday?j-j(Determinejwhatj1/4jofj200jisj[50].jAddjthej50jtoj200jtojgetj250.)j$250
AtjBestjBuyjajflatjscreenjtelevisionjwithjajregularjpricejofj$1,790jwasjreducedjbyj$395.jAssumingj800jcustome
rsjpurchasedjthejtelevision,jwhatjwerejthejtotaljsalesjtojBestjBuy?j-
j(Subtractj395jfromj$1,790,jthenjmul plyjbyj800jcustomersj=j$1,116,000)
$1,116,000
A.jJ.jRyanjboughtj500jsharesjofjGooglejatj$364.55jperjshare.jAssumingjnojcommission,jwhatjdidjRyanjspend?j
-j(Mul plyjthejnumberjofjsharesjbyjthejpricejofjthejshare.)
$182,275
, Whichjofjthejfollowingjresultsjinjcredi ngjthejcheckbookjbalance?
Interestjearned
Overdra jprotec onjcharge
Servicejcharge
NSF
Nonejotjthesej-jInterestjearned
Thejpayeejis:j-jthejpersonjtojwhomjthejcheckjisjpayable.
Outstandingjchecks:j-jHavejnotjbeenjreceivedjbyjthejbankjforjprocessing
IfjJanjsellsj2,500jglowjs cksjonjthejFourthjofjJulyjatj$1.99jeach,jwhatjwilljherjtotaljprofitjbejifjeachjs ckjcostjhe
rj$.88?j-j$2,775
Cartonsjofjhumidifiersjarejstockedjinj25,500jsq.j .jofjwarehousejspacejatjHomejDepot.jIfjeachjcartonjrequire
sj4j1/4jsq.j .jofjspace,jhowjmanyjcartonsjcanjbejstoredjinjthisjspace?j-
j(Dividejthejtotaljsquarejfootagejbyj4j1/4.)
6,000
Credi ngjanjaccountjbyjthejbankjmeansjaj___________jtojthatjaccount.j-jIncrease
LesterjMoyjboughtjtwojnewjMichelinjTiresjforjhisjcarjatj$99.55jperj re.jHejwasjalsojchargedj$4.95jperj rejforj
moun ng,j$2.65jperj rejforjvalves,jandj$3.99jperj rejforjbalancing.jWhatjwasjLester'sjfinaljbill?j-
j(Mul plyjthejpricejofjthej rejbyj2jandjaddjthejotherjrepairjcosts.)
$222.28
JanejCo.'sjcheckbookjcurrentlyjhasjajbalancejofj$295.10.jThejbankjstatementjshowsjajbalancejofj$205.10.jTh
ejstatementjrevealedjinterestjincomejofj$10.03jalongjwithjcheckjchargesjofj$2.95.jJanejrecordedjaj$200jchec
kjasj$150.jDepositsjinjtransitjwerej$402.80.jCheckjnumbersj85,j88,jandj92jforj$90.80,j$108.10,jandj$156.82jw
erejnotjreturnedjwithjthejstatement.jThejreconciledjbalancejis:j-j($295.10j+j$10.03j-j$2.95j-
j$50j=j$252.18;j$205.10j+j$402.80j-j$90.80j-j$108.10j-j$156.82j=j$252.18.)
$252.18
