Consumer Business Mathematics Midterm Exam
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. Which of the following fractions is equal to ¼
A. B. C. D. E.
2. John earns $8.35 an hour. Last week he worked 21 hours. This week he worked 33 hours.
What is his straight time pay for the two weeks?
A. $460.90B. $450.90C. $175.35D. $275.55 E. $409.15
3. The table shows the hours worked for the week. What is the total number of hours worked?
Monday / Tuesday / Wednesday / Thursday / Friday7 / 8 / 7 / 8 / 6
A. 39B. 38C. 38D. 38 E. 37
4. Round to the nearest hundredth. 11.6479
A. 11.7B. 11.65C. 11.64D. 11.6E. 11.658
5. What is 6 ¾ % of $ 7,600.00.
A. 513B. 520C. 456D. 479.25E. 550
6. Joan gets paid $2.35 for each baseball cap she embroiders. Her production sheet is shown.
What is her total pay for the week?
Date / 3/05 / 3/06 / 3/07 / 3/08 / 3/09 / 3/10Hats / 52 / 48 / 53 / 44 / 36 / 41
A. 575.13B. 543.90C. 643.70D. 622.75E. $643.90
7. An accountant makes $57,000.00 per year. What is the monthly salary?
A. 4,800B. 4,750C. 5,000D. 4,850E. 4,900
8. Write 12.34% as a decimal.
A. 1.234B. .1234C. 12.34D. 123.4E. .01234
9. Johnathan’s salary for a four-week period was $7,396.00. What is the weekly salary?
A. 1,850B. 1,800.C. 1,849D. 7,396E. 1,738
10. If a job has salary of $470 a week, how much would it pay for a year?
A. $24,440B. $1,880.C. $22,560D. $24,960 E. $24,000
11. A real estate agent makes 8% straight commission on each sale. What is the commission on the sale of a $425,000.00.
A. $3,400B. $34,000C. $29,750D. $34,560 E. $44,000
12. A car salesman makes 10 percent commission on the first $10,000 and 12 percent on all sales over $10,000. How much commission will be earned on $22,500.00 in sales?
A. $1,000B. $2,700C. $2,500D. $2,600 E. $10,000
13. Write the remainder as a fraction 17,453 ÷ 23
A. B. .83C. D. E.
14. Thomas gets paid by commission based on sales. He earns 3.5% on the first $3,000, 9% on the next $5,000, and 14% on sales over $8,000. Last month he sold $13,000 worth of merchandise. What is his total commission?
A. $1,255B. $455C. $1,820D. $1,200 E. $1,300
15. The gross weekly pay is $424. His earnings to date for the year total $11,700 What amount is deducted from her pay this week for Social Security, which is taxed at 6.4 percent?
A. $748.80B. $0C. $424D. $25.44 E. $27.14
16. Write the answer in lowest terms. 12 + 9
A. 21B. .21C. 22D. 22 E. 22
17. Market Systems provides medical coverage through a group medical plan for employees. The annual cost of the family membership is $7,250 The company pays 49 percent of the cost How much do the employees contribute for medical insurance.
A. $7,250B. $3,552.50C. $0D. $3,697.50 E. $3,625
18. Write 0.00537 as a percent.
A. .537%B. 5.37%C. .00537%D. 53.7%E. 537%
19. 228% of what number is $364.80
A. $228B. $364.80C. $831.74D. $200 E. $160
20. What is the average monthly expenditure?
Month / January / February / MarchExpenditure / $2,578.36 / $2,412.85 / $2,819.97
A. $7,811.18B. $2,703.75C. $2,603.73D. $25,604.75 E. $2,600
21. The monthly budget allows for $570 for household expenses. During March and April the garage was remodeled and $2371.85 was spent. How much did they overspend?
A. $1,801.85B. $1,231.85C. $1,140D. $2,371.85 E. $0
22 The budget and expenditure for personal items during October is shown below. How much less or more was spent than was budgeted?
Personal / Budget / ExpenditureClothing / $160 / $127.87
Food / $123 / $135.79
Misc / $40 / $54.12
A. $5.22 LessB. $6.22 Less C. $5.22 More D. $4.22 MoreE. $6.22 More
23. Solve the proportion:
A. 38B. 20.46C. 21D. 14 E. 26
24. Eric’s bank statement shows a pervious balance of $724.12. He made deposits of $123.18 and $85.26. He wrote checks for $38.12 and $117.98. He has a $5.00 service charge. What is the present balance?
A. $809.58B. $776.46C. $686.20D. $771.46 E. $724.12
25. Which of the following is the correct word form to write on a check for the amount of $246.24
A. two hundred forty six and dollars
A. two hundred forty six and .24 dollars
A. two hundred forty-six and dollars
A. two forty-six and dollars
26. Mrs. Miller deposited a check for $245.83 and a check for $418.72. She received $75.00 in cash. What was her total deposit?
A. $589.55B. $739.55C. $598.55D. $245.83 E. $418.72
27. Tracy deposits the money collected at a charity fundraiser into the charity’s saving account She has checks amounting to $1,984. She also has 45 twenty-dollar bills, 28 ten-dollar bills, 33 five-dollar bills, 132 one-dollar bills, and $33 in coins. What is the total deposit?
