Jenny owns a salon. She had 150 customers at the end of the third quarter, 151 customers at the beginning of the third quarter, and five new customers in the third quarter. What is her customer retention rate for the third quarter?
Customer Retention = (# Customers at End of time Period less New Customers)/Customers at beginning of time Period
Multiply the result by 100 to convert to percentage
Do not forget to type the % symbol after multiplying your result by 100 to convert to percentage!
Hint: Your answer will NOT have decimal point.
Example: 75%
Question 3 options:
Question 4 (4 points)
Mike owns a skate shop. He is preparing the cash flow statement for his first year of operation. He had a beginning cash balance of $4,800, $103,000 in total cash sales, $3,500 for utilities, $2,600 in loan payments, and $5,500 for marketing cost. What is Mike's ending cash balance?
Ending Cash Balance = Beginning Cash + Cash Inflow – Cash Outflow
Hint: Do not forget to include the comma to separate the digits and to type the $ symbol!
Example: $32,100
Question 4 options:
Question 5 (4 points)
Sherry owns a car business. She just received a shipment of Volkswagen SUVs. She paid $60,000 for each vehicle and wants to make 25% on each car sale. What is Sherry's selling price?
First convert the markup percentage to decimal by dividing
(25 / 100 = 0.25)
Cost of the vehicle x the markup percentage= Markup Cost
Then add the original price of the vehicle to the markup cost to get the FINAL selling price.
Hint: Do not forget to include the comma to separate the digits and to type the $ symbol!
Example: $15,100
Question 5 options: