2004 Business Math Page 1

Mark the correct answer on your Scantron sheet for each of the following questions.
In problems 1-2, convert the mixed number or fraction to a decimal, to two decimal places.
1. 1 7/20 a. 1.72 b. .45 c. 1.35 d. .85
2. 9/11 a. .81 b. .82 c. .91 d. .88
3. What is 45% of 190? a. 145 b. 85.5 c. 104.5 d. 95
4. An employee's annual salary is $29,100. What is the a. $2,435 b. $2,440 c. $2,430 d. $2,425
employee's monthly salary?
5. Seven liters is equal to how many milliliters? a. 700 b. 70 c. 7000 d. .07
In problems 6-8 convert the decimal to a fraction.
6. .625 a. 9/16 b. 7/12 c. 13/20 d. 5/8
7. .5625 a. 9/16 b. 7/12 c. 11/18 d. 13/24
8. 15.6 is what percent of 240? a. 6.5% b. 65% c. .65% d. 6%
9. IM Rich received his bank statement at the end of the a. $768.09 b. $703.03 c. $783.93 d. $774.99
month. The balance on the statement was $739.01. He
had outstanding checks of $25.00, $12.65, and $126.37
and one outstanding deposit of $200.00. What is his
adjusted bank statement balance?
10. A teacher paid $.79 for one pen. How much would the a. $11.85 b. $11.06 c. $12.64 d. $11.70
teacher pay for 15 pens?
11. 426 cm is equal to how many meters? a. 4.26 b. .426 c. 42,600 d. 42.6
12. The selling price of a VCR was $224.60 and the cost was a. $35.30 b. $36.90 c. $35.60 d. $36.70
$187.90. What is the markup?
13. 317 is 40% of what number? a. 787.2 b. 795.4 c. 792.5 d. 783
For problems 14-16, use the information from the invoice shown below:
Date of invoice – May 15
Invoice Amount – $665.00
Terms – 3/10, net/30
14. What is the percent that is being offered for the cash a. 10% b. 30% c. 3% d. 7%
discount?
15. How many days does the receiver of this invoice have to a. 10 days b. 3 days c. 30 days d. 20 days
take advantage of the cash discount?
16. What is the due date of this invoice? a. May 25 b. June 14 c. June 4 d. June 15
17. The manager of the Ace Motel is replacing carpet in 4 a. 138 11/24 b. 139 c. 136 9/24 d. 137 13/24
rooms. Room A needs 26 3/4 yards, Room B needs 33
1/3 yards, Room C needs 41 7/8 yards, Room D needs
36 1/2 yards. How many yards of carpet are needed for
the 4 rooms?
18. A $1,000 note was signed on August 8 at 9% for 90 a. November 3 b. November 4 c. November 5 d. November 6
days. What is the maturity date of the note?
2004 Business Math Page 2
19. A salesperson earns 17% commission on all sales. If the a. $13,855 b. $13,695 c. $13,765 d. $13,915
sales totaled $81,500, find the commission earned by the
salesperson.
20. The trade discount is 22%. What is the complement of a. 88% b. 82% c. 78% d. 72%
this trade discount percent?
21. The cost of a speedboat was $8,950 and the markup was a. $10,070 b. $ 9,765 c. $10,125 d. $ 7,775
$1,175. What is the selling price?
In problems 22-23, convert the percent to a decimal.
22. 250% a. 2.5 b. .25 c. 25 d. 0.25
23. 91.5% a. .0915 b. .915 c. 9150 d. 9.15
24. If the ratio of girls to boys in a classroom is 5:3 and there a. 10 b. 11 c. 12 d. 13
are 20 girls, how many boys are there?
For problems 25-27, use the following information.
A carpenter worked 52 hours last week. He is paid $13.50 per hour for the first 40 hours and time and a half for hours worked over 40 hours.
25. How much did he earn the first 40 hours? a. $702 b. $540 c. $615 d. $595
26. How much did he earn for his overtime hours? a. $243 b. $324 c. $237 d. $233
27. What was his total gross pay for the week? a. $828 b. $783 c. $945 d. $777
28. Convert the monthly interest rate of 1.2% to an annual a. 12% b. 14.2% c. 14.4% d. 12.4%
rate.
29. 65 kilometers is equal to how many meters? a. .065 b. 6.5 c. 65,000 d. 6,500
30. What is the absolute value of -3? a. -3 b. 3 c. 9 d. -9
31. What is the simple exact interest on $6,300 at 6% for a. $125.75 b. $126.00 c. $125.13 d. $124.27
120 days?
32. A boy has 5 red marbles and 3 blue marbles in his bag. a. 3/5 b. 1/3 c. 3/8 d. 1/8
If he picks out 1 marble, what is the probability it is a
blue marble?
