Slide 1

Slide 2 Slide 3 Slide 4 1.THERE ARE 5 CATEGORIES OF SUBJECTS, EACH CONTAINING 5 SPACES WITH A DESIGNATED POINT VALUE. 2.EACH SPACE IS AN ANSWER TO A QUESTION. EACH TEAM MUST PHRASE THEIR RESPONSE IN THE FORM OF A QUESTION. 3.AWARDING OF CREDIT FOR A CORRECT RESPONSE IS AT THE DISCRETION OF THE JUDGE 4.POINT VALUES REPRESENT THE RELATIVE DIFFICULTY LEVEL OF THE QUESTION. JEOPARDY! RULES Slide 5 5.A LIMITED AMOUNT OF TIME IS AVAILABLE TO FORMULATE A RESPONSE TO EACH ANSWER. RESPONSES TO CONCEPT ANSWERS ARE GENERALLY ALLOTED 30 SECONDS; RESPONSES TO MATH ANSWERS ARE GENERALLY ALLOTED 1 MINUTE. 6.THERE ARE TWO DAILY DOUBLES SCATTERED AT RANDOM LOCATIONS THROUGHOUT THE GAME BOARD. WHEN ONE APPEARS, TEAMS MAY WAGER UP TO THE AMOUNT OF POINTS THEY CURRENTLY HAVE, OR THE VALUE OF THE QUESTION, WHICHEVER IS GREATER. JEOPARDY! RULES Slide 6 7.AT THE END OF THE GAME IS FINAL JEOPARDY!, WHERE TEAMS MAY MAKE ONE FINAL WAGER UP TO THE AMOUNT OF POINTS THEY CURRENTLY HAVE, OR THE VALUE OF THE QUESTION, WHICHEVER IS GREATER. A TEAM MUST HAVE A SCORE GREATER THAN ZERO TO PARTICIPATE IN FINAL JEOPARDY!. 8.AFTER FINAL JEOPARDY!, THE AMOUNT OF POINTS A TEAM HAS EARNED WILL BE DIVIDED AMONG THE TEAM MEMBERS AS EXTRA CREDIT TOWARDS THE FINAL SCORE OF EXAM #1. 9.YOUR TEXT AND NOTES MAY NOT BE USED UNLESS EXPLICITLY PERMITTED BY THE ANSWER. JEOPARDY! RULES Slide 7 10.WHEN TIME EXPIRES, YOUR ANSWER MUST BE WRITTEN ON THE WHITE BOARD YOUR TEAM WAS GIVEN IN ORDER TO BE ELIGIBLE FOR CREDIT. JEOPARDY! RULES Slide 8 1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS MARKUPS/ MARKDOWNS 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 3 POINTS 4 POINTS 5 POINTS 4 POINTS 5 POINTS SIMPLE DISCOUNT SIMPLE INTEREST PAYROLL Slide 9 DAILY DOUBLE! Slide 10 MOST RETAILERS USE MARKUP BASED ON THIS 1 POINT Slide 11 WHAT IS SELLING PRICE? Slide 12 THE SELLING PRICE OF A CAMERA THAT COST $218 AND IS MARKED UP 78% BASED ON COST? 2 POINTS Slide 13 WHAT IS S = C + M S = $218 +.78 ($218) S = $218 + $170.04 S = $388.04? Slide 14 THE SELLING PRICE OF A DETERGENT THAT COST $2.99 AND IS MARKED UP 25% BASED ON SELLING PRICE 3 POINTS Slide 15 WHAT IS P = B * R $2.99 = B * 75% B = $2.99 / 75% B = $3.99 $% COST$2.9975% + MARKUP25% = SELLING PRICE100% Slide 16 THE FINAL REDUCED PRICE FOR A TABLE THAT COST A STORE $262 TO PURCHASE, AND WAS MARKED UP INITIALLY 85% BASED ON COST. IT WAS MARKED DOWN 25% DURING A SPECIAL PROMOTION, AND THEN AN ADDITIONAL 30% DURING A CLEARANCE SALE. 4 POINTS Slide 17 WHAT IS: S = C + M S = $262 +.85($262) S = $484.70 FIRST MARKDOWN$% ORIGINAL SP$484.70100% - MARKDOWN 121.1825% = NEW SP 363.5275% 2 ND MARKDOWN$% ORIGINAL SP$363.52100% - MARKDOWN 109.0630% = NEW SP 254.4670% Slide 18 THE SELLING PRICE PER POUND OF TOMATOES IN THE FOLLOWING SCENARIO: 2,000 POUNDS OF TOMATOES WERE PURCHASED AT $.27/POUND. MARKUP IS 160% BASED ON COST. ON AVERAGE, 4% OF THE TOMATOES WILL SPOIL OR GO UNSOLD. 