North Carolina Building Contractor License Practice Exam

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Prepare for the North Carolina Building Contractor License Exam. Explore detailed quizzes with explanations and challenging multiple-choice questions designed for you. Get ready for your licensing success!

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If your account balance is $47,382 on May 11th and during May you pay $11,318 worth of invoices and deposit $14,377, what is your balance on June 2nd?

$50,441
$49,441
$48,441
$46,441

The correct answer is: $50,441

To calculate the account balance on June 2nd, start with the initial balance of $47,382 on May 11th. From this balance, you need to account for the payments and deposits made throughout May. First, subtract the total invoices paid, which amounts to $11,318. This will give you a new balance: $47,382 - $11,318 = $36,064. Next, add the deposit made during this period, which is $14,377: $36,064 + $14,377 = $50,441. Therefore, your account balance on June 2nd is $50,441, confirming that the calculation leads to this figure accurately reflects both the payments made and the deposits received during May.