Question 1

The list price of a garden tractor is $2,899. The trade discount series is 20%/12%. Calculate the net price of the tractor.

Accepted Answer

A)  $2,041 
B)  $1,971 
C)  $1,885 
D)  $1,842 
E)  $1,627 
A)  $2,041 
B)  $1,971 
C)  $1,885 
D)  $1,842 
E)  $1,627 A

Question 2

An invoice for $6,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3rd. A payment of $3,000 is made on September 12th. What is the outstanding balance?

Accepted Answer

A)  $3,000 
B)  $2,955 
C)  $2,940 
D)  $3,060 
E)  $3,045 
A)  $3,000 
B)  $2,955 
C)  $2,940 
D)  $3,060 
E)  $3,045 B

Question 3

A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 30% of the selling price and profit of 20% of the selling price. During a sale, the product is marked down by 40%. What is the regular selling price?

Accepted Answer

A)  $264.60 
B)  $300.00 
C)  $315.00 
D)  $352.80 
E)  $385.00 
A)  $264.60 
B)  $300.00 
C)  $315.00 
D)  $352.80 
E)  $385.00 D

Question 4

An invoice for $9,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $5,000. What is their outstanding balance?

Accepted Answer

A)  $4,000.00 
B)  $3,897.96 
C)  $3,900.00 
D)  $3,925.00 
E)  $3,923.86 
A)  $4,000.00 
B)  $3,897.96 
C)  $3,900.00 
D)  $3,925.00 
E)  $3,923.86

Question 5

An invoice dated October 16 has payment terms of 2/20, n/45. On what date would the cash discount expire?

Accepted Answer

A)  October 26 
B)  November 30 
C)  November 5 
D)  October 18 
E)  December 7 
A)  October 26 
B)  November 30 
C)  November 5 
D)  October 18 
E)  December 7

Question 6

Pari Corporation purchases crystal vases for resale. The cost of each vase is $77 less 25%. Operating expenses are 30% of cost. Policy is to have a 60% mark-up on selling price. In order to breakeven Pari has to sell each vase at $75.08 or a 48% markdown.

Accepted Answer

A) True 
 B)False

Question 7

Determine the payment required to settle the invoice on the indicated payment date:

Accepted Answer

a) $2,317.

Question 8

The Cell Kios buys Android smartphones at $550 less 40% and 10%. The price is marked up to allow for overhead of 50% of cost and profit of 35% of cost. The unit on display in the store is scratched. What rate of markdown from the regular price can the store offer if it is to recover only half of the unit overhead costs?

Accepted Answer

The answer of The Cell Kios buys Android smartphones at...

Question 9

An invoice for $8,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $2,500. How much is credited to their account?

Accepted Answer

A)  $2,462.50 
B)  $2,500 
C)  $2,551.02 
D)  $2,537.50 
E)  $2,450 
A)  $2,462.50 
B)  $2,500 
C)  $2,551.02 
D)  $2,537.50 
E)  $2,450

Question 10

Sally sent a cheque for $8,000 on June 15 in response to an invoice for $12,000 dated June 8 with terms 5/10, n/30. What balance did Sally still owe?

Accepted Answer

A)  $4,000.00 
B)  $8,400.00 
C)  $3,578.95 
D)  $8,421.05 
E)  $3,600.00 
A)  $4,000.00 
B)  $8,400.00 
C)  $3,578.95 
D)  $8,421.05 
E)  $3,600.00

Question 11

An invoice for $50,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. If the company wants to reduce the outstanding balance to $25,000, how much should they pay on March 26?

Accepted Answer

A)  $24,250 
B)  $25,000 
C)  $24,500 
D)  $25,500 
E)  $25,750 
A)  $24,250 
B)  $25,000 
C)  $24,500 
D)  $25,500 
E)  $25,750

Question 12

An invoice for $3,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 20. If the company wants to reduce the outstanding balance to $2,000, how much should they pay on October 10?

Accepted Answer

A)  $1,470.00 
B)  $1,477.50 
C)  $1,530.00 
D)  $1,522.50 
E)  $1,500.00 
A)  $1,470.00 
B)  $1,477.50 
C)  $1,530.00 
D)  $1,522.50 
E)  $1,500.00

Question 13

Future Shop purchases computers for $787 less 31% and 6%. The normal retail price is 37% markup on cost. