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QRB 501 Final Exam Guide (New 2017 Score 29/30)
QRB 501 Final Exam Guide (New 2017 Score 29/30)
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QRB 501 Final Exam Guide NEW

1.  Jorge makes a simple discount note with a face value of $6000.00, a term of 240 days, and a 10% discount rate. Find the discount.

Discount: $394.52

Discount: $0.00

Discount: $600.00

Discount: $400.00

 

2. The following test scores were recorded for a student: 79, 74, 72, 68, 74, 60, 70. Find the mean, median, and mode.

•      mean: 72, median: 68, mode: 74

•      mean: 72, median: 71, mode: 79

•      mean: 71, median: 68, mode: 79

•      mean: 71, median: 72, mode: 74

 

3.Megan Hughes deposits $2300 in an account that pays simple interest. When she withdraws her money 8 months later, she receives $2484.00. What rate of interest did the account pay? Round to the nearest whole percent.

12% per year

11% per year

14% per year

13% per year

 

4. Christine is currently taking college astronomy. The instructor often gives quizzes. On the past seven quizzes, Christine got the following scores: 53, 12, 41, 29, 18, 42, 57. Find the standard deviation.

5 Find the net price of a bicycle that lists for $82.95 if a discount rate of 15% is offered. Round to the nearest cent.

$12.44

$70.51

$12.69

$70.76

 

6 When finding the amount of change in percentage problems, the percent is always based on:

the final or ending amount in decrease problems

the original or beginning amount

the original or beginning amount for increase problems

the final or ending amount

 

7 An invoice received from Royal Exporters totaled $638.20, was dated October 10, and offered terms of 1/11 ROG. The shipment was received November 27. If the invoice was paid on December 12, find the net amount due. Round to the nearest cent.

$631.82

$638.20

$6.38

$0

 

8 Sales of frozen pizza for a club fund-raiser increased from 500 one year to 610 the next year. What was the percent of increase?

22%

82%

18%

78%

 

9 The circle graph above gives the inventory of the women's department of a store. What is the total inventory?

$107,865

$112,095

$74,730

$109,980

 

10 Find the maturity value of a loan of $6787 after 4 months. The loan carries a simple interest rate of 14% per year.

$7103.73

$7024.55

$7106.39

$7182.91

 

11 The primary difference between an annuity due and an ordinary annuity is:

I. when the money is paid into the annuity

II. the way the money is paid out of the annuity

III. with an annuity due, payment is made at the beginning of the period

III only

both I and III

I only

II only

 

12 An invoice for a laptop computer that cost $625.68 is dated September 15, with sales terms of 3/10 EOM. If the bill is paid October 8, find the cash discount and net amount paid. Round to the nearest cent.

Cash discount: $0; net amount: $625.68

Cash discount: $62.57; net amount: $563.11

Cash discount: $18.77; net amount: $ $606.91

Cash discount: $18.47; net amount: $614.68

 

13 Barbara knows that she will need to buy a new car in 4 years. The car will cost $15,000 by then. How much should she invest now at 6%, compounded quarterly, so that she will have enough to buy a new car?

$13,327.31

$12,594.29

$11,820.45

$11,208.87

 

14 The bar graph below shows the percent of income spent on leisure activities in various countries of the world. In which country is the highest percent of income spent on leisure activities? What percent is this?

Japan; 24.4%

USA; 27.2%

China; 94.8%

USA; 72.8%

 

15 Find the range for the scores: 13, 23, 60, 46, 53, 75.

62

44

88

46

 

16 Solve the problem. Round to the nearest cent or tenth of a percent. Cost = $48.19; selling price = $58.79. Find the markup and the rate of markup based on the selling price.

Markup = $10.60

Rate of markup based on selling price = 18.0%

 

Markup = $21.20

Rate of markup based on selling price = 51.8%

 

Markup = $21.20

Rate of markup based on selling price = 22.0%

 

Markup = $10.60

Rate of markup based on selling price = 82.0%

 

17 Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent. Cost = $5.22; Selling price = $10.35. Find the markup.

Markup: $5.22

Markup: $15.57

Markup: $5.13

Markup: $10.35

 

18 Which month in 2010 had the lowest sales?

Month 12

Month 7

Month 3

Month 2

 

19 Central Airlines offers a trade discount series of 30/35/10 for frequent flyers. If a round-trip airline ticket is $683, what is the net price? Use the net decimal equivalent to find the net price. Round to the nearest cent.

$512.25

$279.69

$403.31

$170.75

 

20 Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of 8% for 2 years. Use the formula I = prt to find the amount of interest he will pay on the loan.

I = interest; p = principal; r = rate (expressed as a decimal 0.08); t = time in years.

$4176

$576

$2880

$288

 

21 Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.

Cost = $4.04; Selling price = $7.12. Find the markup and the rate of markup based on cost.

 

Markup: $7.12

Rate of markup based on cost: 56.7%

 

Markup: $11.16

Rate of markup based on cost: 36.2%

 

Markup: $3.08

Rate of markup based on cost: 76.2%

 

Markup: $3.08

Rate of markup based on cost: 43.3%

 

22 Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.

Markup = $16.15; Selling price = $95.00. Find the cost.

Cost: $16.15

Cost: $95.00

Cost: $78.85

Cost: $111.15

 

23 Present value is best defined as:

all of these are appropriate definitions for present value

the amount of a specified future value compounded at a specified rate which can be invested currently

the amount that must be invested now and compounded at a specified rate and time to reach a specified future value

the amount that must be invested per year and compounded at a specified rate and time to reach a specified present value

 

24 Sarah has made a budget for how much she will spend on activities this summer. The circle graph above shows how she has divided up her spending money.

What percent of Sarah's budget is allocated for movies?

50%

5%

15%

10%

 

25 A number increased from 2553 to 5955 . Find the amount of increase.

5402

3296

3396

3402

 

26 Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year.

$140.00

$2140.00

$160.00

$14.00

 

27 An invoice for $8630, dated October 5, was received by a company with the terms 5/15 EOM. A decision was made to make a partial payment of $400 on November 2. Find the amount credited to the account and find the outstanding balance. Round to the nearest cent.

Credit: $380.00

Balance: $8250.00

 

Credit: $421.05

Balance: $8208.95

 

Credit: $400.00

Balance: $8230.00

 

Credit: $420.00

Balance: $8210.00

 

28 Which month in 2009 had the highest sales?

Month 2

Month 5

Month 12

Month 9

 

29 Felipe Rivera's savings account has a balance of $3159. After 4 years what will the amount of interest be at 1.6% compounded quarterly?

$25.27

$208.37

$199.37

$213.37

 

30 Solve the problem. Round to the nearest cent or tenth of a percent. An item sells for $524.00 and is reduced to sell for $440.16. Find the markdown amount and the rate of markdown.

Markdown amount = $369.73

Rate of markdown = 84%

 

Markdown amount = $70.43

Rate of markdown = 16%

 

Markdown amount = $83.84

Rate of markdown = 16%

 

Markdown amount = $83.84

Rate of markdown = 84%

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