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Name _______ Mr. Rugolo Period _____ Business Math Yearly Pre-Assessment Directions: Solve the following problems to the best of your ability. This is an assessment of the skills you already have before taking this class. This assessment includes many of the topics that will be covered in class this year. Do the best that you can. By the end of the year you will know how to do all of these, and more! 1. Jean grey sells sporting goods equipment. She receives a graduated commission of 4% on her first $2,000 of sales, and 8.5% on all sales over $2,000. Gray’s sales for the past week totaled $3,925. What is her commission for the week? 2. Morgan Meyers stopped at his bank to deposit his paycheck for $201.20, a refund check from a store for $19.78, and deposit $34.23 in cash. What was his total deposit? 3. Jamal Quinlet deposited $1,800 in a savings account, which earns 6% interest that is compounded quarterly. He made no deposits or withdrawals. What was the amount in the account at the end of the second quarter? 4. Ardella Haubert purchased living room furniture for $3,987.95. She made a down payment of 20% and financed the remaining amount using the store’s installment plan. What amount did she finance? 5. Marie Storholder leased a car for $179 per month for 36 months. Her deposit was $2,000, with a title fee of $85 and a license fee of $79. What is her total lease cost? 6. Randall Raye invested $5,000 in a certificate of deposit for 3 years. The certificate earns interest at an annual rate of 6.25%, compounded quarterly. What is the effective annual yield to the nearest thousandth of a percent? 7. Forestry Consultants brought in Tim Collins, an expert on pruning trees, to train 8 summer employees. Collins charged a fee of $350.00 for a hands-on 8 hour training session. The summer employees are paid $10.50 an hour. Lunch is $6.50 per person. Each trainee is furnished with a pruning saw that sells for $56.25 each. What is the total cost of the training? 8. Jenna Fields is a die cut machine operator. She makes 105 shoe soles from every one piece of rubber. Each sheet of rubber costs $3.95. She is able to make one every 5 seconds. The direct labor cost is $17.50 per hour. What is the prime cost of manufacturing one shoe sole? 9. Wholesale supply Company offers chain discounts of 35% less 20% less 15% to sell out a discontinued item. Find the final net price for a $1,460 order. 10. A camera costs a department store $67.38. It sells the camera for $119.99. What is the markup rate based on the selling price?