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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.

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Presentation on theme: "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."— Presentation transcript:

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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

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

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

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

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

9 DAILY DOUBLE!

10 MOST RETAILERS USE MARKUP BASED ON THIS 1 POINT

11 WHAT IS SELLING PRICE?

12 THE SELLING PRICE OF A CAMERA THAT COST $218 AND IS MARKED UP 78% BASED ON COST? 2 POINTS

13 WHAT IS S = C + M S = $218 +.78 ($218) S = $218 + $170.04 S = $388.04?

14 THE SELLING PRICE OF A DETERGENT THAT COST $2.99 AND IS MARKED UP 25% BASED ON SELLING PRICE 3 POINTS

15 WHAT IS P = B * R $2.99 = B * 75% B = $2.99 / 75% B = $3.99 $% COST$2.9975% + MARKUP25% = SELLING PRICE100%

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

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%

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

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

20 THE NUMBER OF PAYCHECKS RECEIVED IN ONE YEAR IF AN EMPLOYEE IS PAID SEMI- MONTHLY 1 POINT

21 WHAT IS 24?

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

23 WHAT IS $681.95? (50 * $2.95) + (100 * $3.10) + (67 * $3.35)

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

25 WHAT IS $671.44? (($26,572 – 3,000) * 2%) + $200

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

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%

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

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

30 THE TERM USED FOR THE AMOUNT REPAID AT THE END OF A SIMPLE INTEREST LOAN 1 POINT

31 WHAT IS MATURITY VALUE?

32 USING ORDINARY TIME, THE NUMBER OF DAYS BETWEEN NOVEMBER 15 AND MARCH 15. 2 POINTS

33 WHAT IS 120?

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

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

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

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

38 DAILY DOUBLE!

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

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

41 THE TERM FOR THE LEGAL DOCUMENT USED FOR SIMPLE INTEREST LOANS 1 POINT

42 WHAT IS A PROMISSORY NOTE?

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

44 WHAT IS THE SIMPLE INTEREST NOTE?

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

46 WHAT IS BANK DISCOUNT = $32,800 *.075 * 61/360 = $416.83 PROCEEDS = $32,800 - $416.83 = $32,383.17?

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

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%

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

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

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52 CATEGORY: UNEMPLOYMENT TAXES MAKE YOUR WAGER!

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.

54 QUESTION WHAT IS STATE UNEMPLOYMENT: $4,470 *.054 = $241.38 FEDERAL UNEMPLOYMENT: $4,470 *.008 = $35.76


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