Test Bank Answers Problem Solving With Math Chapter.1 - Math for Business and Finance 1e Complete Test Bank by Jeffrey Slater. DOCX document preview.
Chapter 1
Problem Solving with Math
True/False Questions
1. The problem should be stated in the decision-making process.
True False
2. Commas separate every three digits from left to right.
True False
3. Place value of the hundreds position is to the right of the tens position.
True False
4. 5,986 in verbal is written as five thousand and nine hundred eighty-six.
True False
5. Rounding approximates actual answers.
True False
6. Rounding all the way means there are two nonzero digits left.
True False
7. The first step in rounding is to identify the place value of the digit to be rounded.
True False
8. Rounding up occurs if the digit to the right of the identified digit is 5 or less.
True False
9. 42,515 rounded to the nearest thousand is 43,000.
True False
10. 586 rounded to the nearest ten is 580.
True False
11. 258 rounded all the way is 300.
True False
12. Numbers added together are called sums.
True False
13. The total of addends is called the sum.
True False
14. Adding is always done from bottom to top.
True False
15. The opposite of addition is subtraction.
True False
16. Borrowing in subtraction results in changing positional notation.
True False
17. In subtraction the minuend is the smaller number.
True False
18. 512 minus 285 equals a subtrahend of 227.
True False
19. Multiplication is a shortcut to addition.
True False
20. The multiplicand times the product equals the multiplier.
True False
21. Zeros at end of the multiplier and/or multiplicand are never attached to the product.
True False
22. 55 × 100 means attaching two zeros to the number being multiplied.
True False
23. Divisor plus quotient + remainder = dividend.
True False
24. Division is the reverse of multiplication.
True False
25. Short division is rarely done when the divisor is one digit.
True False
26. 1.4 + .14 + 20.001 equals 21.451.
True False
27. 5.11 times 6.5 equals 33.215.
True False
28. 275 divided by 1.5 equals 183.33 rounded to the nearest thousandth.
True False
29. 6,690 divided by 10,000 equals .6690.
True False
30. 29.41 minus .008 equals 29.402.
True False
31. 6.33 times 7.41 = 46.9053.
True False
Multiple Choice Questions
32. The decision-making process does not involve:
A. Stating the problem
B. Deciding on the worst method to solve the problem
C. Determining if the solution makes sense
D. Evaluating the end result
E. Deciding on the best method to solve the problem
33. In the number 49,869 there are how many tens?
A. 9
B. 6
C. 8
D. 4
E. 69
34. 9,432 written in verbal is:
A. nine thousand four hundred two
B. nine thousand and four hundred thirty-two
C. nine thousand four hundred twenty-three
D. nine thousand, four hundred thirty-two
E. none of these
35. 37,855 rounded to the nearest thousand is:
A. 40,000
B. 30,000
C. 38,000
D. 37,000
E. None of these
36. 19,810 rounded to the nearest hundred is:
A. 20,000
B. 19,000
C. 19,700
D. 19,800
E. None of these
37. Round all-the-way 2,689:
A. 2,680
B. 3,680
C. 3,000
D. 2,790
E. None of these
38. Adding 1,690 + 88 + 410 + 30 results in a sum of:
A. 2,182
B. 2,818
C. 2,218
D. 2,188
E. None of these
39. Subtracting 766 from 941 results in a difference of:
A. 175
B. 571
C. 185
D. 241
E. None of these
40. 88,000 × 300 equals:
A. 264,000
B. 26,000
C. 26,400,000
D. 26,000,000
E. None of these
41. 97 × 100,000 equals:
A. 9,700
B. 97,000
C. 9,700,000
D. 970,000
E. None of these
42. 98,000 divided by 4,000 equals:
A. 420
B. 240
C. 2R2
D. 24R2
E. None of these
43. Janet Woo received the following grades in an accounting class at McClenan Community College: 65, 80, 70, 100, 75, and 90. The instructor said he would drop the lowest grade. What is Janet's average?
A. 81
B. 83
C. 84
D. 82
E. None of these
44. Lee Co. carpeted its offices, requiring 310 square yards of commercial carpet. The total cost of the carpet at Home Depot was $10,230. How much did Lee pay per square yard?
A. $33
B. $34
C. $340
D. $32
E. None of these
45. At Best Buy a flat screen television with a regular price of $1,790 was reduced by $395. Assuming 800 customers purchased the computer, what were the total sales to Best Buy?
A. $1,160
B. $116,000
C. $1,161,000
D. $1,116,000
E. None of these
46. At a General Electric Plant they produced 12,000 jet engines in May. General Electric was able to sell 11,000 of those engines. Calculate total ending inventory cost assuming each engine cost $290,000.
