Chapter 8 Exam (36 Questions)

10/28/22, 12:29 AM Chapter 8 Exam (36 Questions): BUS105 (Business Math) FA22 Bennett (10101/10102)
Chapter 8 Exam (36 Questions)

Due Oct 28 at 11:59pm Points 36 Questions 36 Time Limit None
Allowed Attempts 2
Take the Quiz Again
Attempt History
Attempt Time Score
LATEST Attempt 1 205 minutes 29 out of 36
Score for this attempt: 29 out of 36

Submitted Oct 27 at 9:26pm
This attempt took 205 minutes.
Question 1 0 / 1 pts
Solve for the missing numbers. Markup is based on cost. Round dollar
amounts to the nearest cent.
127% S $ ?
ou Answered
127% S $116.07
127% S $ 37.32
127% S $ 24.13
https://lrccd.instructure.com/courses/164128/quizzes/1449619 1/22
orrect Answer
127% S $ 64.94
Solve for the missing numbers. Markup is based on cost. Round dollar
?%S$?
56% S $276.41
144% S $121.46
Correct!
144% S $276.41
144% S $107.49
Find the missing numbers. Round rates to the nearest tenth of a percent
and dollar amounts to the nearest cent.
Correct! Markup: $4.20

% Markup on Cost: 90.9%
Markup: $13.44
Markup: $8.82
Markup: $4.20
Find the missing numbers. Round rates to the nearest tenth of a percent
and dollar amounts to the nearest cent.
Cost Price: $11.44

Selling Price: $22.88
Cost Price: $0.25

Correct! Cost Price: $25.09

Cost Price: $36.53

Solve the problem. Round dollars to the nearest cent and rates to the
nearest tenth of a percent.
Find the selling price of an item which cost a store $209. The store has a
30% markup.
$696.67
$160.77
$62.70
Correct!
$271.70
Solve the problem. Round dollars to the nearest cent and rates to the
nearest tenth of a percent.
The cost of an item is $76. For a special year-end sale the price is marked
down 20%. Find the selling price of the item.
$15.20
$63.33
Correct!
$60.80
$91.20
Solve for the missing numbers. Markup is based on selling price. Round
dollar amounts to the nearest cent.
100% S $ ?
100% S $ 4.71
100% S $10.71
100% S $10.71
Correct!
100% S $10.71
Solve for the missing numbers. Markup is based on selling price. Round
100% S $ ?
100% S $ 52.82
Correct!
100% S $ 56.97
100% S $ 94.41
100% S $ 52.82
Find the missing quantities by first computing the markup on one base
and then computing the markup on the other. Round rates to the nearest
tenth of a percent and dollar amounts to the nearest cent.
Markup = $9.92
% Markup on cost = 13.0%
% Markup on selling price = 15.0%
Markup = $9.92
Correct! Markup = $4.96

Markup = $4.96
Find the missing quantities by first computing the markup on one base
and then computing the markup on the other. Round rates to the nearest
tenth of a percent and dollar amounts to the nearest cent.
Cost = $109.81
Cost = $109.81
Correct! Cost = $52.29

Cost = $52.29
Find the equivalent markup. Round to the nearest tenth of a percent.
Markup on cost: 44.3%

Markup on selling price:
41.9%
Correct! 30.7%
69.3%
58.1%
Find the equivalent markup. Round to the nearest tenth of a percent.
Markup on cost: 8.3%

Markup on selling price:
92.3%
Correct!
7.7%
94.1%
5.9%
Solve the problem. Round rates to the nearest tenth of a percent and
A local dealer sells baseballs for $25 each. If $7.89 is the markup, what is
the cost and the markup on cost?
$32.89, 24.0%
Correct! $17.11, 46.1%
$25.00, 31.6%
$17.11, 68.4%
A local dealer sells baseballs for $25 each. If $8.89 is the cost, what is the
percent of markup on the selling price?
13.8%
Correct!
64.4%
39.2%
60.8%
dollar amounts to the nearest dollar when necessary.
A local dealer sells baseballs for $25.00 each. If this is a 12.9% markup
on selling price, find the equivalent markup percent on cost.
11.4%
12.9%
85.2%
Correct! 14.8%
dollar amounts to the nearest dollar when necessary.
A store sells an item for $550 each. If this is a 39.8% markup on the
selling price, find the equivalent markup percent on cost.
47.3%
Correct!
66.1%
28.5%
550%
Find the missing quantities. Round rates to the nearest whole percent and
money to the nearest cent.
% Markdown = 35%
Reduced price = $1,891.35
% Markdown = 65%
Reduced price = $490.35
Correct! % Markdown = 35%

% Markdown = 65%
Find the missing quantities. Round rates to the nearest whole percent and
money to the nearest cent.
% Markdown = 86%
$ Markdown = $485.18
orrect Answer % Markdown = 14%

$ Markdown = $91.84
% Markdown = 86%
$ Markdown = $91.84
ou Answered % Markdown = 14%

$ Markdown = $78.98
Find the missing quantities. If there is no operating loss or absolute loss,

write "none."
orrect Answer Breakeven point = $42

Operating loss = none
Absolute loss = none
Breakeven point = $20

Operating loss = none
Absolute loss = $9

Operating loss = $42
Absolute loss = $9
ou Answered Breakeven point = $42

Operating loss = $9
Absolute loss = $51
Find the missing quantities. If there is no operating loss or absolute loss,

write "none."

