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1. Most companies calculate the finance charge on credit card accounts as a percentage of the A. weekly balance. B. average daily balance. C. average weekly balance. D. daily balance. 2. What is true of a sinking fund? A. It’s not really an annuity. B. It requires one lump sum payment at the beginning. C. It aids in meeting a future obligation. D. It doesn’t compound its money. 3. Book value is cost _______ accumulated depreciation. A. plus B. divided by C. minus D. times 4. Darlene Ramirez bought a home for $140,000. She put 20% down with a mortgage rate of 7.5% for 25 years. Her yearly payments are A. $9,329.61. B. $1,776. C. $12,415.20. D. $9,932.16. 5. The Yellow Company has a current ratio of 2.65. The acid test ratio is 2.01. The current liabilities of the company are $45,000. Assuming there are no prepaid expenses, the dollar amount of merchandise inventory is A. $90,450. B. $28,800. C. $90,540. D. $28,008. 6. Jorgen made deposits of $250 at the end of each year for 12 years. The rate received was 6% annually. What’s the value of the investment after 12 years? A. $4,200 B. $2,028 C. $4,217.48 D. $3,000 7. With a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges? A. $54,576 B. $5,023.68 C. $50,236.80 D. $545.76 8. Don made deposits of $500 at the end of each year for eight years. The rate is 8% compounded annually. Using the tables found in the textbook, calculate the value of Don’s annuity at the end of eight years. A. $5,318.30 B. $2,873.30 C. $2,837.03 D. $4,318.30 9. Bayani is charged 2 points on a $120,000 loan at the time of closing. The original price of the home before the down payment was $140,000. How much do the points in dollars cost Bayani? A. $2,800 B. $2,400 C. $4,200 D. $8,200 10. Chris bought a home for $225,000, putting down 20%. The mortgage is at 6½% for 30 years. Using the tables found in the textbook, determine his monthly payment. A. $1,216.80 B. $1,319.04 C. $1,139.40 D. $1,319.40 11. Justin Chan bought a Scion car for $8,200, putting down $800 and financing the remainder with 60 monthly payments of $179.99. Using the tables found in your textbook, the APR by table lookup is A. Close to 14 percent B. Close to 15 percent C. Close to 13½ percent D. Between 16.00 and 16.25 percent 12. DHL Express bought material handling equipment for its hub operations that cost $180,000. Using the MACRS, what’s the depreciation expense in Year 3 (using a five-year class) A. $15,360 B. $40,000 C. $34,560 D. $43,560 13. In calculating the daily balance, cash advances are A. sometimes added in. B. always subtracted out. C. always added in. D. sometimes subtracted out. 14. Bill’s Pizza has an asset turnover of 3.5. The total assets of Bill’s were $95,000. The net sales of Bill’s Pizza is A. $27,142.85. B. $33,250.00. C. $271,428.50. D. $332,500.00. 15. The present value of an ordinary annuity A. can only be calculated manually. B. tells how much money one needs to invest in the future. C. is a lump sum. D. indicates how much money needs to be invested today 16. Open-end credit in a revolving charge plan results in A. as many cash purchases till credit limit is reached. B. one purchase per month. C. the U.S. Rule being applied to each purchase. D. as many charged purchases till credit limit is reached. 17. Abby Mia wants to know how much must be deposited in her local bank today so that she will receive yearly payments of $18,000 for 20 years at a current rate of 9% compounded annually. (Use the tables found in the textbook.) A. $1,463.13 B. $163,313 C. $1,085.82 D. $164,313 18. Martina made deposits of $2,000 at the beginning of each year for four years. The rate she earned is 5% annually. What’s the value of Marina’s account in four years? A. $9,051.20 B. $11,051.00 C. $8,260.20 D. $8,260.00 19. Cost of merchandise sold equals beginning inventory A. plus net purchases minus ending inventory. B. minus net purchases plus ending inventory. C. plus net purchases plus ending inventory. D. minus net purchases minus ending inventory. 20. At the beginning of each year, Jerome invests $1,400 semiannually at 8% for nine years. Using the tables found in the textbook, determine the cash value of the annuity due at the end of the ninth year. A. $37,399.68 B. $37,939.86 C. $38,739.68 D. $37,339.68
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