1. Eliza Savage received a statement from her bank showing a checking account balance of $324.18 as of
January 18. Her own checkbook shows a balance of $487.38 as of January 29. The bank returned all of
the cancelled checks but three. The amounts of these three checks are $15.00, $77.49, and $124.28. How
much did Eliza deposit in her account between January 18 and January 29?
A. $201.12
(B). $379.97
C. $197.24
D. $54.44
2. John and Mary Billings own a condominium with an assessed value of $110,000. If the tax rate is 25
mills per $1.00 of assessed valuation, how much tax do they pay?
A. $1,420
B. $1,840
C. $1,200
(D). $2,750
3. The letter of application is intended to
A. accompany your portfolio.
(B). outline your value to a prospective employer.
C. find out what the prospective employer has to offer.
D. remind the prospective employer of your recent interview.
4. The tax rate on Ned Topolino's $112,000 vacation home is 25 mills. The property is assessed at full
value. How much will Ned pay in taxes this year?
A. $780
B. $28,000
(C). $2,800
D. $7,800
5. Dawn Lingua bought three yards of cloth to make some curtains. The cloth was on sale for $2.25 per
yard. How much did Dawn pay for the cloth if the sales tax was 5%?
(A). $7.09
B. $7.25
C. $2.36
D. $8.07
6. Victor Malaba has a net income of $1,240 per month. If he spends $150 on food, $244 on a car
payment, $300 on rent, and $50 on savings, what percent of his net income can he spend on other things?
(A). 64 percent
B. 40 percent
C. 300 percent
D. 43 percent
7. Jose Rodriguez's checking account had a starting balance of $1,234.56. He wrote a check for $115.12
for plumbing supplies and a check for $225.00 for a loan payment. Yesterday he deposited $96.75 in his
checking account. What is Jose's current balance?
A. $894.44
B. $1,441.19
(C). $991.19
D. $1,477.93
8. Mary Palm's checking account had a starting balance of $785.63. She wrote a check for $57.00 for
groceries and a check for $125.00 for a car payment. Yesterday she deposited $57.25 in her checking
account. What is Mary's current balance?
(A). $660.88
B. $796.38
C. $554.26
D. $603.63
9. Jim paddles from one shore of a lake three miles wide at 4 mph, and John paddles from the opposite
shore at 5 mph. How long will they travel before they meet?
A. 20 minutes
B. 3 hours
(C). 27 minutes
D. 1 hour, 24 minutes
10. Phil Smith is a car salesman. Last week his total sales amounted to $27,650.00, and he received
$1,382.50 in commission. What is his rate of commission?
A. 17 percent
B. 4.8 percent
(C). 5 percent
D. 23 percent
11. The tax rate on Harriet Walker's $80,000 vacation home is 20 mills. The property is assessed at full
value. How much will Harriet Walker pay in taxes this year?
A. $640
(B). $1,600
C. $440
D. $2,000
12. Glenn Andrews recently bought a new motorbike for $3,950. If he had to pay 6 percent sales tax on
the bike, what was the total cost of the bike?
A. $2,370
B. $4,010
C. $3,713
(D). $4,187
13. Suppose your bank honors a check for which you don't have sufficient funds in your checking account.
This action means that you've arranged beforehand for a/an
(A). overdraft loan.
B. installment loan.
C. personal loan.
D. mortgage loan.
14. Ralph Jordan recently bought a new lawnmower for $228.00. If he had to pay 6% sales tax on the
lawnmower, what was the total cost of the lawnmower?
A. $251.62
B. $234.00
(C). $241.68
D. $312.42
15. The gross income of Ginger Hughes is $215 per week. Her deductions are: $15.16, FICA tax; $29.33,
income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income?
A. $57.39
(B). $157.61
C. $202.10
D. $170.51
16. If three bags of birdseed cost $14.16, how much will 14 bags cost?
A. $30.34
B. $33.71
C. $70.80
(D). $66.08
17. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33,
income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week?
A. $675.32
B. $628.77
(C). $605.32
D. $749.77
18. How many feet are there in 24 yards?
A. 288
B. 72
(C). 8
D. 2
19. Carlos Martin received a statement from his bank showing a balance of $56.75 as of March 15th. His
checkbook shows a balance of $87.37 as of March 20. The bank returned all the cancelled checks but two.
One check was for $5.00 and the other was for $13.25. How much did Carlos deposit in his account
between the March 15 and the March 20?
A. $11.22
B. $162.37
(C). $48.87
D. $125.87
Which one's are not correct?
5. Dawn Lingua bought three yards of cloth to make some curtains. The cloth was on sale for $2.25 per
yard. How much did Dawn pay for the cloth if the sales tax was 5%?
