FBLA Business Calculations Exam Questions with Verified Solutions Latest Version 2025 Already
Passed
Using the straight-line depreciation method to find the depreciation in Year 1 over a 5-year period for a
$1200 asset with a $200 salvage value
A. $200
B. $333
C. $400
D. $240 - Answers A. $200
If a 5-year asset has a value of $1200 at the end of Year 1 using $300 annual depreciation the value at
the end of Year 2 is:
A. $300
B. $1000
C. $900
D. $1500 - Answers C. $900
A heating and air conditioning unit cost $1200. There is a $300 shipping charge and it will cost $200 to
hire an installation technician. After 5 years, the unit will have a salvage value of $200. The depreciation
in Year using the sum of the years method is:
A. $400
B. $500
C. $300
D. $600 - Answers A. $400
Which type of transaction cannot be completed using online banking?
A. verify account balance
B. pay a bill
C. transfer funds from one account to another account
D. make a cash deposit - Answers D. make a cash deposit
A service charge is usually associated with:
,A. making a deposit
B. making a withdrawal
C. a checking account
D. a savings account - Answers C. a checking account
Using a debit card requires:
A. having a credit card
B. a savings account
C. a PIN
D. a high credit score - Answers C. a PIN
When you write a check and the amount (in numbers) is different from the amount (in words), which
takes precedence?
A. the amount in numbers
B. the amount in words
C. it is determined by the bank cashing the check
D. the check is void - Answers B. the amount in words
When you make an ATM transaction,you should:
A. record the PIN on the receipt
B. record the transaction in your register
C. not consider the fee
D. tear up the receipt - Answers B. record the transaction in your register
When reconciling a bank statement, what items(s) must be subtracted from the checkbook register?
A. service charges
B. deposits
C. cleared checks
D. ATM deposits - Answers A. service charges
The lowest monthly payment for a PITI loan is from:
, A. an adjustable-rate loan
B. a fixed-rate loan
C. a variable-rate loan
D. an interest only loan - Answers D. an interest only loan
Monthly principal and interest for an automobile loan is $510. Annual taxes are $1200 and insurance is
$600. The total monthly payment is:
A. $510
B. $660
C.$2310
D.192.50 - Answers B. $660
Bill's mortgage balance is $70,000 with a 7% annual interest rate. His monthly payment is $465. What
will be his balance next month?
A.$69,591.67
B.$ 65,115.95
C. $69,943.33
D. $65,100.00 - Answers C. $69,943.33
When a person makes installment payments, the APR is:
A. lower than the simple interest rate
B. the same as the simple interest rate
C. higher than the simple interest rate
D. not applicable on installment payments - Answers C. higher than the simple interest rate
You buy a pad a paper for $1.50 and the tax sales is 6%: Total cost is:
A. $1.56
B.$1.44
C.$1.41
D.$1.59 - Answers D.$1.59
Passed
Using the straight-line depreciation method to find the depreciation in Year 1 over a 5-year period for a
$1200 asset with a $200 salvage value
A. $200
B. $333
C. $400
D. $240 - Answers A. $200
If a 5-year asset has a value of $1200 at the end of Year 1 using $300 annual depreciation the value at
the end of Year 2 is:
A. $300
B. $1000
C. $900
D. $1500 - Answers C. $900
A heating and air conditioning unit cost $1200. There is a $300 shipping charge and it will cost $200 to
hire an installation technician. After 5 years, the unit will have a salvage value of $200. The depreciation
in Year using the sum of the years method is:
A. $400
B. $500
C. $300
D. $600 - Answers A. $400
Which type of transaction cannot be completed using online banking?
A. verify account balance
B. pay a bill
C. transfer funds from one account to another account
D. make a cash deposit - Answers D. make a cash deposit
A service charge is usually associated with:
,A. making a deposit
B. making a withdrawal
C. a checking account
D. a savings account - Answers C. a checking account
Using a debit card requires:
A. having a credit card
B. a savings account
C. a PIN
D. a high credit score - Answers C. a PIN
When you write a check and the amount (in numbers) is different from the amount (in words), which
takes precedence?
A. the amount in numbers
B. the amount in words
C. it is determined by the bank cashing the check
D. the check is void - Answers B. the amount in words
When you make an ATM transaction,you should:
A. record the PIN on the receipt
B. record the transaction in your register
C. not consider the fee
D. tear up the receipt - Answers B. record the transaction in your register
When reconciling a bank statement, what items(s) must be subtracted from the checkbook register?
A. service charges
B. deposits
C. cleared checks
D. ATM deposits - Answers A. service charges
The lowest monthly payment for a PITI loan is from:
, A. an adjustable-rate loan
B. a fixed-rate loan
C. a variable-rate loan
D. an interest only loan - Answers D. an interest only loan
Monthly principal and interest for an automobile loan is $510. Annual taxes are $1200 and insurance is
$600. The total monthly payment is:
A. $510
B. $660
C.$2310
D.192.50 - Answers B. $660
Bill's mortgage balance is $70,000 with a 7% annual interest rate. His monthly payment is $465. What
will be his balance next month?
A.$69,591.67
B.$ 65,115.95
C. $69,943.33
D. $65,100.00 - Answers C. $69,943.33
When a person makes installment payments, the APR is:
A. lower than the simple interest rate
B. the same as the simple interest rate
C. higher than the simple interest rate
D. not applicable on installment payments - Answers C. higher than the simple interest rate
You buy a pad a paper for $1.50 and the tax sales is 6%: Total cost is:
A. $1.56
B.$1.44
C.$1.41
D.$1.59 - Answers D.$1.59
