Misc

Question 1

Formula percentage increase

Answer 1

1. New amount paid minus old amount paid equals the amount of wage increase
2. Amount of wage increase divided by old amount pay X 100 equals the percentage increase

Question 2

Calculating weighted average

Answer 2

1. Figure the balance at each month if the year
2. Add all month balances together and divide by 12 to get the weighted average for the year

Question 3

Calculating cost of goods sold

Answer 3

Beginning inventory
Plus purchases
Minus ending inventory
Equals cost of goods sold

Question 4

Calculating loan interest

Answer 4

Principal x interest X months/12

1,000 x 6% x 10/12 (interest to Oct)
Answer $50

Question 5

Compounding interest

Answer 5

Each years interest adds to the balance of the debt before interest is calculated on the next year