Contemporary Business Mathematics with Canadian Applications Plus MyLab Mathematics with 12E By Randall J Boyle
Email: richard@qwconsultancy.com
Exam Name___________________________________
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Simplify: (28 - 4)/3 1) _____________ 2) Simplify: 8 + 6 ∗ 2
2) _____________
3) Simplify: 5(4 + 3)
3) _____________
4) Simplify:
4) _____________
5) Simplify:
5) _____________
6) Simplify: 9(8 - 5) + 5(6 + 4)
6) _____________
7) Evaluate:
7) _____________
8) Evaluate and round to 3 decimal places: 125(6 + 0.35 ∗ 142/678)
8) _____________
9) Evaluate: 400(1 + .10 ∗ 100/365)
9) _____________
10) Evaluate and round to one decimal place: 9210(5 - 1.38 ∗ 169/420)
10) _____________
11) Evaluate:
11) _____________
12) Evaluate and round to three decimal places:
12) _____________
13) Evaluate:
13) _____________
14) Spade Realty sold lots for $23 240 per hectare. What is the total sales value if the lot sizes, in hectares,
14) _____________
were 2 , 3 , 4 ?
15) Three mechanics worked 15 , 14 , 18
hours respectively. What was the total cost of
15) _____________
labour if the mechanics were paid $14.75 per hour? 16) Ana, Aamir and Charlotte worked 11 , 14
, and 22
hours respectively. What was
the total cost of labour if they were paid $18.00 per hour?
16) _____________
17) A retailer returned 300 defective items to the manufacturer and received a credit for the retail price of $0.75 less a discount of 1/3 of the retail price. What was the amount of the credit received by the retailer?
17) _____________
18) Complete the following inventory sheet and find the total value.
18) _____________
Item 1 2 3 4
Quantity 69 111 155 350
Cost per Unit Total $.85 16 2/3 cents $2.75 $1.66
19) Extend each of the following and determine the total. Quantity 48
Unit Price $2.45
48
$0.83
16
$2.12
60
$1.33
20) Purchases of packs of printing paper during the last accounting period were as follows: Number of items 8 4 15 10
19) _____________
20) _____________
Unit price $13.00 $12.00 $10.00 $10.50
What was the weighted average price per item? 21) Purchases of an inventory item during last month were as follows: Number of items 5 10 8 15
21) _____________
Unit price $5.00 $8.00 $6.00 $3.00
What was the weighted average price per item? 22) Noriko's final mark for her Financial Mathematics course was based on four tests with different weightings. Test one counted for 10% of the final grade, test two for 20%, test three for 30% and test four for 40%. If Clara received 70% on test one, 85% on test two, 64% on test three and 72% on test four, calculate her final mark.
22) _____________
23) On a trip, a motorist purchased gasoline as follows: 66 litres at 69.0 cents per litre; 69 litres at 70.5 cents per litres; 80 litres at 71.5 cents per litre; and 57 litres at 74.5 cents per litre. a) What was the average number of litres per purchase? b) What was the average cost per litre?
c) torist averaged 9.75 km per If litre, what was the her average cost mo of gasoline per
kilometr 23) e?
___ ___ ___ ___ _
24) Dorian Frump invested $12 500 in a business on January 1. She withdrew $850 on April 3, reinvested $1920 on August 1, and withdrew $700 on September 1. What is Don's average monthly investment balance for the year?
24) _____________
25) Tommy Hughes invested $10 000 in a business on January 1. He withdrew $1000 on March 1, reinvested $5000 on July 1, and withdrew $4000 on October 1. What is Tommy's average monthly investment balance for the year?
25) _____________
26) The following information is shown in your investment account for last year. The balance on January 1 was $7600.00. A withdrawal of $420.00 was made on March 1. A deposit of $1690.00 was made on May 1 and another deposit of $130.00 was made on October 1. What was the average monthly balance for the year in your account?
26) _____________
27) Kevin Ash earns a semi-monthly salary of $1023.40 and works a regular workweek of 40 hours. a) What is Kevin's hourly rate of pay? b) If Kevin's gross earnings in one pay period were $1390.47, for how many hours of overtime was he paid at time and one-half of his regular pay?
