FBLA Business Calculations UPDATED
ACTUAL Exam Questions and CORRECT
Answers
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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - C. $69,943.33
When a person makes installment payments, the APR is:
A. lower than the simple interest rate
ACTUAL Exam Questions and CORRECT
Answers
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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - C. $69,943.33
When a person makes installment payments, the APR is:
A. lower than the simple interest rate