Reduced price = $116
Absolute loss = $12


Absolute loss = $50
Correct! Breakeven point = $197

Solve the problem. Round rates to the nearest whole percent and dollar
The Jewelry Store priced its entire stock of sterling silver at $1,394. The
original price was $2,022. Find the percent of markdown on the original
price.
45%
145%
Correct! 31%
69%
Solve the problem. Round rates to the nearest whole percent and dollar
The Galerie d'Art paid $138.60 for a limited edition Graux print. The
original selling price was $180.18, but this was marked down 25% to
make room for incoming pieces. If operating expenses are 28% of cost,
find the operating loss and the absolute loss.
operating loss: $3.46

absolute loss: $42.27
Correct! operating loss: $42.27



Find the average inventory.
$30,939.00
$61,878.00
Correct! $20,626.00
$21,275.00
orrect Answer $21,096.67
ou Answered $63,290.00
$31,645.00
$21,472.00
$30,944.00
$32,721.00
$32,341.75
$32,920.00
ou Answered
$129,367.00
Find the stock turnover at cost and at retail. Round to the nearest
hundredth.
Turnover at cost = 5.99

Turnover at retail = 2.38
Correct! Turnover at cost = 3.79



hundredth.




hundredth.




hundredth.




hundredth.




hundredth.




Find the inventory values using (a) the weighted-average method, (b) the
FIFO method, and (c) the LIFO method. Round final answers to the
nearest dollar.
Purchases Now in Inventory
Beginning inventory: 35 units at $6.08

June: 45 units at $6.80
August: 30 units at $7.28 40 units
(a) $737 (b) $243 (c) $291
Correct! (a) $737 (b) $286 (c) $247
(a) $268 (b) $247 (c) $286
(a) $737 (b) $286 (c) $291
Find the inventory values using (a) the weighted-average method, (b) the
FIFO method, and (c) the LIFO method. Round final answers to the
nearest dollar.
Purchases Now in Inventory

Beginning inventory: 100 units at $1.68
May: 150 units at $2.27
August: 250 units at $1.27
October: 220 units at $3.09 500 units
(a) $1,506 (b) $840 (c) $1,545
(a) $1,045 (b) $826 (c) $1,065
(a) $1,039 (b) $1,065 (c) $826
Correct! (a) $1,045 (b) $1,065 (c) $826
Solve the problem.
Bed 'n' Board Linen took inventory on the first of each month for the full
year. The sum of the inventories was . On December 31, inventory
was taken again and amounted to . Find the average inventory for
the year.
$44,896.92
$48,638.33
Solve the problem.
Over a year period, a hardware store made the following purchases of

hammers: 24 hammers at , 30 hammers at , 36 hammers at
, and 26 hammers at . Inventory at the end of the year shows 35
hammers remain. Find the inventory value by (a) weighted average
method, (b) FIFO Method, and (c) LIFO Method. Round final answers to
the nearest cent.
(a) $219.10
(b) $232.24
(c) $251.51
Correct! (a) $219.10

(b) $251.51
(c) $232.24
(a) $188.48
(b) $241.15
(c) $219.10
(a) $224.96
(b) $232.24
(c) $281.75
Quiz Score: 29 out of 36

Chapter 8 Exam (36 Questions) - BUS105 (Business Math) FA22 Bennett (10101 - 10102)

Uploaded by

Copyright:

Available Formats

Chapter 8 Exam (36 Questions) - BUS105 (Business Math) FA22 Bennett (10101 - 10102)

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Chapter 8 Exam (36 Questions) - BUS105 (Business Math) FA22 Bennett (10101 - 10102)

Uploaded by

Copyright:

Available Formats

10/28/22, 12:29 AM Chapter 8 Exam (36 Questions): BUS105 (Business Math) FA22 Bennett (10101/10102)

Take the Quiz Again

Score for this attempt: 29 out of 36

Correct! Markup: $4.20

Cost Price: $11.44

Cost Price: $0.25

Correct! Cost Price: $25.09

Cost Price: $36.53

Correct! Markup = $4.96

Correct! Cost = $52.29

Find the equivalent markup. Round to the nearest tenth of a percent.

Markup on cost: 44.3%

Find the equivalent markup. Round to the nearest tenth of a percent.

Markup on cost: 8.3%

Correct! $17.11, 46.1%

Correct! % Markdown = 35%

orrect Answer % Markdown = 14%

ou Answered % Markdown = 14%

Find the missing quantities. If there is no operating loss or absolute loss,

orrect Answer Breakeven point = $42

Breakeven point = $20

Breakeven point = $51

ou Answered Breakeven point = $42

Find the missing quantities. If there is no operating loss or absolute loss,

Breakeven point = $135

Breakeven point = $135

Breakeven point = $197

Correct! Breakeven point = $197

operating loss: $3.46

Correct! operating loss: $42.27

operating loss: $42.27

operating loss: $45.04

Find the average inventory.

Find the average inventory.

orrect Answer $21,096.67

Find the average inventory.

orrect Answer $24,755.20

Find the average inventory.

orrect Answer $25,873.40

Turnover at cost = 5.99

Correct! Turnover at cost = 3.79

Turnover at cost = 1.58

Turnover at cost = 3.76

Turnover at cost = 1.97

Turnover at cost = 2.33

Turnover at cost = 4.66

Correct! Turnover at cost = 2.36

Turnover at cost = 1.84

Turnover at cost = 7.13

Turnover at cost = 3.85

Correct! Turnover at cost = 3.88

Correct! Turnover at cost = 2.92

Turnover at cost = 1.37

Turnover at cost = 2.90

Turnover at cost = 2.14

Turnover at cost = 3.40

Turnover at cost = 1.72

Correct! Turnover at cost = 3.43