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Business Mathematics

Chapters 3-5 Study Questions

Question 1
Printed pencils cost $.33 1/3 each for an order of 18,000 pencils. On Monday Jim Co. placed an
order for 18,000 pencils. What is the exact cost of the pencils for Jim Co.? Be sure to use the
fractional equivalent in your calculation.
Correct Answer:

Question 2
Melvin small typed 485 business letters. The cost of writing these letters was estimated to be
$3,455.25. What was the average cost of a letter to nearest cent?
Correct Answer:

Question 3
Mike Roland traveled 10,850 miles. His Ford truck averaged 16 miles per gallon. Assuming a
gallon of gas cost $2.10, what was Mike's gasoline cost for the trip?
Correct Answer:
None of these

Question 4
Dave Adams bought season's tickets to the Boston Celtics. The cost was $1,300.11. The package
included 30 home games. What is the average price of the tickets per game? Round to the
nearest cent.
Correct Answer:

Question 5
The Weather Channel reported the normal snowfall is 138.44 inches for Lexington County. This
winter the following snowfall resulted:
How much was the snowfall below normal?
Correct Answer:
None of these

Question 6
Roast beef at Albertson's was $4.225 per pound. At Shop and Stop it was $3.881 per pound. How
much cheaper is Stop and Shop per pound?
Correct Answer:
Question 7
A.J. Ryan bought 500 shares of Google at $364.55. Assuming no commission, what did Ryan
Correct Answer:

Question 8
Pumpkins at a local farm sell for $.49 each per pound. Jim Ring spent $73.50. How many pounds
of pumpkins were purchased?
Correct Answer:

Question 9
In the reconciliation process the unrecorded bank service charge is:
Correct Answer:
Deducted from checkbook balance

Question 10
Which of the following results in crediting the checkbook balance?
Correct Answer:
Interest earned

Question 11
The process of analyzing the differences between the bank statement balance and the
checkbook balance is:
Correct Answer:
Bank reconciliation

Question 12
Mia Wong's checking account had a balance of $3,100.55 on July 1. After looking at her bank
statement she noticed a NSF for $60.50; service charge of $12.55 and a note collected for $600.
There was one deposit in transit for $400 and no checks outstanding. What is the reconciled
checkbook balance?
Correct Answer:

Question 13
The bank statement for Mat Co. revealed a balance of $900 while the checkbook balance
showed $1,420. Checks outstanding totaled $35. A check printing charge for $5 was on the bank
statement. There was a $50 NSF shown on the bank statement. There was a $500 deposit in
transit. What is the reconciled balance?
Correct Answer:
None of these

Question 14
Jane Co. checkbook currently has a balance of $295.10. The bank statement shows a balance of
$205.10. The statement revealed interest income of $10.03 along with check charges of $2.95.
Jane recorded a $200 check as $150. Deposits in transit were $402.80. Check numbers 85, 88
and 92 for $90.80, $108.10, and $156.82 were not returned with the statement. The reconciled
balance is:
Correct Answer:

Question 15
Jill Gracie's current checkbook balance is $8,900.15. She opened up the bank statement and saw
the bank's balance at $7,000.10. After reviewing her records with the bank statement, she
discovered a deposit on July 1 not recorded on the statement for $9,821.55. A check written for
$7,986.05 had not been returned by the bank. This month the company earned interest of
$33.10. The bank charged the company $48.10 for printing new checks. Jill also discovered a
check written for $49.55 was not recorded in the check stubs. The reconciled balance is:
Correct Answer:

Question 16
The bank statement of July 31 for Savon Co. showed a balance of $6,008.10 while the checkbook
showed a balance of $1,900.40. The bookkeeper of Savon Co. noticed from the bank statement
the bank had collected a note for $666.66. There was a deposit in transit made on July 1 for
$1,100.10 along with the outstanding checks of $4,580.54. Check charges were $39.40. The
reconciled balance is:
Correct Answer:

Question 17
Jerry's age 10 years ago can be expressed as:
Correct Answer:
A - 10

Question 18
One-eleventh of all sales at Joe's Diner is for cash. If cash sales for the week were $380, what
were Joe's total sales?
Correct Answer:

Question 19
Joe Berry and Jane Rose received a total of $180,000 from a deceased relative's estate. They
decided to put away $80,000 in a trust for their child and divide the remainder into 3/4 for Jane
and 1/4 for Joe. How much will Jane receive?
Correct Answer:

Question 20
N/8 + 6 = 58; N equals:
Correct Answer:

Question 21
Mike and Bill sell cars for Jangle's Auto. Over the past year they sold 640 cars. Assuming Mike
sells 3 times as many as Bill, how many cars did Mike sell?
Correct Answer:

Question 22
Marvin Co. sells pens ($6) and flashlights ($10). If total sales were $624 and customers bought 7
times as many pens as flashlight, what would be the number of pens sold?
Correct Answer:

Question 23
2,000(A - 5) = 110,000; A equals:
Correct Answer:

Question 24
1/4B - 10 = 7; B = 67.
Correct Answer:

Question 25
8G = 96; G equals:
Correct Answer: