Question # 1 (Multiple Choice) The following items were sold at the liquidation of a restaurant equipment and supply business. All buyers were sales tax exempt dealers; no buyer premium was charged. What was the cost to the purchaser for each transaction? 105 plates sold for .80 times the count

A) $80.00
B) $89.04
C) $92.40
D) $84.00

Question # 2 (Multiple Choice) On a sale of $36,950, the auctioneer's commission is the 10% buyer premium. How much will the auctioneer receive?

A) $369.50
B) $7,390.00
C) $3,695.00
D) $369.95

Question # 3 (Multiple Choice) On a $10,000 auction, the best deal for the auctioneer is

A) 25% commission
B) $3,000 flat rate
C) 30% commission plus 10% buyer premium
D) $2,500 flat rate plus 10% buyer premium

Question # 4 (Multiple Choice) At an estate auction, the total hammer price for the household goods, appliances and tools was $18,000. The auctioneer's commission was 10%, sales tax of 6% was charged. Dealers with tax exempt numbers on file with the auctioneer accounted for one third of the sale. How much commission did the auctioneer receive?

A) $3,600
B) $1,800
C) $180
D) $2,000

Question # 5 (Multiple Choice) With a sale of $50,000, a 20% commission paid to the auction company and 25% of the commission to the auctioneer, how much will the auctioneer receive?

A) $3,000
B) $2,850
C) $2,500
D) $1,500

Question # 6 (Multiple Choice) An advertisement in the local newspaper 2 columns x 6 inches, at a rate of $3.15 per inch, run for 3 days, will cost

A) $111.00
B) $37.80
C) $113.40
D) $38.04

Question # 7 (Multiple Choice) For a sale of $5,200, with a 20% auctioneer's commission and a 10% buyer premium, the seller will receive

A) $4,160
B) $3,640
C) $6,760
D) $6,240

Question # 8 (Multiple Choice) The following items were sold at the liquidation of a restaurant equipment and supply business. All buyers were sales tax exempt dealers; no buyer premium was charged. What was the cost to the purchaser for each transaction? 27 stack chairs were sold for $25.00 one money

A) $27.00
B) $25.00
C) $675.00
D) $270.00

Question # 9 (Multiple Choice) The total hammer price of an auction is $95,000. The auctioneer's agreement with the seller is for a commission of 2.5% of the first $65,000, plus 50% of any amount over $65,000. How much commission will the auctioneer receive?

A) $6,500
B) $1,625
C) $15,000
D) $16,625

Question # 10 (Multiple Choice) An auctioneer's contract with a seller calls for a flat rate of $4,000, OR a commission of 3% on the first $25,000 and 10% of the amount over $25,000. The sale amount was $60,000. How much will the auctioneer receive?

A) $4,250
B) $4,000
C) $7,500
D) $7,800

Question # 11 (Multiple Choice) At an estate auction, the total hammer price for the household goods, appliances and tools was $18,000. The auctioneer's commission was 10%, sales tax of 6% was charged. Dealers with tax exempt numbers on file with the auctioneer accounted for one third of the sale. What is the amount the seller will receive from this sale?

A) $18,000
B) $15,480
C) $16,200
D) $14,400

Question # 12 (Multiple Choice) On a sale of $36,950, the auctioneer's commission is the 10% buyer premium. How much will the seller receive?

A) $36,580.50
B) $36,950.00
C) $33,255.00
D) $36,913.10

Question # 13 (Multiple Choice) A seller agreed to pay the auctioneer's commission of 20% plus $500 for advertising and $100 for transporting the goods to the auction. The sale total (hammer price) is $7,500. After deducting costs, what amount will the seller receive from this auction?

A) $2,100
B) $600
C) $1,500
D) $5,400

Question # 14 (Multiple Choice) The following items were sold at the liquidation of a restaurant equipment and supply business. All buyers were sales tax exempt dealers; no buyer premium was charged. What was the cost to the purchaser for each transaction? 48 dining chairs sold for $15.00 high bidders choice; the buyer took 20

A) $720.00
B) $72.00
C) $960.00
D) $300.00

Question # 15 (Multiple Choice) At an estate auction, the total hammer price for the household goods, appliances and tools was $18,000. The auctioneer's commission was 10%, sales tax of 6% was charged. Dealers with tax exempt numbers on file with the auctioneer accounted for one third of the sale. How much sales tax should the auctioneer have collected?

A) $600
B) $360
C) $720
D) $500