33. Four painters painted a house. One painter painted 1/3 a. 1/3 b. ¼ c. 3/8 d. 5/12
of the house, another painted 1/4 of the house, and a
third painter painted 1/6 of the house. How much of the
house did the fourth painter paint?
34. A store has $212.50 cash on hand. During the day, the a. $340.87 b. $282.37 c. $ 69.87 d. $309.50
store received cash payments of $79.19 and $19.93, and
paid out $29.25 to have the windows washed. How
much does the store have in cash at the end of the day?
35. If the luxury tax rate is 9%, find the luxury tax on a a. $6,620.40 b. $ 662.04 c. $7,140.05 d. $5,620.50
sports car that cost $62,450.
36. Terms on the invoice were 5/15, ROG. What does ROG a. Record of Gross Pay b. Receiver of Gifts c. Return of Goods d. Receipt of Goods
stand for?
For problems 37-38, use I=PRT and 365 days if time is given in days.
2004 Business Math Page 3
37. Principal = $850, Rate = 9%, Time = 120 days. Find I. a. $25.50 b. $23.75 c. $25.15 d. $26.45
38. Rate = 6%, Time = 100 days, Interest = 410.96. Find P. a. $24,500 b. $25,000 c. $25,100 d. $25,500
39. Barb Wilson's checkbook balance was $1,212.67 on a. $ 923.41 b. $ 705.26 c. $ 815.56 d. $1,610.64
October 2. Since then, she has written out 4 checks in
the amounts of $15.00, $500.00, $32.97, and $109.44
and she made one deposit in the amount of $150. What
is her adjusted checkbook balance?
40. An employee's gross pay for last week was $496.00. a. $384.73 b. $385.12 c. $385.31 d. $385.21
The employee had deductions of $36.58 for FICA tax,
$61.40 for federal income tax, and $12.81 for medical
insurance. Find the employee's net pay.
41. The selling price of a TV was $279.49 and the markup a. $271.24 b. $303.34 c. $237.84 d. $255.64
was $23.85. Find the cost of the TV.
42. If 8 calculators cost $145.20, what is the cost of 1 a. $18.15 b. $18.25 c. $18.30 d. $18.45
calculator?
For problems 43-45, use the following information.
Test Scores for Student A Test Scores for Student B
91 79
88 87
85 84
96 78
80
84
43. What is Student A's average test score? a. 90 b. 89 c. 88 d. 87
44. What is Student B's average test score? a. 80 b. 81 c. 82 d. 83
45. What is the average of all the test scores for Student A a. 84.8 b. 86 c. 85.2 d. 84
and B?
46. A ski rope is 36.5 feet long. How long is the ski rope in a. 1,314 b. 365 c. 438 d. 856
inches?
47. A woman ran 1 2/3 mile on Monday, 2 1/5 miles on a. 5 3/10 b. 6 19/30 c. 7 1/30 d. 6 7/10
Tuesday, and 2 5/6 miles on Wednesday. How many
total miles did she run for the 3 days?
48. An employee was paid $45.78 for working 5.25 hours. a. $8.72 b. $7.96 c. $8.32 d. $8.27
What is the employee's hourly rate of pay?
49. The invoice date is October 7 and there are 15 days in a. October 17 b. October 22 c. November 7 d. November 15
the discount period. What is the last day that one can
take advantage of the cash discount?
50. For fuel oil in the winter months, a homeowner paid a. $160.40 b. $161.60 c. $160.30 d. $160.20
$119.50 in November, $139.25 in December, $178.75 in
January, and $203.30 in February. What was the
average monthly cost for fuel oil in the winter months?
 2004 Business Math Page 4
51. A baseball pitcher has a walk to strikeout ratio of 2:7. If a. 10 b. 12 c. 14 d. 16
he has 56 strikeouts, how many walks does he have?
52. Convert the annual interest rate of 20% to a monthly a. 1 2/3% b. 2.67% c. 2 1/3% d. 1.5%
rate.
53. A garage is 26 feet long and 24 feet wide. How many a. 625 b. 100 c. 676 d. 624
square feet are there in the garage?
For problems 54-56, use the following information.
i. Selling Price = $3,496, Cost = $2,185
54. What is the markup? a. $1,331 b. $1,311 c. $1,321 d. $1,133
55. What is the markup rate based on cost? a. 37.5% b. 40% c. 62.5% d. 60%
56. What is the markup rate based on selling price? a. 37.5% b. 40% c. 62.5% d. 60%
57. An employee worked a total of 55 hours. Twenty a. 9 b. 10 c. 11 d. 12
percent of these hours were weekend hours. How many
hours did the employee work on the weekend?
58. An item in the store has a price tag of $60. If the store a. $55.20 b. $52.00 c. $54.80 d. $48.00
owner offers an 8% cash discount, what is the net
amount paid by the customer?
