Deck 19: Profit, Loss, and Commissions

Question 1

A(n) ____________________ is a percentage of the selling price paid to the salesperson.

Answer 1

commission

Question 2

If the expenses are more than the selling price, the difference is a(n) ____________________.

Answer 2

loss

Question 3

An automobile costs $8,000.00 and is sold at a profit of 10% on the cost price. What is the profit?

A) $750
B) $800
C) $850
D) $900

Answer 3

$800

Question 4

A mechanic receives a commission of 7% on parts sold to customers. A customer spends $76.00 on parts. What is the mechanic's commission?

A) $4.32
B) $5.32
C) $6.32
D) $7.32

Question 5

____________________ is the amount left over after all expenses are paid.

Question 6

A garage owner buys a job lot of 500 feet of #12-gauge wire. The price is $0.17 per foot. The next day, the price of this wire increases 15 1/4%. How much is saved by purchasing the wire at the lower price? Express the answer to the nearest cent.

A) $10.89
B) $11.83
C) $12.96
D) $13.77

Question 7

A certain make of automobile priced at $13,944.00 depreciates 17% in the first year. How much money does a purchaser lose in depreciation in one year?

A) $2,370.48
B) $2,489.83
C) $2,538.38
D) $2,643.83

Question 8

A car sells for $23,984.00, and a commission of 21% is given. What is the amount of commission paid?

A) $3,223.43
B) $4,834.93
C) $5,036.64
D) $6,383.28

Question 9

A mechanic who averages $625 a week labor has a slow week and makes only $475. What is the percent of loss from the mechanic's average pay?

A) 18
B) 20
C) 22
D) 24

Question 10

At a sale, a garage owner spends $894.94 for a number of different size tires. The freight charges are $54.80. The tires are sold so that a profit of 33 1/3% is made. How much must the tires be sold for? Round to the nearest cent.

A) $1,176.82
B) $1,199.43
C) $1,244.23
D) $1,266.32