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?

[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

[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?

[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.)

[removed]21 months

[removed]1.5 years

[removed]21 weeks

[removed]175 days

 

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

 

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.)

[removed]$32,547.52

[removed]$14,627.80

[removed]$9,100.00

[removed]$32,306.73

 

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?

[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.

[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.

 

2. Three persons earn $8 an hour, six earn $9 an hour, and one earns $12 an hour. The weighted mean hourly wage is:

[removed]$9.

[removed]$9.67.

[removed]$10.67.

[removed]$11.

 

3. According to which classification or type of probability are the events equally likely?

[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?

[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

 

10. Applying probabilities to a payoff table results in:

[removed]expected opportunity loss.

[removed]expected monetary value.

[removed]expected value of perfect information.

[removed]decision tree.