# 1. T.J. bought fire insurance for his pizza shop for \$200,000 at an annual rate per \$100 of \$.49. At the end of 10 months, T.J. canceled the policy since his pizza shop went out of business. Using the

1. T.J. bought fire insurance for his pizza shop for \$200,000 at an annual rate per \$100 of \$.49. At the end of 10 months, T.J. canceled the policy since his pizza shop went out of business. Using the tables found in the textbook, determine the refund to T.J. A. \$186.20 B. \$127.40 C. \$852.60 D. \$980 2. In terms of premium cost, the most expensive type of insurance is _______ insurance. A. straight-life B. 20-year endowment C. term D. 20-payment life 3. Which one of the following statements is true about reduced paid-up insurance? A. It means the original face amount is continued for a certain number of years. B. It results in a face amount less than the original amount. C. It buys protection with paying new premiums. D. It continues for 20 years. 4. Belle Co. has beginning inventory of 12 sets of paints at a cost of \$1.50 each. During the year, the store purchased 7 at \$3.00, 8 at \$3.25, and 12 at \$3.50. By the end of the year, 31 sets were sold. Using the LIFO method, the cost of ending inventory is A. \$21.00. B. \$12.00. C. \$28.00. D. \$3.50. 5. Pedro opened a grilled cheese food cart. He insures his food cart for \$90,000.00 for fire. What’s his premium if the rate per \$100.00 is \$0.83? A. \$74.70 B. \$747.00 C. \$700.00 D. \$74,700.00 6. Usually, assessed value is rounded to the nearest A. cent. B. dollar. C. tenth. D. percent. 7. Calculate the median from the following numbers: 16, 9, 10, 5, 4 A. 9 B. 4 C. 10 D. 5 8. The stock of Company X pays a dividend of \$.88. The stock opened at \$18.25 and closed at \$18.33. The stock yield is A. 4.9% B. 4.1% C. 4.8% D. 4.2% 9. Dividends in arrears means that A. no past dividends have been omitted. B. common stockholders have been paid but not preferred stockholders. C. a specific amount of dividends hasn’t been paid. D. common stockholders must receive additional dividends not paid. 10. The building of A-Boy Supply is assessed at \$109,000. The tax rate is \$86.95 per \$1,000 of assessed valuation. The tax due is A. \$8,695.45. B. \$947.75. C. \$9,477.55. D. \$8,659.54. 11. The tax rate of \$.0984 in decimal form can be expressed as how many mills? A. 98.4 B. 9.84 C. 9,840 D. 90.84 12. Judy Ring purchased a watch with a retail price of \$8,000. She still has to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler is shipping the watch, there’s an additional \$20 shipping charge. The total purchase price of this watch for Judy is A. \$9,300. B. \$8,496. C. \$8,880. D. \$9,516. 13. The cost ratio in the retail method is found by the cost of goods available for sale at cost divided by the A. net purchases at cost. B. ending inventory at retail. C. cost of goods available for sale at retail. D. net sales. 14. A total sales amount of \$400,000 that included a 6% sales tax yields actual sales of A. \$377,358.49. B. \$37,537.58. C. \$48,200. D. \$42,800. 15. Commissions charged on the trading of stock are A. charged only on the buying of stock. B. charged on the buying and selling of stock. C. charged only on the sale of stock D. fixed. 16. Assume the mean useful life of a particular light bulb is 2,000 hours, which is normally distributed with a standard deviation of 300 hours. What is the range of the useful life of light bulbs within two standard deviations of the mean? A. Longer than 2,300 hours B. Between 1,700 and 2,300 hours C. Longer than 1,700 hours D. Between 1,400 and 2,600 hours 17. Today the price of a Jeep is \$25,000. In 1970, the price was \$5,000. What’s the price relative? A. \$166 B. \$600 C. \$550 D. \$500 18. The tax rate of \$.6943 in decimal form can be expressed per \$100 as A. \$690.3. B. \$69.43. C. \$69.43 mills. D. \$6.943. 19. Beehive Corporation earned \$1.80 per share. Assuming a closing price of \$40, what’s the PE ratio? (Round your answer to the nearest whole number.) A. 72 B. 20 C. 7 D. 22 20. Which one of the following statements is true of specific identification? A. Low-cost items aren’t used in this method. B. Flow of goods and flow of cost are the same. C. The specific purchase invoice prices aren’t used. D. Ending inventory isn’t associated with specific purchase prices.

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