59. Jack earns 2¼% interest annually on his savings account. a. $75.00 b. $76.00 c. $80.00 d. $72.00
If he has $3,200 in his savings for the entire year, how
much interest will he earn at the end of the year?
60. ABC Company pays the regular hourly rate for the first a. $655.50 b. $637.69 c. $684.00 d. $541.50
35 hours and double time for all hours over 35. Jane
Doe worked 41.5 hours this week. If her hourly wage is
$14.25, what are her total weekly earnings?
61. A customer purchased an item costing $17.00 in a state a. $2.20 b. $ .68 c. $1.92 d. $2.32
having a sales tax rate of 4%. Find the amount of
change the customer will receive from a $20 bill.
62. An $86,000 mortgage was taken out with an interest rate a. $459.45 b. $465.83 c. $433.58 d. $456.53
of 6.5%. What would be the first month's interest if the
first payment was made one month from the date of the
loan?
63. The employee who applies finishing touches to a a. 12 b. 5 ¼ c. 5 1/3 d. 5 1/5
decorative sign takes about 1½ hours per sign. Find the
number of signs that the employee can finish in a normal
8 hour day.
64. A secretary finished a 3 page letter in 8.4 minutes. Page a. 2.5 b. 3.15 c. 2.05 d. 6.35
one took her 3.75 minutes and page two took her 2.6
minutes. How many minutes did it take her to do page
three?
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65. A team won 16 games and lost 9 games. What percent a. 56.25% b. 36% c. 64% d. 43.75%
of games did the team lose?
66. The list price of an item is $1,800. Find the net price if a a. $1,325 b. $1,340 c. $1,350 d. $1,375
25% trade discount is offered.
67. A salesperson earns a weekly salary of $315 plus 6% a. $ 915.00 b. $ 573.00 c. $1,173.00 d. $ 818.00
commission on sales over $10,000. If sales totaled
$14,300, find the salesperson's total weekly earnings.
68. If the rate for a life insurance policy is $7.35 per $1,000 a. $ 735.00 b. $1,837.50 c. $1,653.50 d. $1,905.00
of life insurance, what is the premium for a $250,000 life
insurance policy?
69. A sleeve of golf balls has 3 golf balls. If a sleeve costs a. $23.80 b. $17.85 c. $71.40 d. $32.65
$5.95, what is the cost of a dozen golf balls?
70. If there are 40 students in class and 24 are boys, what is a. 3:2 b. 2:5 c. 5:2 d. 2:3
the ratio of girls to boys?
71. It took Bob 4.5 hours to drive 252 miles. What was his a. 56 b. 52 c. 50 d. 60
average driving speed?
72. Inventory at the beginning of the year was $81,200 and a. $102,250 b. $ 97,500 c. $197,500 d. $ 98,750
at the end of the year, it was $116,300. What was the
average inventory?
73. The floor in the bathroom is 10 3/4 feet by 8 4/5 feet. If a. $155.42 b. $752.07 c. $640.77 d. $698.95
the floor covering cost is $7.95 per square foot, what is
the cost of the floor covering for the bathroom?
74. A swimming pool is 36.5 feet long, 18.6 feet wide, and a. 6,246.0625 b. 6,353.875 c. 6,279.825 d. 6,419.125
9.25 feet deep. How many cubic feet are there in the
swimming pool?
75. The price of gas was $1.49 last week. This week, the a. 5.37% b. 94.6% c. 5.47% d. 5.67%
price of gas is $1.41. What is the percent decrease in the
price of gas?
76. A customer purchased items costing $.79, $1.25, $23.00, a. $69.51 b. $69.17 c. $69.71 d. $69.85
and $41.16 in a state having a sales tax of 5%. Find the
total amount paid for these four items.
77. A house sits on a square lot with a side being 62.5 feet a. 240 b. 250 c. 260 d. 270
long. How many feet of fence is needed to go around
the outside edge of the entire lot?
78. The advertising department spends 65% of its budget on a. $50,700 b. $54,500 c. $51,800 d. $58,400
TV ads. If their total budget is $78,000, how much do
they spend on TV ads?
79. A five pound bag of mixed nuts contained 10% walnuts, a. 2.25 b. 2 c. 2.75 d. 3
35% pecans, 50% cashews, and 5% peanuts. How many
pounds of the mixture were walnuts and cashews?
2004 Business Math Page 6
80. This year, ABC Company had sales totaling $360,000. a. 11.1% b. 12.5% c. 16.7% d. 89.0%
Last year, the company had sales totaling $320,000.
What is the percent increase in sales?
81. Corporate tax rates are 15% of the first $50,000 of a. $7,500 b. $6,555 c. $6,855 d. $7,045
taxable income. Find the amount of income tax due if
Corporation XYZ had taxable income of $43,700.
