Math Study Guide for Mrs Kerby

QUESTION 10 of 20: Accounting uses a "double-entry" in which the debits must equal the credits for any transaction. Debits and credits are additions or subtractions from accounts. If a transaction involves credits of $67 and $22, what must the debits sum to?

D)$89

QUESTION 14 of 20: Your company, a sole proprietorship, has assets of $98,400 and liabilities of $30,200. You sold off 20% of the equity of the business. How much did you sell off? Assume Equity = Assets - Liabilities.

a) $13,640

QUESTION 12 of 20: You own a dance studio. You have assets of $512,667 and equity of $268,964. What is your liabilities total?

a) $243,703

QUESTION 11 of 20: You negotiate a new contract that raises wages 8%. If wages currently are now $28/hour, what is the new hourly rate? (Round to the nearest dollar)

a) $30/hr

QUESTION 13 of 20: With 100 employees on staff, your company's insurance company recommended an online two-hour seminar each employee should watch and complete regarding new safety practices. By completing the seminar, accidents costing the company $88,000 per year will be reduced by 25%. The seminar will cost $15,000 once all employees complete it. How much money will the company save?

a) $7,000

QUESTION 6 of 20: You have three electricians. Electrician #1 works 20 hours and installs 30 lights. Electrician #2 works 30 hours and installs 35 lights. Electrician #3 works 40 hours and installs 40 lights. Which electrician is the most efficient in installing lights?

a) Electrician #1

QUESTION 8 of 20: You pay $2,000 a year for auto insurance. You got into an automobile accident. Because this is your second accident, your insurance company is going to increase your rates. You decide to shop around. Company #1 offers $200 per month the first year and then a 10% increase the second year. Company #2 offers $2,500 the first year and $2,600 the second year. Which option is least expensive combining the cost for two years?

a) Option #1

QUESTION 16 of 20: To ratify a new contract, a union requires affirmative votes from two-thirds of its members. The union has 1,233 members. How many votes are required to ratify the contract?

a)822

QUESTION 19 of 20: Your business pays $1,200 per year for insurance, but the insurance company has offered a 15% discount if you complete an online safety class. How much will your new annual insurance cost be if you complete the online safety course?

b) $1,020

QUESTION 2 of 20: Almost all union members pay dues: If a union member has $5.50 deducted from his paycheck each week for union dues, how much does he pay each year?

b) $252

QUESTION 9 of 20: Union employees vote for a representative to negotiate on behalf of all workers. This representative negotiates a 3% increase in wages, but requires workers to contribute 15% of their $10,000/year health insurance rather than 10% last year. What is the net gain or loss each worker (on average) receives or pays if the average worker makes $39,000 per year when both issues are factored?

b) $670 gain

QUESTION 5 of 20: You are planning to hire a full-time electrician who will work 40 hours per week. If you plan on giving this new hire three weeks' vacation as a benefit, how many hours will this new hire work in twelve months?

b) 1,960

QUESTION 20 of 20: You manufacture 50 skis a day that are all sold to a retail store. Your capacity to produce skis is 60 skis per day. You produce skis seven days a week. You have received an additional order to supply a second retail store with 320 skis one month from today. Based on your current responsibility to the first retail store, can you satisfy this second sales order knowing the capacity of your manufacturing business?

b) No

QUESTION 1 of 20: You are self-employed and have two health insurance options for your business. Option 1 offers $50 co-pays paying $4800 per year and Option 2 offers $20 co-pays paying $6,000 per year. If you average 10 doctor visits per year, which option would be less expensive?

b) Option #2

QUESTION 18 of 20: A partnership with 7 partners distributes its profits of $280,000 equally to the partners. How much does each partner get?

b)$40,000

QUESTION 15 of 20: You survey 127 employees, and learn that the number one thing on their wish list is free coffee. If 100 employees drink on average 1.5 cups of coffee a day and the cost is $.40 per cup, how much will it cost the company to offer free coffee for the year if the company is open 5 days a week all year?

c) $15,600

QUESTION 17 of 20: Your company is a partnership with you and one other owner, each with a 50% stake. The company has has assets of $247,965 and liabilities of $410,920. You both decide to liquidate the company. Assuming you can sell the assets at their listed value, how much will you be personally liable for?

c) $81,478

QUESTION 3 of 20: You plan on spending $10,000 on a Billboard. The Billboard is on a highway that has 1,000 cars pass it each day. If you assume there are an average of two people in each car, and .5% of all people that pass the billboard will buy your product selling for 530, how much sales can you estimate from the Billboard in one year?

d) $109,500

QUESTION 4 of 20: When the survey results came back, employees indicated that the lighting in the building is too low. There are 50 lights in the building. It will cost $50 to replace each light. The new lights are LED lights that are brighter and more efficient and last 10 years. It will save the company $350 per year in energy costs, plus make a brighter more productive work space making employees happier. How many years will it take for the new lights to pay for themselves? (round to the nearest year

d) 7

QUESTION 7 of 20: What is the Cost of Goods if manufacturing costs equal $50 each, packaging equals $1.00 each, delivery equals $2.00 each, and advertising equals $1,000.

d)$54 ea