11. Lorenzo has a checkbook balance of $118.00. He writes two checks, one for $9.00 and one for $84.25. He then deposits $95.00. Finally, he uses his calculator to determine his new balance. Which one of the following series represents the correct order in which he should press the keys on his calculator?
A. 118 – 9 – 84.25 + 95
B. 118 – 95 + 84.25 – 9
C. .25 = 118 + 9 / 95
D. 95 – 118 + 9 – 84.25
My answer is A.
Am I right?
14. A share of stock in the Bree Medical Supply Company is quoted at 35 1/4 . Suppose you hold 20 shares of that stock, which you bought at 31 1/2. If you sold your stock at 35 1/4, which of the following would be true?
A. You made a profit of $75.00.
B. You suffered a loss of $630.00.
C. You made a profit of $705.00.
D. You suffered a loss of $75.00.
My answer is A.
Am I right?
Both answers are right.
17. Which of the following devices imparts ownership in a corporation?
A. Bond
B. Savings account
C. Stock
D. U.S. Treasury Bill
My answer is C.
Am I right?
C is right.
Yes, your answer is correct. In order to determine Lorenzo's new balance, you need to perform the calculations in the correct order.
Lorenzo starts with a balance of $118.00. He then writes a check for $9.00, so you should subtract $9.00 from the balance. Next, he writes another check for $84.25, which means you should subtract $84.25 from the previous result.
After that, Lorenzo deposits $95.00 into his account, so you should add $95.00 to the current balance.
To determine the new balance, the correct series of calculations would be:
118 - 9 - 84.25 + 95 = 119.75
Therefore, pressing the keys in the order listed in option A: 118 - 9 - 84.25 + 95, would give you the correct answer.