Business

Mathematics

The First Assignment

and Open Quiz

Fall 2020
Instructions:
This assignment has two parts, the first part is all
“Try it Yourself problems” of Chapter 1 & 2.
And second part includes solving “Problem Set # 1” which
is in the proceeding Slides.

Show all your work since partial credit is given.

Answer without the necessary work will receive no credit.

Your work should be as a single pdf file, and remember to submit it in your
Kardan’s Web-based Portal at least one day before the due date.
Problem Set #1
Problem 1: In a comparison taste test of two
drinks, 780 students preferred Berry Blast. Only
220 students preferred Melon Splash. Complete
each statement.
a. There were ☐ more people who preferred Berry Blast.
b. In the taste test,☐% of the people preferred Berry Blast.
c. People who preferred Berry Blast outnumbered those
who preferred Melon Splash by a ratio of ☐ to ☐.
 Problem 2: Use the table to
answer the questions.

a. Which placement has the greatest difference in advertising

dollars between 1990 and 2000?
b. Find the percent of all advertising dollars spent on each
placement in 1990.
c. Find the percent of all advertising dollars spent on each
placement in 2000.
d. Use your results from Exercises a, b & c. Write several sentences
describing how advertising spending changed from 1990 to 2000.
Problem 3: How much will it cost in Canadian dollars
to purchase €2000 at a bank that charges a 2.2%
commission on the transaction? Use an exchange rate
of $1 Canadian equals €0.711142.

Problem 4: You have £200. How much will you receive

from your bank to convert the currency to Canadian
dollars? The bank charges a 2.8% service charge for
this type of transaction. Also, use this exchange rate:
£1 equals $1.657 Canadian dollars.

Problem 5: 6 pipes are required to fill a tank in 1 hour

20 minutes. How long will it take if only 5 pipes of the
same type are used?
Problem 6: A school has 8 periods a day each of 45
minutes duration. How long would each period be, if
the school has 9 periods a day, assuming the number of
school hours to be the same?
Problem 7: If the price of gasoline is Afs 49 per liter, find
the cost in US dollars per gallon. One US dollar is worth
Afs 74.50 and one US gallon is equal to 3.78 liters.
Problem 8: 6 pipes are required to fill a tank in 1 hour 20
minutes. How long will it take if only 4 pipes of the
same type are used?
Problem 9: A factory makes 800 units in 9 days with
help of 20 machines. How many units can be made in 12
days with the help of 18 machines?
Problem 10: Find the selling price of a T.V. set which
costs AFN 1950 and the mark-up is 40% on cost. What
is the amount of profit per set?
Problem 11: After a mark-up of 30% on sales a watch
sells for S225. What is its cost price?
Problem 12: What is the percentage mark-up on sales
if the cost price of a watch would have been $153 and
the watch sells for $225.
Problem 13: The list price of a mobile phone is Afs
4000 subjected to successive discounts of 10% , 5%
and 2%. What net amount a purchaser will have to
pay for the mobile phone?
Problem 14: A man sold a fountain pen for Afs 123.50.
His profit was 30% of his original price. What was his
purchase price?
Problem 15: Fill in the blank spaces in the following:
(a) Cost %Mark-up on cost Selling price
(i) Afs 2400 23% ?
(ii) Afs 250 ? Afs 312.50
(iii) ? 18% Afs 371.70

(b) Cost %Mark-up on Sell Selling price

(i) ? 15% Afs 325.00
(ii) Afs 123 ? Afs 164
(iii) Afs 2160 28 % ?
Problem 16: The price for a lawn chair was reduced by
15% on January 7 and this price was further reduced by
15% on February 6. If the price on February 6 was Afs
578 what was the price on last December 25?
Problem 17: Two television manufacturing Companies
A & B offer similar quality sets on the following
condition: A offers a list price less 20% , 8% and 2%
while B offers a list price less 15% , 10% and 5%. Which
manufacturer offers the lowest net selling price on his
sets if the list prices of both are the same?
Problem 18: What is the cost of a T.V. set which is sold
for Afs 9800. If the percentage mark-up is 40% on cost?
Problem 19: The manufacturing cost of a refrigerator was Afs
5000 composed of 30% material, 25% labor and 45% factory
overhead costs. Due to improved method of manufacture the
material cost has decreased by 8% but labor and overhead
costs have increased by 4% and 2% respectively. What will
now be the cost of production of refrigerator?
Problem 20: In the year 2001, product A was sold for $300 per
unit making a gross profit of 20% on sales. The total
production cost was made up of 25% of direct material, 40%
of direct labor, and 35% of factory overhead. Due to general
rise in prices in 2002, the selling price of the product
increased by 15%. The cost of production has also increased
resulting in increase of Material, Labor, and factory overhead
costs by 10%, 15%, and 12% respectively. What will be the
gross profit per unit in 2002?
Problem 21: Complete amount to be credited and balance
outstanding:
Amount of invoice: $2600
Terms: 3/10, 2/15, n/30
Date of invoice: September 28
Paid October 3: $800
Credited Amount: ?
Outstanding Balance: ?
Problem 22: Complete amount to be credited and balance
outstanding:
Amount of invoice: $1200
Terms: 2/10, 1/15, n/30
Date of invoice: February 15
Paid March 7: $800
Credited Amount: ?
Outstanding Balance: ?
Answers:
1. a. 560 b. 78% c. 39 to 11

2. a. Television b. c. d.
Difference
↯ ↯ ↯
Percent of
Placement 1990 2000 between Percent 1990 Percent 2000
1990 and 2000
change

Newspapers $32,281 $46,582 $14,301 24.91% 21.64% 4.15%

Magazines
Television
Radio
Yellow Pages
Internet
Direct Male
Other
Total $129,590 $215,229 $344,819
3. C$1956.947162 15. a. i. Afs 2952
4. C$322.1208 ii. 25%
iii. Afs 315
5. 1 hour 36 minutes
b. i. Afs 276.25
6. 40 minutes
ii. 25%
7. $2.4861
iii. Afs 3000
8. 2 hours
16. Afs 800
9. 960 units 17. Company A
10. Afs 2730, Afs 780 18. Afs 7000
11. $157.50 19. Afs 4975
12. 32% 20. $74.52
13. Afs 3351.60 21. $824.74, $1775.26
14. Afs 95 22. $800, $400