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Self-Evaluation Test 2: Your Potential as an Entrepreneur

 
  Small Business Math
 
  1. The Bike Emporium purchased an item for $56.20 and added a markup of $37.80. What is the retail price of the item?
   $95
   $94
   $92
   $93
  2. A manufacturer offers a promotional discount of $300 on an order of $15,000. What percentage of the total order is the discount?
   2%
   10%
   20%
   5%
  3. The opening cash fund for your sales register has the following coins and bills: 30 pennies, 15 nickels, 42 dimes, 40 quarters, 25 one-dollar bills, 5 five-dollar bills, 7 ten-dollar bills, and 2 twenty-dollar bills. The receipt you have for the fund indicates that you should have a total of $196.10. Do you? If not, how much more or less do you have?
   I have the correct amount.
   I have $19.85 less.
   I have $20.85 less.
   I have $20.75 more.
  4. Sandra is paid $7.25 per hour and time-and-a-half for any hours over 8 worked in one day. Determine Sandra's gross wages for working the following hours one week: Tuesday 9-7, Wednesday 8-5, Thursday 9-5, Friday 9-6, and Saturday 9-5. (Each day has a one-hour non-paid lunch break.)
   $290.50
   $286.37
   $319.00
   $478.56
  5. Alvin takes out a business loan for $700. The bank charges 17 percent interest on the loan per year. Determine the simple interest Alvin will pay on the loan for a year.
   $75
   $819
   $119
   $581
  6. How much would four bottles of water cost if the price per six-pack is $3.12?
   $1.56
   $0.52
   $0.78
   $2.08
  7. Determine the mean for the following raw scores from a test used in a marketing research study: 29, 17, 57, 93, 35, 75, 48, 12, 88, 70, 73, and 68.
   55.42
   49.75
   54.27
   60.45
  8. Neisha's Bridal Boutique sold a veil for $325.04 at retail. The cost of the veil was $191.20. Determine the percentage markup based on cost for the veil.
   100%
   30%
   70%
   170%
  9. Bart contracts with the local newspaper for 75 column inches of advertising space for the year. The contract rate per column inch for 50-100 column inches is $6. What is Bart's annual newspaper advertising budget?
   $400
   $450
   $350
   $375
  10. Calculate the total purchase order for the following items: 6 boxes of ink pens @ $3.50 each, 10 reams of bond paper @ $13 each, 20 boxes of envelopes @ $2.50 each, and 3 packets of padded mailing envelopes @ $0.75 each.
   $203.25
   $182.25
   $191.50
   $201.00
  11. Calculate the net amount of the invoice in problem 10, assuming that the stationery store offers your business a 17 percent trade discount.
   $237.80
   $153.20
   $34.55
   $168.70
  Jamaar collected the following raw data from a survey of his customers. Use the data to answer questions 12-13.

 
  12. Determine the percentage of customers responding to selection A.
   12%
   13%
   6.5%
   26%
  13. What percentage of the customers responded to selection C?
   64%
   96%
   32%
   16%
  14. Determine the total sale, including sales tax, for a customer who purchases the following items: 8 picnic plates @ $2.20 each, 8 plastic cups @ $1.50 each, 1 picnic basket @ $22, 1 blanket @ $35, and 2 sets of plastic utensils @ $13.75. The sales tax rate is 5.7 percent.
   $120.60
   $91.54
   $86.60
   $114.10
  15. What is the net amount an employee will pay for a $217.00 coffee table after applying the 15 percent employee discount?
   $200.00
   $184.45
   $32.55
   $195.30
  16. Pet Paradise had total sales of $17,486 and expenses of $15,297. Calculate the difference between sales and expenses.
   $1,566
   $2,189
   $5,610
   $2,009
  17. What is the cost of a newspaper ad that measures 7 inches by 5 columns with an advertising rate of $12 per column inch?
   $60
   $350
   $84
   $420
  18. What is the value of goods sold for a shop with a beginning inventory of $12,345, purchases of $5,768, and an ending inventory of $9,959?
   $8,154
   $2,386
   $16,536
   $4,191
  19. A customer hands you a ten-dollar bill for a purchase that totaled $5.67. What should you give the customer as change?
   4 one-dollar bills, 2 dimes, 3 pennies
   1 five-dollar bill, 1 quarter, 1 nickel, 3 pennies
   4 one-dollar bills, 1 quarter, 3 pennies
   4 one-dollar bills, 1 quarter, 1 nickel, 3 pennies
  20. Bill's Beach Bum Bargains uses a 55 percent markup on the cost to determine its retail prices. What would be the retail price of an item that cost Bill $15?
   $22.50
   $23.25
   $24.00
   $24.75