5 POINTS Slide 19 WHAT IS: TOTAL COST = 2,000 LBS. * $.27/LB = $540 TOTAL MARKUP = 1.6 * $540 = $864 TOTAL DESIRED SALES = $540 + $864 = $1,404 EXPECTED UNITS TO SELL: (1 -.04) * 2,000 = 1,920 PRICE TO SET PER POUND OF TOMATOES: $1,404 / 1,920 LBS. = $.73/LB Slide 20 THE NUMBER OF PAYCHECKS RECEIVED IN ONE YEAR IF AN EMPLOYEE IS PAID SEMI- MONTHLY 1 POINT Slide 21 WHAT IS 24? Slide 22 THE GROSS PAY FOR A WORKER WHO ASSEMBLES KEYBOARDS DURING THE LAST WEEK AS FOLLOWS: MONDAY37THURSDAY46 TUESDAY42FRIDAY52 WEDNESDAY 40 THE WORKER IS COMPENSATED ACCORDING TO THIS DIFFERENTIAL PAYSCALE ON A WEEKLY BASIS: UNITS ASSEMBLEDPAY PER UNIT 1- 50$2.95 51 150$3.10 OVER 150$3.35 2 POINTS Slide 23 WHAT IS $681.95? (50 * $2.95) + (100 * $3.10) + (67 * $3.35) Slide 24 THE GROSS PAY FOR AN EMPLOYEE WHO MADE $26,572 IN SALES THIS WEEK, AND WHOSE COMPENSATION SCHEME IS AS FOLLOWS: $200 SALARY/WEEK + 2% COMMISSION ON SALES ABOVE $3,000 3 POINTS Slide 25 WHAT IS $671.44? (($26,572 3,000) * 2%) + $200 Slide 26 THE AMOUNT OF SOCIAL SECURITY AND MEDICARE TAX WITHHELD FROM THE CURRENT PAYCHECK WHERE: THE YEAR-TO-DATE EARNINGS ARE $95,500; THE YEARLY LIMIT IS $97,500 FOR SOCIAL SECURITY; AND THE GROSS PAY FOR THE CURRENT PERIOD IS $2,500 4 POINTS Slide 27 WHAT IS SOCIAL SECURITY: $124 MEDICARE: $36.25? SS: $95,500 + $2,500 = $98,000 (EXCEEDS LIMIT) AMOUNT TAXED: ($97,500 - $95,500) * 6.2% MEDICARE: $2,500 * 1.45% Slide 28 THE AMOUNT OF FEDERAL INCOME TAX WITHHELD FROM THE PAY OF A MARRIED WORKER WITH 4 WITHHOLDING ALLOWANCES. THE GROSS PAY IS $1700, PAID SEMIMONTHLY. (YOU MAY USE YOUR TEXT, PP. 352 - 353) 5 POINTS Slide 29 WHAT IS $88.05? FROM FIG. 10-4 SEMIMONTHLY WITHHOLDING ALLOWANCE = $141.67 * 4 = $566.68 $1700 - $566.68 = $1133.32 FROM FIG. 10-5, USE TABLE 3(B) FORMULA IS $64 + 15% OF AMOUNT OVER $973 $1133.32 - $973 = $160.32 *.15 = $24.05 $24.05 + 64 = $88.05 Slide 30 THE TERM USED FOR THE AMOUNT REPAID AT THE END OF A SIMPLE INTEREST LOAN 1 POINT Slide 31 WHAT IS MATURITY VALUE? Slide 32 USING ORDINARY TIME, THE NUMBER OF DAYS BETWEEN NOVEMBER 15 AND MARCH 15. 2 POINTS Slide 33 WHAT IS 120? Slide 34 USING EXACT TIME, THE NUMBER OF DAYS BETWEEN DECEMBER 3 RD AND MAY 15 TH (NEITHER YEAR IS A LEAP YEAR). YOU MAY USE TABLE 11-1, P.390 IN THE TEXT. 3 POINTS Slide 35 WHAT IS 163? CALCULATED MANUALLY: DAYS LEFT IN DECEMBER AFTER THE 3 RD : 28 DAYS IN JANUARY31 DAYS IN FEBRUARY28 DAYS IN MARCH31 DAYS IN APRIL30 DAYS IN MAY15 163 USING TABLE 11-1, DECEMBER 3 RD IS THE 337 TH DAY OF THE YEAR. 365 337 = 28. MAY 15 TH IS THE 135 TH DAY OF THE YEAR. 28 + 135 = 163 Slide 36 THE MATURITY VALUE OF A LOAN OF $4,250 MADE ON APRIL 12 AND REPAID ON OCTOBER 12 WITH A SIMPLE INTEREST RATE OF 7.2% AND USING EXACT TIME AND ORDINARY INTEREST. YOU MAY USE TABLE 11-1, P. 390. 