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QRB 501 Final Exam Questions and Answers
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QRB 501 Final Exam Questions and AnswersTest Prep QRB/501
Spring 2018
1
Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.
Markup = $16.15; Selling price = $95.00. Find the cost.
Cost: $78.85
2
Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year.
$2,140.00
3
A number increased from 2553 to 5955 . Find the amount of increase.
3402
4
The following test scores were recorded for a student: 79, 74, 72, 68, 74, 60, 70. Find the mean, median,
and mode.
mean: 71, median: 72, mode: 74
5
Find the maturity value of a loan of $6787 after 4 months. The loan carries a simple interest rate of 14%
per year.
$7103.73
6
Jorge makes a simple discount note with a face value of $6000.00, a term of 240 days, and a
10% discount rate. Find the discount.
Discount: $400.00
7
Central Airlines offers a trade discount series of 30/35/10 for frequent flyers. If a round-trip airline ticket
is $683, what is the net price? Use the net decimal equivalent to find the net price. Round to the nearest
cent.
$279.69
8
, Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of
8% for 2 years. Use the formula I = prt to find the amount of interest he will pay on the loan.
I = interest; p = principal; r = rate (expressed as a decimal 0.08); t = time in years.
$576
9
An invoice for a laptop computer that cost $625.68 is dated September 15, with sales terms of 3/10 EOM.
If the bill is paid October 8, find the cash discount and net amount paid. Round to the nearest cent.
Cash discount: $62.57; net amount: $563.11
10. The circle graph above gives the inventory of the women's department of a store.
What is the total inventory?
$109,980
11. Which month in 2009 had the highest sales?
Month 5
12 Which month in 2010 had the lowest sales?
Month 2
13
The bar graph below shows the percent of income spent on leisure activities in various countries of the
world. In which country is the highest percent of income spent on leisure activities? What percent is this?
USA; 27.2%
14
Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.
Cost = $5.22; Selling price = $10.35. Find the markup.
Markup: $5.13
15
When finding the amount of change in percentage problems, the percent is always based on:
the original or beginning amount
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