Basics
and
Retailing - Sample Exam |
| Provide solutions
to the following problems; don't just give answers. |
Problem1:
(32 points total - 4 points each)
a. Convert percents to decimals:
| 25%
= _____ |
3.54%
= _____ |
7.5%
= _____ |
= __ |
|
b.
Convert these decimals to percents:
| 0.84
= _____ |
0.055
= _____ |
1.54
= _____ |
0.0035
= _____ |
|
c.
36 is what percent of 144?
|
d. 25 is 20% of what number?
|
e. What
is the percent increase from $ 6.49 to $20.00?
|
f. What is the percent decrease from $6.49 to $4.49?
|
g. Find increased base when $9.60 is increased
by 5.2%.
|
h. Find
decreased base when $154 is decreased by 35%.
|
|
Problem2:
(8 points)
Joe
Jones of Fairview, TN bought a lawnmower at the local
Wal-Mart for $564.89, including sales tax of 8.25 %.
What was the "tag price" of the lawn mower
(excluding sales tax)?
|
|
Problem3:
(10 points total - 5 points each)
Use the
following information given in table tabular form to
find D and NP in dollars.
|
| a.
|
|
b.
| |
% |
Fraction |
$ |
| D |
 |
|
|
| NP |
|
|
|
| LP |
|
|
144 |
|
|
|
Problem
4: (10 points) Complete the table:
| Discounts |
Complements |
Product
of Complements
or
Net Price Percent |
Complement
of Product of Complements
or
Equivalent Single Discount Rate |
|
| 20/10/15 |
|
|
|
|
| |
|
|
$354.68 |
| NP |
D |
LP |
|
Problem
5: (20 points total- 10 points each)
(a) Find
the cost when markon is 20% of cost and the selling price
is $240.
|
(b) Find the selling price when cost is $350 and markon is
30% of selling price.
|
|
Problem
6: (15 points) Complete the table:
| Item/Symbol |
Definition |
Dollar
Amount |
| NP |
Net
Price (given) |
70.00 |
| F/T |
Freight/Transportation
10% of NP |
|
| Other |
Other
Cost (given) |
3.00 |
| C |
Cost
C=NP+F/T+Other |
|
| O |
Overhead
20% of C |
|
| P |
Profit
50% of C |
|
| M |
Markon
M=O+P |
|
| S |
Selling
Price
S=C+M |
|
Breakeven
Price |
No
profit/No loss |
|
Markdown
Price |
20%
off |
|
|
Problem 7: (5 points)
Original selling price $38 marked down to $25. Cost price is $17
and overhead is 40% of cost price. Determine profit/loss amount
when sold at $25. |
