Tuesday, February 11, 2020

QRB501 Final Exam SCORE 90 PERCENT

Question 1
Which month in 2009 had the highest sales?
    Month 2
    Month 9
    Month 5
    Month 12

Question 2
Central Airlines offers a trade discount series of 30/35/10 for frequent flyers. If a round-trip airline ticket is $683, what is the net price? Use the net decimal equivalent to find the net price. Round to the nearest cent.
    $403.31
    $512.25
$279.69
    $170.75

Question 3
Solve the problem. Round to the nearest cent or tenth of a percent.
An item sells for $524.00 and is reduced to sell for $440.16. Find the markdown amount and the rate of markdown.
    Markdown amount = $70.43
    Rate of markdown = 16%
   
Markdown amount = $83.84
    Rate of markdown = 16%

    Markdown amount = $369.73
    Rate of markdown = 84%


    Markdown amount = $83.84
    Rate of markdown = 84%

Question 4
An invoice received from Royal Exporters totaled $638.20, was dated October 10, and offered terms of 1/11 ROG. The shipment was received November 27. If the invoice was paid on December 12, find the net amount due. Round to the nearest cent.

    $6.38
        $631.82
        $638.20
    $0

Question 5
Find the maturity value of a loan of $6787 after 4 months. The loan carries a simple interest rate of 14% per year.

    $7024.55
        $7182.91
    $7103.73
        $7106.39

Question 6
Find the range for the scores: 13, 23, 60, 46, 53, 75.
    62
    44

    46

    88

Question 7
Felipe Rivera's savings account has a balance of $3159. After 4 years what will the amount of interest be at 1.6% compounded quarterly?
$25.27


$199.37


$208.37


$213.37

Question 8
Barbara knows that she will need to buy a new car in 4 years. The car will cost $15,000 by then. How much should she invest now at 6%, compounded quarterly, so that she will have enough to buy a new car?

    $11,208.87
        $12,594.29
$11,820.45
        $13,327.31

Question 9
Present value is best defined as:



    the amount that must be invested per year and compounded at a specified rate and time to reach a specified present value


    all of these are appropriate definitions for present value


    the amount of a specified future value compounded at a specified rate which can be invested currently


    the amount that must be invested now and compounded at a specified rate and time to reach a specified future value

Question 10
The following test scores were recorded for a student: 79, 74, 72, 68, 74, 60, 70. Find the mean, median, and mode.

    mean: 71, median: 72, mode: 74
        mean: 71, median: 68, mode: 79
        mean: 72, median: 71, mode: 79
        mean: 72, median: 68, mode: 74


Question 11
Solve the problem. Round to the nearest cent or tenth of a percent.

Cost = $48.19; selling price = $58.79. Find the markup and the rate of markup based on the selling price.



    Markup = $21.20
    Rate of markup based on selling price = 51.8%


    Markup = $21.20
    Rate of markup based on selling price = 22.0%


    Markup = $10.60
    Rate of markup based on selling price = 18.0%


    Markup = $10.60
    Rate of markup based on selling price = 82.0%

Question 12

An invoice for a laptop computer that cost $625.68 is dated September 15, with sales terms of 3/10 EOM. If the bill is paid October 8, find the cash discount and net amount paid. Round to the nearest cent.



    Cash discount: $62.57; net amount: $563.11


Cash discount: $18.77; net amount: $ $606.91


    Cash discount: $0; net amount: $625.68


    Cash discount: $18.47; net amount: $614.68

Question 13


Sales of frozen pizza for a club fund-raiser increased from 500 one year to 610 the next year. What was the percent of increase?



    22%


    18%


    82%


    78%

Question 14
Sarah has made a budget for how much she will spend on activities this summer. The circle graph above shows how she has divided up her spending money.

What percent of Sarah's budget is allocated for movies?



    10%


    15%


    5%


    50%
Question 15
Megan Hughes deposits $2300 in an account that pays simple interest. When she withdraws her money 8 months later, she receives $2484.00. What rate of interest did the account pay? Round to the nearest whole percent.

    14% per year
12% per year
        11% per year
    13% per year

Question 16
The circle graph above gives the inventory of the women's department of a store.

What is the total inventory?



    $109,980


    $107,865


    $112,095


    $74,730

Question 17


Find the net price of a bicycle that lists for $82.95 if a discount rate of 15% is offered. Round to the nearest cent.



    $12.44


    $70.76


    $70.51


    $12.69

Question 18


An invoice for $8630, dated October 5, was received by a company with the terms 5/15 EOM. A decision was made to make a partial payment of $400 on November 2. Find the amount credited to the account and find the outstanding balance. Round to the nearest cent.



    Credit: $421.05

    Balance: $8208.95


    Credit: $420.00

    Balance: $8210.00


    Credit: $400.00

    Balance: $8230.00


    Credit: $380.00

    Balance: $8250.00
Question 19


A number increased from 2553 to 5955 . Find the amount of increase.



    3396


    3296


    5402


3402

Question 20
Jorge makes a simple discount note with a face value of $6000.00, a term of 240 days, and a 10% discount rate. Find the discount.



    Discount: $0.00


    Discount: $394.52


    Discount: $400.00


    Discount: $600.00

Question 21
The primary difference between an annuity due and an ordinary annuity is:
I. when the money is paid into the annuity
II. the way the money is paid out of the annuity
III. with an annuity due, payment is made at the beginning of the period



    both I and III


    III only


    II only


    I only

Question 22


Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.

Cost = $4.04; Selling price = $7.12. Find the markup and the rate of markup based on cost.



    Markup: $3.08
    Rate of markup based on cost: 76.2%


    Markup: $3.08
    Rate of markup based on cost: 43.3%


    Markup: $11.16
    Rate of markup based on cost: 36.2%


    Markup: $7.12
    Rate of markup based on cost: 56.7%

Question 23
Which month in 2010 had the lowest sales?



    Month 12


    Month 7


    Month 3


Month 2

Question 24


Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year.



    $14.00


    $160.00


    $140.00


    $2140.00

Question 25
Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of 8% for 2 years. Use the formula I = prt to find the amount of interest he will pay on the loan.

I = interest; p = principal; r = rate (expressed as a decimal 0.08); t = time in years.



    $576


    $288


    $2880


    $4176

Question 26


Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.

Markup = $16.15; Selling price = $95.00. Find the cost.



    Cost: $16.15


    Cost: $111.15


    Cost: $78.85


    Cost: $95.00

Question 27
Christine is currently taking college astronomy. The instructor often gives quizzes. On the past seven quizzes, Christine got the following scores: 53, 12, 41, 29, 18, 42, 57

Find the standard deviation.



    17


    10,812


    9072


    41
Question 28
The bar graph below shows the percent of income spent on leisure activities in various countries of the world. In which country is the highest percent of income spent on leisure activities? What percent is this?
USA; 72.8%


USA; 27.2%


China; 94.8%


Japan; 24.4%

Question 29


When finding the amount of change in percentage problems, the percent is always based on:



    the final or ending amount in decrease problems


    the final or ending amount


    the original or beginning amount


    the original or beginning amount for increase problems

Question 30


Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.

Cost = $5.22; Selling price = $10.35. Find the markup.



    Markup: $15.57


    Markup: $5.22


    Markup: $10.35


    Markup: $5.13







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