BUS 103 Review Problems for Midterm
Chapters 1,2,3,5,6,8,9 & 10
1) The number 7,532 written in verbal form is:
The number 224 written in verbal form is:
The number 1,274,388 written in verbal form is:
2) The number 8,456 rounded to the nearest thousand is:
The number 256 rounded to the first digit is:
The number 2,604 rounded to the nearest hundred is:
3) Five million, four hundred thousand, two is written numerically:
4) Find the total of the following list of numbers: 1,323; 432; 3,540; 20,200
5) Estimate the sum of the following numbers by rounding each to the nearest thousand before adding:
2,354; 23,854; 5,623
Estimate the sum of the following numbers by rounding each to the nearest hundred before adding:
532; 670; 250
6) Subtracting 388 from 750 results in a difference of:
7) When you divide 433 by 5 the result is:
8) 800 multiplied by 2 equals:
9 State what type of fraction each of the following is:
72/6; 1/8; 4/5; 21/7; 3/3
10) Convert the mixed number to an improper fraction: 3 1/3; 6 5/8
Convert the improper fraction to a mixed number: 24/8; 33/2
11) Find the Least Common Denominator: 3 / 4; 1 /12; 3 / 16
12) Add the following fractions:
½ + ¾ + 7/8
13) The quotient of 5/6 divided by ¾ is:
14) Find the difference between 4 5/8 and 2 3/4
15) $124.372 rounded to the nearest cent is:
44.38 rounded to the nearest tenth is:
16) When reading 31.2 in verbal form, the last word read would be:
When reading 445.453 in verbal form, the last word read would be:
17) The decimal .58 converted to a fraction is:
The decimal 3.4 converted to a fraction is:
18) The fraction 1/20 converted to a decimal is:
The fraction 2 3/5 converted to a decimal is:
19) The product of 52.33 x 9.2 =
20) ________________ is the value of x in the equation 2x + x – 4 = 15
_________________is the value of b in the equation 3(B-9) = 24
21) What is the value of N in the proportional equation N/5 = 9/15
22) 4/5 % written as a fraction is ________.
32 1/2 % written as a fraction is _____________.
23) 80% written as a decimal is ________.
152% written as a decimal is___________.
24) 2.5 written as a percent is ________.
25) 50 is 25% of what number? __________________
26) John received a 5% raise. If his current salary is $52,000 what will his new salary be including the raise?
27) What is the definition of:
List Price
Suggested Retail Price
Catalog Price
Trade Discount
Net Price
Discount Rate
Complement of a percent
Trade Discount Series
Single Discount Equivalent
FOB Shipping Point
Freight Collect
FOB Destination
Prepay and Add
28) The Jones company buys washing machines from a manufacturer. The list price is $250.000 with a 30% trade discount. The net price of a washing machine is:
29) A product with a list price of $5,280.00 and a trade discount series of 15/10/5 has a net price of:
30) Shinder Blunt is responsible for Cummins Appliance Store’s accounts payable department and has an invoice that shows a list price of $2,200 with a trade discount series of 25/15/10. Use the single discount equivalent to calculate the trade discount on the purchase.
31) If an invoice is dated January 15 and has credit terms of 2/10, N/30, what is the last date on which the net amount of the invoice can be paid without incurring a penalty?
32) A paper company receives an invoice for $4,200.00, which includes a $65.00 freight charge, dated March 5th. The credit terms are 2/10, 1/15, N/30. If the invoice is paid on March 14th, the amount due is:
33) An invoice for $1,200 is dated June 3, and terms of 3/10, n/30 are offered. A payment of $600 is made on June 12th, and the remainder is paid on July 12. Find the amount credited on June 12th and the total amount paid.
34) Given a selling price of $600 with a cost of $500, the amount of markup is:
35) Bill’s Appliance shop buys a refrigerator at a cost of $1,400 and plans to sell it for $2,100; the percent markup based on cost is:
36) The cost of an office chair is $40.00. The owner wants to markup the chair at 30% of the selling price. The selling price of the chair should be?
37) At the end of winter, a pair of snow boots were marked 75% of the regular price. If the regular price was $95.00, what is the amount of the markdown?
38) A set of patio furniture was originally selling for $1,200.00. On the 4th of July, the 1st markdown was 20% and on Memorial Day, the furniture was marked down 30%. What was the selling price of the furniture after the second markdown?
39) If a worker earns $20 an hour and overtime at 1.5 times the hourly rate, what would the worker’s gross pay be in a week where 43 hours were worked?
40) Bob receives a commission of 5% of sales. If his gross pay this month was $5,000, his sales were:
41) Jack earned $120,000 this year. How much was withheld from his paychecks for Social Security and Medicare? Assume 6.2% on $87,900 and Medicare of 1.45%.
42) Lisa has $35,000 in cumulative earnings by the end of July. In the first week of July, she earned $1,250. What was the amount deducted for Social Security and Medicare? Assume 6.2% Social Security tax on the first 97,500 of earnings each year and medicare of 1.45%.
