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8/17/2019
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Course 771001- Real Estate Accounting and Math
  Final Exam
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771001v - Real Estate Accounting and Math

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Accounting
6 CPE Credit Hours

8/17/2019
Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Financial statements do NOT include:
2. The expression double-entry system is
3. Current assets do NOT include:
4. Revenue listed on the income statement does NOT include:
5. The net worth figure is useful when:
6. When making comparisons, it is customary to convert income statement data to:
7. A balance sheet must show figures:
8. The processes and procedures used to record measures of dollars and cents, according to categories, are called:
9. Another name for the income statement is the:
10. Most businesses recognize revenues and expenses, using the ________________ method of accounting
11. Which of the following is NOT on an individual’s income statement?
12. The basic financial statements include a
13. For most businesses, the current ratio should be ______________.
14. The values shown for assets such as real estate and equipment will be recorded at.
15. Four sales representatives employed by Blue Carpet Realty earned $2120; $1865; $2863; and $2175 during the past month. What was the average of their monthly earnings?
16. The Lawson’s wanted to insure their house for $275,000. The insurance company charges an annual premium rate of 33 1/3 cents per $100 insurance for this type policy. How much is their annual premium?
17. Last year a family paid $26,500 for house payments. If this is 30% of the family's annual income, how much was the annual income?
18. A farm sold 64 acres of a 480-acre farm. Express as a fraction what part of the farm sold.
19. John bought three tracts of land: 3/4 acre, 7/15 acre, and acre. How many acres did he purchase?
20. A property grosses $42,000 per month with a yearly expense of 36% of the gross income. If it was capitalized at 16%, what would be its value? (nearest thousand)
21. A property listed for $90,000 was insured at a rate of $3.00 per $1,000 per year. What is the yearly insurance premium?
22. The area of a square plot of property is 3,600 square yards. How long is the side of the square plot?
23. At a cost of $3 a square foot how much money is paid for carpeting a square with a side of 15 feet?
24. The width of a swimming pool is 25.5 feet wide, and the length is twice as much. What is the area of this swimming pool?
25. Compute the exact interest due on a loan of $80,000 at 10.5% for 120 days.
26. Compute the exact interest due on a loan of $2,100 at 8.25% from June 18 to September 1
27. Assume that it would cost $330 in interest to use a sum of money for 18 months. If the interest rate was 11 percent, how much is the loan?
28. Find the area of a square lot that has a side of 60.1 yards.
29. A circular shaped lot has a radius of 100 ft. What is the area of this property? (use pi = 3.14)
30. An office building is valued at $800,000 when net operating income is capitalized at a rate of 20%. If operating expenses are 40% of gross income, what is gross income?
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