A. $1,000
B. $290,000,000
C. $2,900,000
D. $920,000,000
E. None of these
47. True Value Hardware buys 200 snow blowers for $90 each to stock the store for the winter. If True Value sells the 200 snow blowers at $120 each, what is the profit? (sales – cost)
A. $60,000
B. $6,000
C. $24,000
D. $18,000
E. None of these
48. On Tuesday, Pizza Hut sold 60 plain pizzas at $5 each; 20 meatball pizzas at $8 each; 25 Sicilian pizzas at $9 each; and 33 large crust supremes at $10 each. What were the total dollar sales for Pizza Hut on Tuesday?
A. $790
B. $1,015
C. $1,115
D. $1,511
E. None of these
49. Pete Hax rents a ski house in Vail for $1,800 per month for six months. Assuming Pete spends $12,955 for the total trip, how much was spent above the renting of the ski house?
A. $10,800
B. $18,100
C. $2,155
D. $2,515
E. None of these
50. Sally Ray borrowed $38,000 to buy a new Chevy Volt. Assuming an interest charge of $4,100, what will be her monthly payment if she takes 25 months to repay the loan interest. Assume the loan is repaid in equal payments.
A. $1,520
B. $1,684
C. $1,864
D. $1,250
E. None of these
51. Eric Rose wants to buy a Ford Explorer that costs $26,000 with an interest charge of $3,000. If there are 50 equal payments required, what will Eric's monthly payment be?
A. $580
B. $850
C. $520
D. $250
E. None of these
52. Ed Sloan bought 6,000 shares of stock in Ebay Co. After holding the stock for six months, he sold 500 shares on Monday, 220 shares on Tuesday and again on Thursday, and 900 shares on Friday. If the average share of stock he still has is worth $70 per share, what is the total value of the stock?
A. $306,600
B. $291,200
C. $219,200
D. $360,600
E. None of these
53. Round all-the-way 2,689:
A. 2,680
B. 3,680
C. 3,000
D. 2,790
E. None of these
54. 47,000 times 400 equals:
A. 18,800,000
B. 18,000,000
C. 18,000,800
D. 800,000
E. None of these
55. 708,000 divided by 3,000 equals:
A. 236
B. 236 R2
C. 2,360
D. 23,360
E. None of these
56. Ace Landscape buys 100 shovels for $15 each. Ace sells all 100 shovels at $29.99. What is his profit?
A. $1,500
B. $2,999
C. $1,499
D. $1,400
E. None of these
57. Jeff wants to buy a new Ford Fusion for $24,200, with shipping costs of $800 and interest cost of $1,000. If Jeff pays in 72 equal payments, what would Jeff’s monthly payment be?
A. $361.11
B. $541.67
C. $433.33
D. $400.00
E. None of these
58. A.J. Ryan bought 500 shares of Google at $364.55 per share. Assuming no commission, what did Ryan spend?
A. $128,275
B. $145,820
C. $154,820
D. $182,275
E. None of these
59. Pumpkins at a local farm sell for $.49 per pound. Jim Ring spent $73.50. How many pounds of pumpkins were purchased?
A. 100
B. 150
C. 510
D. 110
E. None of these
60. North Shore Community College reimburses faculty members $.298 cents per mile to go to a workshop. Professor Wales submitted her travel log for a total of 650.11 miles. What reimbursement can Professor Wales expect? (Round to the nearest cent)
A. $193.70
B. $193.71
C. $193.72
D. $193.73
E. None of these
61. The Weather Channel reported that the normal snowfall is 138.44 inches for Lexington County. This winter the following snowfall occurred:
How much was the snowfall below normal?
A. 22.682 inches
B. 23.682 inches
C. 26.682 inches
D. 25.682 inches
E. None of these
62. If Jan sells 2,500 glow sticks on the Fourth of July at $1.99 each, what will her total profit be if each stick cost her $.88?
A. $2,757
B. $3,000
C. $2,775
D. $20,757
E. None of these
63. Mike Roland traveled 10,850 miles. His Ford truck averaged 16 miles per gallon. Assuming a gallon of gas cost $2.10, what was Mike's gasoline cost for the trip?
