Question 1

Using the exchange rates in Table 3.2, show that you will receive as many pounds for US$2,560 by first converting the dollars to yen and then converting the yen to pounds as you would by converting the dollars directly to pounds.

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Question 2

A company has a profit-sharing plan for each employee according to their job classification. Senior management, supervisors, and other staff, which includes clerical and warehouse workers, split profits in the ratio of 8:5:3. The company has 350 employees including 10 managers and 25 supervisors. For the current year, the profits are $550,000. What shares of the profits will each senior manager, supervisor, and other staff receive?

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Question 3

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

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Question 4

If the exchange rate in terms of units of Currency N per unit of Currency M decreases, which currency strengthened? Explain.

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Question 5

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

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Question 6

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

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Question 7

Calculate each exchange rate in the third column of the following table using the alternative version of the exchange rate given in the second column.

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Question 8

Based on the exchange rates in the above table, how many fewer Canadian dollars will you receive if you convert €96 at airport currency exchange kiosk instead of at the Royal Bank? On any currency exchange transaction, airport currency exchange kiosk applies a C$3.50 service charge.

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Question 9

Three insurance companies (Axa, Lloyds and AIG) and agree to reinsure a $70 million cargo on an 6: 3: 7 ratio. Given an insurance premium of $4 million, how much would each insurance company have to pay?

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Question 10

The price of a 40-ounce bottle of rum at a U.S. border duty-free store was US$19.95. At the same time, the price of a 750-mL bottle of similar quality rum in an Ontario liquor store was C$22.95. Using the Ontario price as the base, what is the percent saving (on the unit price) by buying rum at the duty-free store? (1 litre = 35.2 fluid ounces)

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Question 11

Pacific Octagon's employee profit sharing plan allocates profits to divisional employees based on a complex formula. At the end of the current fiscal year, the company had $700,000 of profits to allocate. Half of profits are allocated based on divisional sales revenues, while the other half is allocated based on levels of customer satisfaction. Data for the past fiscal year is as follows:  Rounded to the nearest dollar, determine how much profit will be allocated to each division.

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Question 12

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

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Question 13

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

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Question 14

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

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Question 15

The ownership interests of four partners in a manufacturing business are 20%, 30%, 10%, and 40%. The partner with the 20% interest wants to sell her interest for $125,000. The other partners have agreed to split the 20% interest and to pay the asking price in proportions that will leave them with the same relative ownership as they now possess. How much should each partner contribute towards the $125,000 purchase price?

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Question 16

Based on the exchange rates in the above table, how many more euros can you obtain with C$1,500 at the Royal Bank than at the airport exchange kiosk? On any currency exchange transaction, the airport kiosk applies a C$3.50 service charge.

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Question 17

Canadian Can Co. operates a profit-sharing plan wherein half the annual profits are distributed to employees. By agreement, the amounts received by individual executives, supervisors, and production workers are to be in the ratio of 10: 7: 5 respectively. During the last fiscal year, there were 4 executives, 8 supervisors, and 45 production personnel. What profit-sharing amount will each executive, supervisor, and production worker receive if the year's profit was $265,000?

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Question 18

a) Based on the exchange rates in the above table, what was the percent transaction cost on your purchase of €1,100 from each of the Royal Bank and the airport currency exchange kiosk? On any currency exchange transaction, the airport currency exchange kiosk applies a C$3.50 service charge.
b) You returned from your trip to Italy with €53. Assuming the exchange rates remained the same, what percent transaction cost would you have paid to convert €53 back to C$ at the Royal Bank and at the airport currency exchange kiosk?

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Question 19

Peter, Gordon, Irwin and Mark are currently in a partnership. However, Peter is retiring and will be bought out by the remaining three partners for $150,000. The current ownership structure is as follows:  If Gordon, Irwin and Mark still wish to maintain the same ownership percentage, how should Peter's shares be allocated?

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Question 20

If pork chops cost US$3.99 per pound in the United States and C$9.49 per kilogram in Canada, in which country are the chops more expensive? How much more expensive are they in C$ per kg? (1 kg = 2.2 pounds)

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Quiz 3: Ratios and Proportions

Using the exchange rates in Table 3.2, show that you will receive as many pounds for US$2,560 by first converting the dollars to yen and then converting the yen to pounds as you would by converting the dollars directly to pounds.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

If the exchange rate in terms of units of Currency N per unit of Currency M decreases, which currency strengthened? Explain.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

Calculate each exchange rate in the third column of the following table using the alternative version of the exchange rate given in the second column.

Based on the exchange rates in the above table, how many fewer Canadian dollars will you receive if you convert €96 at airport currency exchange kiosk instead of at the Royal Bank? On any currency exchange transaction, airport currency exchange kiosk applies a C$3.50 service charge.

Three insurance companies (Axa, Lloyds and AIG) and agree to reinsure a $70 million cargo on an 6: 3: 7 ratio. Given an insurance premium of $4 million, how much would each insurance company have to pay?

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amount of the currency in the second column that is equal to the given amount in the first column.

Based on the exchange rates in the above table, how many more euros can you obtain with C$1,500 at the Royal Bank than at the airport exchange kiosk? On any currency exchange transaction, the airport kiosk applies a C$3.50 service charge.

If pork chops cost US$3.99 per pound in the United States and C$9.49 per kilogram in Canada, in which country are the chops more expensive? How much more expensive are they in C$ per kg? (1 kg = 2.2 pounds)