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# A local dot dress shop is selling a suit for 99 due

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36. A local Dot Dress Shop is selling a suit for \$99. Due to changing styles the 1 st markdown was 8% and second markdown 25 %. The suit still did not sell so a final markdown of 10% was taken. The sale price is currently: A. \$68.31 B. \$86.31 C. \$61.84 D. \$61.48 E. None of these 37. Convert a 40% markup percent on cost to markup percent on selling price. (Round to nearest hundredth percent). 38. Talbot's sells ladies sportcoats for \$99.99 that cost \$65.50. What is the percent markup on cost? Round to nearest hundredth percent. Verify the cost. 39. Gross pay = hours worked rate per hour. True False 40. Straight piece rate pay provides a worker an incentive to produce more since pay is based upon number of units produced. True False 41. A person married will pay in more Social Security and Medicare tax than a single person. True False

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42. The FICA Tax now requires separate reporting for Social Security and Medicare. True False 43. Social Security and Medicare tax: 44. The percentage method aids in calculating: 45. Lee Wong is a sales clerk at Sears. She is paid \$8.00 per hour plus a commission of 4 percent on all sales. Assuming Lee works 39 hours and has sales of \$4,000, her gross pay is: 46. Leo Corporation pays its employees on a graduated commission scale: 6 percent on 1 st \$40,000 sales; 7% on sales above \$40,000 to \$80,000; and 9 percent on sales greater than \$80,000. Bernie Kaminsky had sales of \$105,000. His commission is: A. \$2,400 B. \$7,450 C. \$5,200 D. \$1,350 E. None of these 47. Ron Swift earned \$1,500 last week. He is married, paid bi-weekly, and claims two exemptions. Using the percentage method (use tables in the handbook) his income tax is: 48. Jill Hartman earns \$750 per week plus 3 percent of sales in excess of \$6,500. If Jill sells \$25,000 in 1st week, her earnings are: 49. Jeff Jones earns \$1,200 per week. He is married and claims 4 withholding allowance. The Social Security rate is: 6.2% on \$97,500 and Medicare 1.45%. To date his cumulative wages are \$6,000. Each paycheck, his employer also deducts \$42.50 for health insurance. What is his net pay? (Calculate FIT by percentage method).
50. Calculate the gross pay of Alice Flynn, a corn picker, assuming she picked 4,150 ears of corn Bonus (10 pts). A local Dunkin Donuts makes blueberry muffins that cost \$.69 each. Past experience shows that 15% of the muffins will spoil and have to be discarded. Assuming this donut shop wants a 30% markup based on cost and produces 200 muffins, each muffin should sell for: Test 2 Spring 2009 Key 1. ATM's have replaced completely the need for tellers. FALSE Difficulty: Easy Slater - Chapter 004 #1 2. A blank endorsement is the safest type of endorsement.

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