A. $1,404.06
B. $1,400.06
C. $1,442.06
D. $1,444.06
E. None of these
Short Answer Questions
64. Match the numbered words with the lettered definitions.
1. Addend
2. Difference
3. Dividend
4. Divisor
5. Minuend
6 Multiplicand
7. Multiplier
8. Product
9. Quotient
10. Remainder
11. Subtrahend
12. Sum
13. Whole number
A. Number in the division process that is being divided by another.
B. The answer to a division problem.
C. Top number in multiplication problem.
D. The answer to a multiplication problem.
E. Amount left over in the division process.
F. Numbers combined in adding process.
G. Bottom number in a multiplication problem.
H. Doesn't contain a decimal or fraction.
I. Larger number from which another is subtracted.
J. The total of the adding process.
K. Minuend less subtrahend.
L. Smaller number being subtracted from a large number.
M. Number in the division process that is dividing into another number
65. Express this verbal in number form:
Twelve thousand, nine hundred fifty-three
66. Round to nearest position as indicated:
Nearest Ten
74
67. Round to nearest position as indicated:
Nearest Hundred
792
68. Round to nearest position as indicated:
Nearest Thousand
9,314
69. Estimate by rounding all the way (do not round final answer):
70. Estimate by rounding all the way (do not round final answer):
71. Fill in missing number:
72. Fill in missing number:
73. Multiply by shortcut method:
130 × 1,000
74. Multiply by shortcut method:
6,150 × 10,000
75. Divide by shortcut method:
130,000 ÷ 1,000 =
76. Divide by shortcut method:
1,600 ÷ 10 =
77. Divide by long division (show work):
6,644 ÷ 181
Check
78. Estimated by rounding A. all the way and B. do actual calculation.
6,951 ÷ 81 A. Estimate _____________ B. Actual _____________
79. Ray Company received a shipment of 25 cartons of stereos. In each carton were five stereos. Each stereo sells for $80 and has a $30 cost to Ray. Assuming Ray sells all the stereos, what would his profit be?
80. Ron purchased two new Jeep Cherokees for $22,500 per Jeep. He paid $3,200 down on each car. What total amount should Ron borrow to pay for the cars?
81. John's Pizza sold $11,130 worth of pizza for one week. Each pizza sells for $6. Assuming that each day the same number of pizzas is sold, how many pizzas were sold each day? Assume a seven-day work week.
82. Fleet Center seats 14,500 people. Last night at the Celtics game 13,280 were in attendance. Total attendance for the season was 337,500. Assuming a 25-game home schedule, what is the average attendance per game? If each ticket cost $18, what would a sellout bring in for revenue for a game?
83. What is the total of the following verbal forms?
Twelve thousand, four hundred eighty-four
Fourteen million, eight
Eleven thousand, six hundred twenty-two
84. Express in verbal form:
8,732,649
85. Round the following number:
Nearest Ten
65
86. Round the following number:
Nearest Hundred
686
87. Round the following number:
Nearest Thousand
7,108
88. Round the following number:
All the Way
15,915
89. Estimate by rounding all the way, work actual problem, and check by adding each column of digits separately:
A. Actual B. Estimate C. Check
90. A. Estimate by rounding all the way and B. Do actual calculation:
91. Multiply by the shortcut method:
629,510 × 1,000
92. A. Divide and B. check answer by multiplication:
16,192 ÷ 58
93. Divide by the shortcut method:
1,500 ÷ 50
94. Peter Broom, who lives in Boston, bought a round-trip ticket to Chicago for $473. He handed the ticket agent five $100 bills. What change does Broom receive?
95. Earl Miller plans to buy a boat for $19,500 with an interest charge of $2,500. Earl figures he can afford a monthly payment of $650. If Earl has to pay 36 equal monthly payments, can he afford the boat?
96. In 2013, Peter Royan earned $66,000 in real estate commissions. If Peter's average commission was $6,000 per house, how many houses did Peter sell?
97. Art Missan has his oil tank filled 12 times per year. His oil tank has a 300-gallon capacity. Assuming the price of home heating fuel is $3.00 per gallon and the tank is completely empty each time Art has it filled, what is Art's average monthly bill?
Try to complete the blueprint aid to dissecting a word problem.
Oil filled 12 times per year Tank holds 300 gal $3 per gallon | Average monthly heating bill | Total gallons used times cost per gallon equals total cost of oil | Average monthly bill is total cost divided by 12 months in a year |
98. Express this verbal in number form:
Eighteen thousand, one hundred sixty-five
99. Express this verbal in number form:
Thirty-eight thousand, five hundred three
100. Round to:
Nearest Ten
52
101. Round to:
Nearest Hundred
491
102. Round to:
Nearest Thousand
9,333
103. Round to:
Nearest Ten
84
104. Round to:
Nearest Hundred
671
105. Round to:
Nearest Thousand
6,752
106. Estimate by rounding all the way (do not round final answer):
107. Estimate by rounding all the way (do not round final answer):
108. Estimate by rounding all the way (do not round final answer):
109. Estimate by rounding all the way (do not round final answer):
110. Fill in the missing number:
111. Fill in the missing number:
112. Fill in the missing number:
113. Fill in the missing number:
114. Multiply by shortcut method:
115 × 1,000
115. Multiply by shortcut method
1,815 × 10,000
116. Multiply by shortcut method:
525 × 1,000,000
117. Multiply by shortcut method:
1,650 × 10,000
118. Divide by shortcut method:
160,000 ÷ 1,000
119. Divide by shortcut method:
190,000 ÷ 10,000
120. Divide by shortcut method:
180,000 ÷ 100
121. Divide by shortcut method:
165,000 ÷ 1,000
122. Divide by long division:
6,514 ÷ 191
Check
123. Divide by long division:
6,438 ÷ 132
Check
124. Divide by long division:
125. Divide by long division:
126. Regan College had 30 teachers in the Business Department on January 1, 2013. During the year, 18 more teachers were hired. Five of the old teachers have retired. What is the total number of teachers currently employed in the Business Department at Regan College?
