MAT 115 WEEK 8 QUIZ

MAT 115 WEEK 8 QUIZ
1	Percent     Per 100    Per 1000
1436                      $143.60
a.   $1.436
b.   $14.36
c.   $143.60
d.   $.1436
	
2.	Percent     Per $100    Per $1000
                  $6.63        $66.30
a.   .663%
b.   66.3%
c.   6.63%
d.   663%
	
3.	Find the taxable income for A. Lambrix, single, 1 exemption, adjusted gross income of $47,902, total deductions of $5871.
a.   $39,452
b.   $42,031
c.   $33,581
d.   $38,731
	
4.	Find the tax for the Deckers, married, filing jointly, 5 exemptions, adjusted gross income of $58,162, total deductions of $7700.
a.   $3949.30
b.   $5119.30
c.   $6664.30
d.   $4189.30
	
	Find the tax owed in the following three problems.	0
5.	Williams Body Shop owns property with a fair market value of $617,000. Property in the area is assessed at 35% of fair market value with a tax rate of 6.28%. Find the annual tax.
a.   $13,561.66
b.   $25,206.35
c.   $25,185.94
d.   $17,628.57
	
6.	The Dawson family has an adjusted gross income of $126,950. They are married and file jointly with 2 exemptions and have deductions of $9718.
a.   $19,848
b.   $22,423
c.   $20,627.50
d.   $20,773
	
7.	Allen Derks had an adjusted gross income of $46,083 last year. He had deductions of $963 for state income tax, $2632 for property tax, $2467 in mortgage interest, and $175 in contributions. Derks claims one exemption and files as a single person.
a.   $6519
b.   $5231.50
c.   $5965.75
d.   $5694
	
8.	Dale- Radiator owns a class-B building with a replacement cost of $327,500. Contents are valued at $182,000. The territorial rating is 1. Find the annual fire insurance premium.
a.   $1401.15
b.   $2070.80
c.   $2496.55
d.   $1834.20

9.	A condominium is valued at $78,000. The fire insurance policy (with an 80% coinsurance clause) has a face value of $60,000. If the building has a fire loss of $13,000, find the amount of the loss that the insurance company will pay.
a.   $12,500
b.   $10,000
c.   $13,000
d.   $10,400

10.	Pinnacle Metal Products has an insurable loss of $78,000, while insured beyond coinsurance requirements. The insurance is divided between Company A with $80,000 coverage, Company B with $20,000 coverage, and Company C with $60,000 coverage. Find the amount of the loss paid by Company A.
a.   $26,000
b.   $29,250
c.   $39,000
d.   $9750
	
11.	Ritkin Drug & Gift Shop has an insurable loss of $270,000, while having insurance coverage beyond coinsurance requirements. The insurance is divided between Company A with $300,000 coverage, Company B with $200,000 coverage, and Company C with $500,000 coverage. Find the amount of loss paid by Company A.
a.   $81,000
b.   $90,000
c.   $135,000
d.   $54,000

	Find the annual motor-vehicle insurance premium for the following two people.	0
12.	Stan lives in territory 1, is age 48, wants liability coverage with limits of 250/500, with $100,000 in property damage coverage, is in comprehensive-collision age group 2, symbol 8, and wants uninsured motorist coverage.
a.   $940
b.   $751
c.   $644
d.   $730
	
13.	Juan lives in territory 3, is age 18, has had driver- training, wants liability coverage with limits of 25/50, with $25,000 in property damage coverage, is in comprehensive-collision age group 3, symbol 7, and wants uninsured motorist coverage.
a.   $729.00
b.   $759.00
c.   $1176.45
d.   $1129.95
	
14.	Find the semiannual premium for the following life-insurance policy:
Thomas Quin, whole life, $80,000 face value, age 40.
a.   $516.94
b.   $506.80
c.   $307.20
d.   $313.34

15.	Find the monthly premium for the following life-insurance policy:
Georgina Samt, 20-pay life, $200,000 face value, age 50.
a.   $469.33
b.   $511.39
c.   $543.17
d.   $591.83