Question

1. susan lives in the chicago area where in 2023 the average cost of a gallon of gasoline rose from $3.65 in january to $4.50 in november. find the percent increase in price.

23%\t19%\t85%\tnone of these

1. in 2022, sarah chose a wedding dress priced at $1,500 for her 2023 wedding. in 2023, she learned that the cost of her gown had risen to $1,800. she was relieved she had made her purchase in 2022—until she found a designer gown she could have rented for $800 for the day. what percentage could she have saved in 2022 if she had originally decided to rent her gown?

67%\t56%\t47%\tnone of these

1. which option below completes the (business) formula for loss = __________.

selling price - cost\t(cost + overhead) - selling price
selling price - (cost + overhead)\tnone of these

1. last month, grady’s manufacturing sold 63 business suits for $189 per suit. if the raw materials, labor, and overhead cost grady’s $155 per suit, calculate the total net profit.

$1,802\t$2,142\t$34\tnone of these

1. if the retailer sold grady’s suits for $255 each, calculate the difference between the retail price per suit and the factory cost per suit.

$36\t$50\t$66\tnone of these

1. the franklins plan to rent an apartment for $1,500 per month. what is the cost of the first year if one month’s rent must be paid for a security deposit?

$18,000\t$19,500\t$21,000\tnone of these

1. the williamsons, on the other hand, have decided to purchase a house that is selling for $450,000. if they need a 22% down payment to secure the mortgage, what will be the amount of their mortgage?

$351,000\t$549,000\t$450,000\tnone of these

1. the williamsons’ house (#17) has an assessment that is 55% of the market value. find the assessed value of their house.

$193,050\t$301,950\t$247,500\tnone of these

1. the williamsons must pay $0.75 per $100 of coverage on their new home, which is insured for $675,000. how much is their annual insurance premium?

$506.25\t$5,062.50\t$6,750\tnone of these

1. the williamsons’ refrigerator requires 90 kwh every month. if their electric supplier charges $0.13 per kwh, how much does their refrigerator cost them each month?

$11.70\t$140.40\t$692.31\tnone of these

Explanation:

11.

Step1: Find price increase amount

$4.50 - 3.65=0.85$

Step2: Calculate percent - increase

Percent increase = $\frac{0.85}{3.65}\times100\%\approx23\%$

Step1: Calculate potential savings amount

$1500 - 800 = 700$

Step2: Calculate percentage savings

Percentage savings=$\frac{700}{1500}\times 100\%\approx47\%$

The formula for loss in business is Loss=(cost + overhead)-selling price. This is because loss occurs when the total cost (cost of goods and overhead) is greater than the selling price.

Answer:

$23\%$

12.