Business Calculations - 2006 RLC
1)
Jennifer exercised her first stock option to buy 210 shares of her company’s stock at 30% below today’s quote of 15 1/2.
Disregarding other costs, what did she pay?
A) $1,278.50
B) $ 996.50
C) $2,278.50
D) $ 976.50
2)

Find the annual premium for a $1,000,000 hazard insurance policy if the rate is $0.492 per hundred.
A) $4,720
B) $4,820
C) $4,920
D) $5,000

3)

ERM Art Supply purchases linen paper with a list price of $15,500 with a chain discount of 35/20/15. What is the net price?
A) $ 8,060
B) $ 7,750
C) $10,075
D) $ 6,851

4)

Calculate the reconciled balance given the following information:
Bank Statement Balance: $378.53
Outstanding Checks: $37.38; $52.85; $100.54
Service Charge: $10.00
Check Register Balance: $197.76
A) $207.76
B) $197.76
C) $187.76
D) $177.76

5)

Taxi fare is based on a flat charge per trip of $8.00 plus $0.95 per mile or fraction thereof. In addition, wait time is metered and charged at $0.50 per minute or fraction thereof. John takes a taxi from his hotel to the airport. The distance is 31 ¼ miles.
The taxi waited at 3 traffic signals for 45 sec., 55 sec., and 93 sec. John tipped the driver $5.00. How much did John pay for the taxi ride?
A) $35.40
B) $40.40
C) $43.40
D) $44.69

6)

Ms. Moon is a salesperson who is paid on a commission basis. She earns 6% commission on sales up to $10,000, 12% for sales over $10,000 up to $20,000, and 20% on all sales over $20,000. If she sells $23,500 this pay period, how much money does she earn?
A) $1,300
B) $4,000
C) $1,800
D) $2,500

7)

Anthony had a loan in the amount of $5,500 at 11% for 3 years. His monthly payments were $203.20. What is the total amount repaid?
A) $7,315.20
B) $1,815.20
C) $6,096.00
D) $ 609.60

8)

An item costs $880 and has a selling price of $1,300. Calculate the markup based