82. Sue's home has a market value of $210,000. If the city a. $183,500 b. $178,500 c. $172,500 d. $ 31,500
assesses property at 85% of the market value, what is the
assessed value of her home?
83. In the metric system, what is the basic unit of length? a. Liter b. Kilogram c. Centimeter d. Meter
84. If the inheritance tax is 18% and the son received a. $200,000 b. $193,520 c. $198,000 d. $210,780
$164,000. What was the total amount of the inheritance?

85. What is the single discount equivalent for this series of a. 31.6% b. 35% c. 65% d. 68.4%
trade discounts: 20%, 10%, 5%?
86. To take advantage of the 6% cash discount, a retailer a. $2,127.66 b. $2,124.30 c. $2,126.92 d. $2,120.00
made a $2,000 partial payment during the discount
period. How much was the retailer credited for the
$2,000 partial payment?
87. A $3,500 note was signed on September 29 at 10½% for a. $ 86.30 b. $ 60.41 c. $3,560.41 d. $3,439.59
60 days. What is the maturity value of the note?
88. A young couple paid $7,500 down on a house and a. 10% b. 16% c. 15% d. 17.6%
borrowed the remainder, which was $42,500. What
percent down payment did they make?
89. A production worker earns a salary of $3,750 per month. a. $45,000 b. $37,500 c. $39,000 d. $44,300
What is the worker's annual salary?
90. To what price must an item be marked-up in order for a. $280 b. $225 c. $250 d. $275
the retailer to give a 10% discount yet still make a 25%
profit based on the $180 cost?
91. What percent is 44 more than 40? a. 110% b. 9% c. 10% d. 4%
92. The invoice amount is $1,596 with a 5% cash discount a. $1,516.20 b. $1,596.00 c. $1,675.80 d. $1,591.00
being offered. The discount date is January 14 and the
due date is February 3. Find the net amount paid if full
payment was made on January 27.
93. A company pays their salesperson a monthly a. $ 6,300 b. $14,700 c. $10,700 d. $15,370
commission based on these conditions: 3% on the first
$50,000 sales, 5% on sales between $50,000 and
$150,000, and 7% on sales over $150,000. If a
salesperson had monthly sales totaling $210,000, what is
the total monthly commission earned by the salesperson?
2004 Business Math Page 7
94. A team won 28 games this year. This was 40% more a. 11 b. 16 c. 20 d. 21
wins than last year. How many games did the team win
last year?
95. A used car cost $8,850. The buyer made a down a. $7,965 b. $8,761.50 c. $8,000 d. $9,735
payment of 10% and borrowed the rest. How much was
borrowed?
96. 212 F is equal to what degree Celsius (C)? 118 b. 180 c. 100 d. 98.6
97. If you flip two coins, what is the probability of getting a. .5 b. 1 c. .25 d. .75
heads on each coin?
98. If a car costing $26,700 depreciates 12% the first year a. $21,360.00 b. $21,462.68 c. $21,526.32 d. $21,616.32
and 8% the second year, what is the book value of the
car after two years?
99. A young lady borrows $2,400 from a credit union. Her a. $115.60 b. $374.40 c. $168.90 d. $412.20
monthly payments are $115.60 for 24 months. Find the
amount of the finance charge.
100. Property valued at $170,000 had an insurance policy a. $153,000 b. $136,000 c. $170,000 d. $ 34,000
that contained an 80% coinsurance clause. What is the
minimum amount of insurance that the property owner
must have in order to still receive dollar for dollar
coverage on any claim up to the amount of insurance
carried?
FBLA Business Math Page 8
2003 FBLA BUSINESS MATH ANSWER KEY

1. C 26. A 51. D 76. A

2. B 27. B 52. A 77. B
3. B 28. C 53. D 78. A
4. D 29. C 54. B 79. D
5. C 30. B 55. D 80. B
6. D 31. D 56. A 81. B
7. A 32. C 57. C 82. B
8. A 33. B 58. A 83. D
9. D 34. B 59. D 84. A
10. A 35. D 60. C 85. A
11. A 36. D 61. D 86. A
12. D 37. C 62. B 87. C
13. C 38. B 63. C 88. C
14. C 39. B 64. C 89. A
15. A 40. D 65. B 90. C
16. B 41. D 66. C 91. C
17. A 42. A 67. B 92. B
18. D 43. A 68. B 93. C
19. A 44. C 69. A 94. C
20. C 45. C 70. D 95. A
21. C 46. C 71. A 96. C
22. A 47. D 72. D 97. C
23. B 48. A 73. B 98. D
24. C 49. B 74. C 99. B
25. B 50. D 75. A 100. B

For problems 43-45, use the following information.

Test Scores for Student A Test Scores for Student B
91 79
88 87
85 84
96 78
80
84