(A). $7.09
B. $7.25
C. $2.36
D. $8.07
The incorrect answers are:
Q1. D. $54.44
Q2. A. $1,420
Q3. C. find out what the prospective employer has to offer.
Q4. B. $28,000
Q5. A. $7.09
Q6. C. 300 percent
Q7. D. $1,477.93
Q8. C. $554.26
Q9. B. 3 hours
Q10. C. 5 percent
Q11. C. $440
Q12. A. $2,370
Q13. C. personal loan.
Q14. D. $312.42
Q15. C. $202.10
Q16. A. $30.34
Q17. D. $749.77
Q18. C. 8
Q19. B. $162.37
To find the correct answers, let's go through each question and explain how to solve them:
1. To find the amount Eliza deposited in her account between January 18 and January 29, we need to calculate the difference between her checkbook balance and the bank statement balance.
Checking Account Balance on Jan 18: $324.18
Checking Account Balance on Jan 29: $487.38
Subtracting the check amounts that were not returned:
$487.38 - $15.00 - $77.49 - $124.28 = $270.61
The correct answer is not provided in the options.
2. To calculate the tax amount, we need to multiply the assessed value of the property by the tax rate.
Assessed value: $110,000
Tax rate: 25 mills per $1.00
Tax amount = (Assessed value / 1000) * Tax rate
Tax amount = ($110,000 / 1000) * 25
Tax amount = $2,750
The correct answer is (D) $2,750.
3. The purpose of a letter of application is to outline your value to a prospective employer. The correct answer is (B) outline your value to a prospective employer.
4. To calculate Ned's taxes, we need to multiply the assessed value of his vacation home by the tax rate.
Assessed value: $112,000
Tax rate: 25 mills per $1.00
Tax amount = (Assessed value / 1000) * Tax rate
Tax amount = ($112,000 / 1000) * 25
Tax amount = $2,800
The correct answer is (C) $2,800.
5. To calculate the total cost of the cloth, we need to multiply the price per yard by the number of yards and add the sales tax.
Price per yard: $2.25
Number of yards: 3
Sales tax rate: 5%
Cost of cloth = (Price per yard * Number of yards) + (Price per yard * Number of yards * Sales tax rate / 100)
Cost of cloth = ($2.25 * 3) + ($2.25 * 3 * 5 / 100)
Cost of cloth = $6.75 + $0.3375
Cost of cloth = $7.0875
The correct answer is (A) $7.09.
6. To calculate the percentage of Victor's net income that he can spend on other things, we need to subtract his expenses from his net income and divide it by his net income, then multiply by 100.
Net income: $1,240
Expenses: $150 + $244 + $300 + $50 = $744
Percentage of net income for other things = ((Net income - Expenses) / Net income) * 100
Percentage of net income for other things = (($1,240 - $744) / $1,240) * 100
Percentage of net income for other things = ($496 / $1,240) * 100
Percentage of net income for other things ≈ 39.87 ≈ 40%
The correct answer is (B) 40 percent.
7. To calculate Jose's current balance, we need to subtract the check amounts and add the deposit amount to his starting balance.
Starting balance: $1,234.56
Check amounts: $115.12 + $225.00
Deposit amount: $96.75
Current balance = Starting balance - Check amounts + Deposit amount
Current balance = $1,234.56 - ($115.12 + $225.00) + $96.75
Current balance = $1,234.56 - $340.12 + $96.75
Current balance = $891.19
The correct answer is not provided in the options.
8. To calculate Mary's current balance, we need to subtract the check amounts and add the deposit amount to her starting balance.
Starting balance: $785.63
Check amounts: $57.00 + $125.00
Deposit amount: $57.25
Current balance = Starting balance - Check amounts + Deposit amount
Current balance = $785.63 - ($57.00 + $125.00) + $57.25
Current balance = $785.63 - $182.00 + $57.25
Current balance = $660.88
The correct answer is (A) $660.88.
9. To find the time it takes for Jim and John to meet, we need to calculate the time by dividing the distance by the sum of their speeds.
Distance to cover: 3 miles
Jim's speed: 4 mph
John's speed: 5 mph
Time = Distance / (Jim's speed + John's speed)
Time = 3 miles / (4 mph + 5 mph)
Time = 3 miles / 9 mph
Time ≈ 0.333 hours ≈ 20 minutes
The correct answer is (A) 20 minutes.
10. To calculate the rate of commission, we need to divide the commission amount by the total sales amount and multiply by 100.
Total sales amount: $27,650.00
Commission amount: $1,382.50
Rate of commission = (Commission amount / Total sales amount) * 100
Rate of commission = ($1,382.50 / $27,650.00) * 100
Rate of commission ≈ 5%
The correct answer is (C) 5 percent.
Continued in the next response.