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Connect Test Chapter 15 & 16
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Gravity
Business Math
Terms in this set (16)
A variable rate mortgage means:
1. The interest rate is not fixed
2. The interest rate is fixed for five years
3. The rate is not subject to change
4. Larger monthly payments than a fixed rate
5. None of these
1. The interest rate is not fixed
Graduated payments result in the borrower paying:
1. More at the beginning of the mortgage
2. Less at the beginning of the mortgage
3. Less at the end of the mortgage
4. The mortgage at 1/2 the standard rate
5. None of these
2. Less at the beginning of the mortgage
Points represent:
1. 2% of the amount of the loan
2. Monthly payments
3. An additional cost of receiving the mortgage
4. 3% up-front payment
5. None of these
3. An additional cost of receiving the mortgage
Megan Mei is charged 2 points on a $120,000 loan at the time of closing. The original price of the home before the down payment was $140,000. The points in dollars cost Megan:
1. $2,400
2. $2,800
3. $4,200
4. $8,200
5. None of these
1. $2,400
All mortgage payments must be paid:
1. Weekly
2. Monthly
3. Biweekly
4. Semiannually
5. None of these
5. None of these
Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using the table in the handbook, his monthly payment is:
1. $1,319.04
2. $1,319.40
3. $1,216.80
4. $1,139.40
5. None of these
4. $1,139.40
Chin Woo bought a home for $160,000. He put down 20%. The mortgage is at 8 1/2% for 25 years. Using the table in the handbook, his yearly payments are:
1. $1,238.00
2. $12,380.16
3. $12,830.61
4. $12,380.61
5. None of these
2. $12,380.16
The total cost of interest is equal to the total of all monthly payments:
1. Divided by amount of mortgage
2. Minus amount of mortgage
3. Plus amount of mortgage
4. Times amount of mortgage
5. None of these
2. Minus amount of mortgage
The balance sheet lists:
1. Assets, liabilities, expenses
2. Assets, liabilities, equity
3. Assets, revenues, expenses
4. Assets, revenues, equity
5. None of these
2. Assets, liabilities, equity
Which of the following is not a current asset?
1. Cash
2. Building
3. Prepaid expense
4. Accounts receivable
5. None of these
2. Building
When each asset is analyzed as a percent of total assets for a single period, this is known as:
1. Horizontal analysis
2. Comparative analysis
3. Ratio analysis
4. Vertical analysis
5. None of these
4. Vertical analysis
In using horizontal analysis, comparative reports are:
1. Always used
2. Never used
3. Infrequently used
4. Often used
5. None of these
1. Always used
From 2016 to 2017, accounts receivable increased from $4,000 to $4,800. The percent increase is:
1. 120%
2. 162/3%
3. 20%
4. 55%
5. None of these
3. 20%
Which one is not used to calculate net sales?
1. Purchases
2. Sales discount
3. Sales returns and allowance
4. Gross sales
5. None of these
1. Purchases
Cost of merchandise sold equals beginning inventory:
1. Plus net purchases plus ending inventory
2. Plus net purchases minus ending inventory
3. Minus net purchases minus ending inventory
4. Minus net purchases plus ending inventory
5. None of these
2. Plus net purchases minus ending inventory
Selecting a base year and expressing each amount as a percent of the base year amount is called:
1. Trend analysis
2. Horizontal analysis
3. Vertical analysis
4. Ratio analysis
5. None of these
1. Trend analysis
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