A. $3,944B. $3,494C. $2,255D. $1,984 E. 3,286
28. Mr. Williams’ bank calculates interest on a daily basis. Complete the following interest calculations.
Principal / X / Rate / X / Time / = / Interest3,000 / X / 0.09 / X / / =
A. $270B. $.74C. $13D. $13.32 E. $14
29. New carpet costs $325.00 and a vacuum cleaner for $135.00. What is the sales tax if the purchase is made in Delaware?
A. $27.60B. $32.20C. $0D. $23E. $460
30. Ms. Rodriguez purchased five bushes for $14.25 each, a swing for $75.34, and a gas grill for $179.99. She must pay the state tax of 3.5 percent, and the city tax of 2 percent. What is the total purchase price?
A. $344.54B. $326.58C. $333.05D. $337.95
31. It costs $55 to ship 150 pounds of auto parts. How much does it cost to ship 500 pounds?
A. $165B. $275C. $190D. $200 E. $183.33
32. A nine-ounce tube of toothpaste costs $1.79. What is the unit price per ounce to the nearest tenth of a cent?
A. $.19B. $.20C. $.17D. $.18 E. $.21
33. The Bake Shop has a clearance on day-old baked goods. Loaves of bread that sell for $2.40 are on sale for $1.72. What is the markdown?
A. $.20B. $1.00C. $.68D. $2.40 E. $1.72
34. A dress is regularly priced at $45. The dress is marked down 30 percent. What is the sale price of the dress?
A. $15B. $45C. $20D. $40 E. $30
35. A credit card statement has an unpaid balance of $214.54. The monthly finance charge is 2.5 percent of the unpaid balance. What is the finance charge?
A. $2.50B. $5.36C. $2.14D. $53.63 E. $0
36. Mr. Thomas’s charge account statement shows an unpaid balance of $600. The monthly finance charge is 1.5 percent of the unpaid balance. What is the new account balance?
A. $9B. $1.50C. $591D. $609 E. $600
37. A loan of $10,000 was granted for 90 days at 8 percent ordinary interest. What is the amount of ordinary interest owed? (HINT: Use banker’s interest 360 days a year)
A. $90B. $200C. $80D. $720 E. $72
38. If 48 is decreased to 36 , what is the percent decrease?
A. 25%B. 12%C. 75%D. 33% E. 10%
39. 60 decreased by what percent will produce 39?
A. 65%B. 39%C. 35%D. 60% E. 0%
40. Shirley purchased a car for $2375.00. She made a 20 percent down payment and financed the remainder. What amount was financed?
A. $475B. $2,375C. $2,000D. $1,375 E. $1,900
41. A home costs $135,000. The mortgage company requires a 15 percent down payment. What is the amount of the down payment?
A. $114,750B. $1,500C. $13,500D. $20,250 E. $27,000
42. If 35 is increased to 57, what is the percent increase?
A. 22%B. 63%C. 57%D. 37% E. 35%
43. Jordan and his wife have $64,600.00 to use as a down payment on a home that costs $241,000.00. What is the amount of their mortgage loan?
A. $176,400B. $241,000C. $305,600D. $64,600 E. $175,000
44. Mr. Wilcox is purchasing a home for $314,990.00. The bank is willing to finance the purchase if Wilcox can make a down payment of ¼ of the selling price. How much money will he need for the down payment?
A. $78,747.50B. $31,499C. $62,998D. $ 0 E. $10,000
45. A home in MountHolly cost $93,000.00 with a $8,000 down payment and closing costs of 4 percent of the amount of the mortgage loan. What are the total closing costs?
A. $8,000B. $11,400C. $3,400D. $3,720
46. A new home has an estimated replacement value of $194,000.00. The insurance will cover 85% of the replacement value. What is the amount of coverage on the home?
A. $29,100B. $19,400C. $0 D. $155,200 E. $164,900
47. Mr. Santiago recorded his housing expenses for the month of March: $1,383.74 for mortgage payment, $12.34 for insurance premium, $93.13 for real estate taxes, $127.34 for electricity, $53.73 for telephone service, and $67.13 for water. What is the total monthly housing costs?
A. $353.67 B. $1,737.41C. $1,383.74D. $127.34 E. $1,670.28
48. The annual premium is $6,239 for family membership in the company’s health insurance plan. The employer pays 77.5% of the total cost. The employees’ contribution is deducted straight from the paycheck. What is the employee’s annual contribution?
A. $1,403.78B. $ 0C. $4,835.23D. $6,239 E. $1,000
49. Maria’s health insurance program costs $4,738.00 and her employers covers 65% of the total cost. She also pays for the dental premium of $813 and the vision premium of $312. What is the total monthly premium for all her insurance?
A. $4,204.70B. $1,658.30C. $1,125D. $2,783.30 E. $4,738
50. Barry purchased 750 shares of stock at $33.73 per share. His online broker charged him a $25.00 commission. What is the total cost of the stock?
A. $25,322.50B. $18,783.73C. $25,272.50D. $25,297.50E. $0