1. Oak Construction Company built 128 houses in Hilltop Estates. If the company built 7 times as many colonial style houses as ranch style houses, how many ranch style houses were erected?
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[removed]14
|
|
[removed]21
|
|
[removed]16
|
|
[removed]24
|
|
|
2. Calculate the weighted mean for the following data: value=10, weight=2; value=12, weight=6; value=15, weight=8; value=18, weight=6; value=20, weight=2
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[removed]36
|
|
[removed]4.8
|
|
[removed]24
|
3. This year Bronson’s Tire Co. reported assets of $545,350 which is $120,640 more than last year. If owner’s equity was $192,500 last year, what was the amount of liabilities reported on last year’s balance sheet?
|
[removed]$232,210
|
|
[removed]$473,490
|
|
[removed]$352,850
|
|
[removed]$427,930
|
4. Laser Printing and Graphics offers cash discounts of 2/15, 1/20, n/30 to customers on all purchases. A customer purchased $18,000 of merchandise on May 20. What is the amount of the net payment if the invoice was paid on June 8?
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[removed]$17,640
|
|
[removed]$18,000
|
|
[removed]$17,820
|
|
[removed]$16,200
|
5. Matt Stinson invested $4,000 in a simple interest account paying 5.5% per year. If he received $385 in interest, how long did he leave the money in the investment? (Express your answer to the nearest hundredth of a year.)
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[removed]21 months
|
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[removed]1.5 years
|
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[removed]21 weeks
|
|
[removed]175 days
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6. Junko Kiera borrowed $13,000 at a discount loan rate of 12% for 30 months. Determine the true interest rate of Junko’s loan.
|
[removed]0.171
|
|
[removed]0.152
|
|
[removed]0.133
|
|
[removed]0.141
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7. Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they pay it off at the end of the term of the loan? (Express your answer to the nearest cent.)
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[removed]$32,547.52
|
|
[removed]$14,627.80
|
|
[removed]$9,100.00
|
|
[removed]$32,306.73
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8. Determine the future value of an ordinary annuity paying 10% quarterly for nine years if quarterly deposits of $450 are made throughout the nine years.
|
[removed]$25,785.64
|
|
[removed]$29,830.08
|
|
[removed]$4,479.53
|
|
[removed]$6,813.19
|
9. An asset was purchased on January 3rd costing $75,000 with a salvage value of $2,800 and an estimated useful life of five years. Find the depreciation expense using the straight-line method.
|
[removed]$15,000
|
|
[removed]$15,440
|
|
[removed]$14,440
|
|
[removed]$13,750
|
10. Mahalyk’s Water Fun Shoppe specializes in jet skis. Mahalyk’s inventory records showed the following for the past year: purchased 30 jetskis on February 10th at a cost of $4,000 per jetski; purchased 100 jetskis on May 12th at a cost of $3,000 per jetski; purchased 20 jetskis on June 15th at a cost of $3,500 per jetski; purchased 50 jetskis on July 20th at a cost of $2,500 per jetski Use the Average Cost Method to determine Mahalyk’s value of ending inventory at the end of July if they had 75 jetskis left in inventory.
|
[removed]$230,625
|
|
[removed]$210,000
|
|
[removed]$255,000
|
|
[removed]$187,500
|
1. Which of the following statements is TRUE?
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[removed]There is some loss of information when raw data is tallied into a stem-and-leaf display.
|
|
[removed]For a stem-and-leaf display, the leaf for the value 98 is 9.
|
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[removed]The stem in a stem-and-leaf display is the leading digit.
|
|
[removed]For a stem-and-leaf display, the stem for the value 67 is 7.
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2. Three persons earn $8 an hour, six earn $9 an hour, and one earns $12 an hour. The weighted mean hourly wage is:
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[removed]$9.
|
|
[removed]$9.67.
|
|
[removed]$10.67.
|
|
[removed]$11.
|
3. According to which classification or type of probability are the events equally likely?
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[removed]Classical
|
|
[removed]Relative frequency
|
|
[removed]Subjective
|
|
[removed]Mutually exclusive
|
4. A study determines that 60% of the voters in a town intend to vote for the incumbent mayor. If a sample of 8 people is selected, using the binomial formula, what is the approximate probability that 6 of the 8 people surveyed intend to vote for the incumbent?
|
[removed]0.47
|
|
[removed]1.28
|
|
[removed]0.6
|
|
[removed]0.21
|
5. What is a listing of all possible outcomes of an experiment and their corresponding probability of occurrence called?
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[removed]Random variable
|
|
[removed]Probability distribution
|
|
[removed]Subjective probability
|
|
[removed]Frequency distribution
|
6. What kind of distributions are the binomial and Poisson distributions?
|
[removed]Discrete
|
|
[removed]Continuous
|
|
[removed]Both discrete and continuous
|
|
[removed]Neither discrete or continuous
|
7. Which of the following is NOT true regarding the normal distribution?
|
[removed]Mean, median and mode are all equal.
|
|
[removed]It has a single peak.
|
|
[removed]It is symmetrical.
|
|
[removed]The points of the curve meet the X-axis at z = –3 and z = 3.
|
8. The mean of a normally distributed group of weekly incomes of a large group of executives is $1,000 and the standard deviation is $100. What is the z-score for an income of $1,100?
|
[removed]1.00
|
|
[removed]2.00
|
|
[removed]1.683
|
|
[removed]-0.90
|
9. Which of the following is NOT a component of the decision-making process?
|
[removed]Alternatives
|
|
[removed]Payoff
|
|
[removed]States of nature
|
|
[removed]Seasonal indexes
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10. Applying probabilities to a payoff table results in:
|
[removed]expected opportunity loss.
|
|
[removed]expected monetary value.
|
|
[removed]expected value of perfect information.
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|
[removed]decision tree.
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