4 POINTS Slide 37 WHAT IS $4405.55? EXACT TIME: OCTOBER 12 TH 285 TH DAY APRIL 12 TH 102 ND DAY 183 DAYS I = P * R * T I = $4250 *.072 * 183/360 I = $155.55 MATURITY VALUE = $4,250 + $155.55 = $4,405.55 Slide 38 DAILY DOUBLE! Slide 39 WHAT IS THE ADJUSTED BALANCE, DUE AT MATURITY, OF A SIMPLE INTEREST NOTE WITH THE FOLLOWING SCENARIO: AMOUNT BORROWED $10,000 TERMS: 9% ORDINARY INTEREST, 270 DAY TERM PARTIAL PAYMENT OF $3,000 MADE ON DAY 60 5 POINTS Slide 40 WHAT IS $7,525.38? INTEREST THROUGH DAY 60: I = $10,000 *.09 * 60/360 = $150 AMOUNT APPLIED TO PRINCIPAL: $3,000 - $150 = $2,850 NEW PRINCIPAL BALANCE: $10,000 - $2,850 = $7,150 INTEREST FOR REMAINDER OF LOAN: I = $7,150 *.09 * 210/360 = $375.38 AMOUNT DUE ON DAY 270: $7,150 + $375.38 = $7,525.38 Slide 41 THE TERM FOR THE LEGAL DOCUMENT USED FOR SIMPLE INTEREST LOANS 1 POINT Slide 42 WHAT IS A PROMISSORY NOTE? Slide 43 BETWEEN A SIMPLE INTEREST NOTE AND A SIMPLE DISCOUNT NOTE, THE ONE WITH THE GREATER PAYBACK AMOUNT AT THE END OF THE TERM 2 POINTS Slide 44 WHAT IS THE SIMPLE INTEREST NOTE? Slide 45 THE BANK DISCOUNT AND PROCEEDS RESULTING FROM A SIMPLE DISCOUNT NOTE FOR $32,800 USING 7.5% ORDINARY INTEREST FOR 61 DAYS. 3 POINTS Slide 46 WHAT IS BANK DISCOUNT = $32,800 *.075 * 61/360 = $416.83 PROCEEDS = $32,800 - $416.83 = $32,383.17? Slide 47 THE EFFECTIVE INTEREST RATE OF A SIMPLE DISCOUNT NOTE FOR $8,000, AT AN ORDINARY INTEREST RATE OF 11%, FOR 120 DAYS (ROUNDED TO THE NEAREST TENTH OF A PERCENT). 4 POINTS Slide 48 WHAT IS BANK DISCOUNT = $8,000 *.11 * 120/360 = $293.33 PROCEEDS = $8,000 - $293.33 = $7,706.67 EFFECTIVE INTEREST RATE: R = I / (P * T) = $293.33 / ($7,706.67 * 120/360) = $293.33 / 2,568.89 =.1141855 = 11.4% Slide 49 THE PROCEEDS RECEIVED BY SMITH IN THE FOLLOWING SCENARIO: JONES BORROWS $19,500 FROM SMITH, AND DOCUMENTS IT VIA A PROMISSORY NOTE. THE TERMS ARE 8.25% EXACT INTEREST FOR 155 DAYS. WITH 76 DAYS LEFT IN THE LOAN, THE NOTE IS DISCOUNTED AT TOWN BANK, WHICH CHARGES A THIRD PARTY DISCOUNT FEE OF 10% ORDINARY INTEREST. 5 POINTS Slide 50 WHAT IS: I = $19,500 *.0825 * 155/365 = $683.17 MATURITY VALUE = $19,500 + $683.17 = $20,183.17 THIRD PARTY DISCOUNT = $20,183.17 *.10 * 76/360 = $426.09 PROCEEDS: $20,183.17 - $426.09 = $19,757.08 Slide 51 Slide 52 CATEGORY: UNEMPLOYMENT TAXES MAKE YOUR WAGER! Slide 53 ANSWER: THE AMOUNT OF STATE UNEMPLOYMENT TAX (RATE 5.4%) AND FEDERAL UNEMPLOYMENT TAX AN EMPLOYER MUST PAY IN THE FIRST QUARTER FOR AN EMPLOYEE WITH $4,470 IN TOTAL EARNINGS. Slide 54 QUESTION WHAT IS STATE UNEMPLOYMENT: $4,470 *.054 = $241.38 FEDERAL UNEMPLOYMENT: $4,470 *.008 = $35.76