27) _____________
28) R.J. earns $11.70 an hour, with time-and-a-half for hours worked over 36 a week. His clock hours for a week are 10.5, 7.5, 11, 13, and 9.75. Determine his gross earnings for a week.
28) _____________
29) Florence Lamb is paid a commission of 10 3/4% on her net sales and is authorized to draw up to $900.00 a month. What is the amount due to Florence at the end of a month in which she drew $820.00, had sales of $14 660.00, and sales returns of $331.20?
29) _____________
30) A sales representative selling computer parts receives a commission of 3.5% on net sales up to $15 000.00, 7% on the next $6000.00, and 9% on any further sales. If his sales for a month were $34 250.00 and sales returns were $1055.00, what was his commission for the month?
30) _____________
31) A salesperson had gross earnings of $943.25 for last week on gross sales of $8320.00. If returns and allowances were 5.5% of gross sales, what is his rate of commission based on net sales?
31) _____________
32) A salesperson is paid a weekly salary of $350.00 or a commission of 14.5% of his sales, whichever is the greater. What is his earnings for a week in which his sales were a) $2480.00? b) $3780.00?
32) _____________
33) Beth's annual salary is $42 120.00. Her regular work-week is 36 hours and she is paid semi-monthly. a) Calculate her gross pay period b) Calculate her hourly rate of pay c) Calculate her gross pay for a period in which she works 12 hours of overtime at time and one-half regular pay.
33) _____________
34) Scott Rae had gross earnings of $554.30 for last week. Scott earns a base salary of $350.00 on a weekly quota of $4 500.00. If his sales for the week were $6124.00, what is his commission rate?
34) _____________
35) A.J. is paid an annual salary of $41 840.00. She is paid monthly on a 40-hour work week. What is the gross pay for a pay period in which she works 9 hours overtime at time-and-a-half regular pay?
35) _____________
36) Corrine Davis had gross earnings of $937.50 for the week. If she receives a base salary of $664.00 on a quota of $7800.00 and a commission of 6.75% on sales exceeding the quota, what were Corrine's sales for the week?
36) _____________
37) Abigail receives a commission of 4.5% on the first $1250.00 of sales during a week. On the next $4500.00 she receives a commission of 11.5%. On any additional sales, the commission rate is 13.75%. Find her gross earnings for a week during which her sales amount to $14 200.00.
37) _____________
38) Last week Dana worked 46 hours. For the regular workweek of 40 hours she is paid $12.40 per hour, and for every hour over 40 hours she is paid at time and one-half regular pay. How much did she earn last week?
38) _____________
39) Kim Farrena earns $17.60 per hour. Overtime from Monday to Friday is paid at time and one-half regular pay for any hours over 7 1/2 per day. Overtime on weekends is paid at double the regular rate of pay. Last week Kim worked regular hours on Monday, Wednesday, and Friday, 8.5 hours on Tuesday, 11.75 hours on Thursday, and 5 hours on Saturday. Determine Kim's gross wages by each of the two methods.
39) _____________
40) C.O. is paid a semi-monthly salary of $1 250.00. If his regular work week is 35 hours, what is his hourly rate of pay?
40) _____________
41) C.O. is paid a semi-monthly salary of 2 754.30. If his regular work week is 42 hours, what is his hourly rate of pay?
41) _____________
42) An employee receives a gross pay of $750.73 for 47.25 hours of work. What is the hourly rate of pay if a regular work week is 37.5 hours and overtime is paid at time-and-a-half the regular rate of pay?
42) _____________
43) Ali checked his pay stub on his employee portal and it showed gross earnings of $596.00 for 51 hours of work. What is his hourly rate of pay if the regular workweek is 40 hours and overtime is paid at time and one-half the regular rate of pay?
43) _____________
44) Barb's Home Income Tax business operates only during tax season. Last season Barb grossed $38 790 including GST. During that season she spent $9500 before GST on her paper and supply purchases. How much does Barb owe Revenue Canada for GST?
44) _____________
45) "Save the tax" is a popular advertising tactic. How much would you save on the purchase of a sweater with a list price of $52.00 in a Manitoba store during a "Save the PST" promotion?
45) _____________
46) A retail chain sells snowboards for $855.00 plus GST and PST. What is the price difference for consumers in London, Ontario, and Lethbridge, Alberta?
46) _____________