Chapters 1,2,3,5,6,8,9 & 10
1) The number 7,532 written in verbal form is:
The number 224 written in verbal form is:
The number 1,274,388 written in verbal form is:
2) The number 8,456 rounded to the nearest thousand is:
The number 256 rounded to the first digit is:
The number 2,604 rounded to the nearest hundred is:
3) Five million, four hundred thousand, two is written numerically:
4) Find the total of the following list of numbers: 1,323; 432; 3,540; 20,200
5) Estimate the sum of the following numbers by rounding each to the nearest thousand before adding:
2,354; 23,854; 5,623
Estimate the sum of the following numbers by rounding each to the nearest hundred before adding:
532; 670; 250
6) Subtracting 388 from 750 results in a difference of:
7) When you divide 433 by 5 the result is:
8) 800 multiplied by 2 equals:
9 State what type of fraction each of the following is:
72/6; 1/8; 4/5; 21/7; 3/3
10) Convert the mixed number to an improper fraction: 3 1/3; 6 5/8
Convert the improper fraction to a mixed number: 24/8; 33/2
11) Find the Least Common Denominator: 3 / 4; 1 /12; 3 / 16
12) Add the following fractions:
½ + ¾ + 7/8
13) The quotient of 5/6 divided by ¾ is:
14) Find the difference between 4 5/8 and 2 3/4
15) $124.372 rounded to the nearest cent is:
44.38 rounded to the nearest tenth is:
16) When reading 31.2 in verbal form, the last word read would be:
When reading 445.453 in verbal form, the last word read would be:
17) The decimal .58 converted to a fraction is:
The decimal 3.4 converted to a fraction is:
18) The fraction 1/20 converted to a decimal is:
The fraction 2 3/5 converted to a decimal is:
19) The product of 52.33 x 9.2 =
20) ________________ is the value of x in the equation 2x + x – 4 = 15
_________________is the value of b in the equation 3(B-9) = 24
21) What is the value of N in the proportional equation N/5 = 9/15
22) 4/5 % written as a fraction is ________.
32 1/2 % written as a fraction is _____________.
23) 80% written as a decimal is ________.
152% written as a decimal is___________.
24) 2.5 written as a percent is ________.
25) 50 is 25% of what number? __________________
26) John received a 5% raise. If his current salary is $52,000 what will his new salary be including the raise?
27) What is the definition of:
List Price
Suggested Retail Price
Catalog Price
Trade Discount
Net Price
Discount Rate
Complement of a percent
Trade Discount Series
Single Discount Equivalent
FOB Shipping Point
Freight Collect
FOB Destination
Prepay and Add
28) The Jones company buys washing machines from a manufacturer. The list price is $250.000 with a 30% trade discount. The net price of a washing machine is:
29) A product with a list price of $5,280.00 and a trade discount series of 15/10/5 has a net price of:
30) Shinder Blunt is responsible for Cummins Appliance Store’s accounts payable department and has an invoice that shows a list price of $2,200 with a trade discount series of 25/15/10. Use the single discount equivalent to calculate the trade discount on the purchase.
31) If an invoice is dated January 15 and has credit terms of 2/10, N/30, what is the last date on which the net amount of the invoice can be paid without incurring a penalty?
32) A paper company receives an invoice for $4,200.00, which includes a $65.00 freight charge, dated March 5th. The credit terms are 2/10, 1/15, N/30. If the invoice is paid on March 14th, the amount due is:
33) An invoice for $1,200 is dated June 3, and terms of 3/10, n/30 are offered. A payment of $600 is made on June 12th, and the remainder is paid on July 12. Find the amount credited on June 12th and the total amount paid.
34) Given a selling price of $600 with a cost of $500, the amount of markup is:
35) Bill’s Appliance shop buys a refrigerator at a cost of $1,400 and plans to sell it for $2,100; the percent markup based on cost is:
36) The cost of an office chair is $40.00. The owner wants to markup the chair at 30% of the selling price. The selling price of the chair should be?
37) At the end of winter, a pair of snow boots were marked 75% of the regular price. If the regular price was $95.00, what is the amount of the markdown?
38) A set of patio furniture was originally selling for $1,200.00. On the 4th of July, the 1st markdown was 20% and on Memorial Day, the furniture was marked down 30%. What was the selling price of the furniture after the second markdown?
39) If a worker earns $20 an hour and overtime at 1.5 times the hourly rate, what would the worker’s gross pay be in a week where 43 hours were worked?
40) Bob receives a commission of 5% of sales. If his gross pay this month was $5,000, his sales were:
41) Jack earned $120,000 this year. How much was withheld from his paychecks for Social Security and Medicare? Assume 6.2% on $87,900 and Medicare of 1.45%.
42) Lisa has $35,000 in cumulative earnings by the end of July. In the first week of July, she earned $1,250. What was the amount deducted for Social Security and Medicare? Assume 6.2% Social Security tax on the first 97,500 of earnings each year and medicare of 1.45%.