Major Field Test Sample Questions for Associate's Business Questions with Complete Solutions
- If a company sold merchandise for a $230,000
cash down payment and $310,000 on account and if the cost of the merchandise sold is $212,000, what is the amount of gross profit?
(A) $18,000
(B) $98,000
(C) $310,000
(D) $328,000 - Correct Answers ✅(D) $328,000
- A company issued a $600,000, 12 percent, 90-day
note payable to acquire an office building. What is the maturity value of the note?
(A) $72,000
(B) $600,000
(C) $618,000
(D) $672,000 - Correct Answers ✅(C) $618,000
- A company had sales of $920,000 and fixed costs
were $160,000. What was the income from operations if the contribution margin ratio was 30 percent?
(A) $116,000 1 / 2
Major Field Test Sample Questions for Associate's Business Questions with Complete Solutions
(B) $276,000
(C) $484,000
(D) $644,000 - Correct Answers ✅(A) $116,000
- The unit selling price of a manufactured product
is $100, and the unit variable costs are $60. If fixed costs are $780,000, what is the break-even number of sales units?
(A) 4,875
(B) 7,800
(C) 13,000
(D) 19,500 - Correct Answers ✅(D) 19,500
- A manufacturer estimates its factory overhead
- / 2
costs to be $30,000 and machine hours to be 4,000 for the year. If the actual hours worked on production total 3,800 and the actual factory overhead costs are $28,000, what is the amount of the over- or underapplied factory overhead?(A) $500 overapplied (B) $500 underapplied (C) $2,000 overapplied