127. Al Flow rents a luxurious condominium for $14,004 for six months. What is the rental charge per month that Al pays?
128. Abe Real Estate is developing 15 solar homes per state in 25 states. If the cost of each home is estimated at $80,000, what is the projected cost for the entire development?
129. Al Flynn wants to buy a van that costs $16,000 with an interest charge of $2,000. Al figures he can afford a monthly payment of $700 per month. If there are 24 equal payments required, can Al afford the van? Show your work.
$18,000 ÷ 24 = $750
130. Al's Hardware buys 200 lawn mowers for $50 each to stock the store for spring. If Al sells the 200 lawn mowers at $80 each, what is his profit? (sales – cost)
131. A pocket calculator has a retail selling price of $12. The price has been reduced to $7. Bill purchases a calculator, handing the clerk a $100 bill. What change does Bill receive?
132. Mary Ross drove 1,064 miles. Her gas tank holds 28 gallons. How many miles per gallon did Mary's car get?
133. John Sullivan earned $101,250 selling real estate in 2012. If his average commission was $3,750 per unit sold, how many pieces of property did John sell?
134. Al Ring, Martha Wright, and Jim Brewer wrote a text called Principles of Math. The royalties on the book are to be split equally. Total royalties earned for the year are $9,936. How much is each author entitled to?
135. The oil tank of Bev O'Callahan's home is filled 12 times per year. The oil tank has a capacity of 144 gallons. Assuming the price of home heating fuel is $2 per gallon, how much did Bev spend on oil heat for the year? What is the average monthly heating bill?
136. The Convention and Visitor’s Bureau of the Missouri State Prison saw an increase in visitors from 3,290 in 2009 to 17,200 in 2011. How many more visitors did they see in 2011?
137. Tom traveled with his son Jeff to Branford, CT, by car and flew back at a cost of $443. He handed the ticket agent a $1,000 traveler’s check. How much will Tom get back?
138. Round to:
Nearest Hundred
18,932
139. The price of gas is $3.59 per gallon in Florida, well below the average price in California of $4.37 per gallon. If your Ford Taurus has a 20-gallon tank, assuming you are on empty, how much more will you pay for gas in California?
140. Katy purchased 100 shares of Facebook’s IPO @ $38.00 a share. One year later she sold it all for $50 a share. What was her total gain?
141. Multiply (round solution to nearest hundredth):
9.158 × 14.382
142. Divide (round to nearest tenth):
118,000 ÷ 3.95
143. Complete by shortcut method:
43.81 × 1,000
144. Complete by shortcut method:
11,896.413 × 1,000
145. Complete by shortcut method:
3,069.44 ÷ 1,000
146. Mel Doane is taking his office staff out to lunch. He has left on his credit card a spending limit of $99.50. If the total meal includes two fruit cups, two onion soups, two veal, two roast beef, three coffees, and one soft drink, will Mel be able to use the card? (Disregard tip plus tax.) If so, how much more charging will Mel be allowed before hitting his credit limit?
147. Total the following:
Six hundred sixty-eight and eight hundred one thousandths
Twelve and forty-nine hundredths
Three and four thousandths
Fifty-one hundredths
Three hundred ten and four tenths
148. Professor Burns attended a computer seminar at IBM. The college reimburses Professor Burns at $.41 per mile. Professor Burns traveled 520.4 miles. What will the college pay Professor Burns? (Round to nearest cent.)
149. Pete Smith bought two new car tires from Firestone for $89.95 per tire. Firestone charged Pete $3.25 per tire for mounting, $2.60 per tire for valves, and $3.80 per tire for balancing. What is Pete's final bill?
150. Multiply (round solution to nearest hundredth):
8.143 × 13.281
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Math for Business and Finance 1e Complete Test Bank
By Jeffrey Slater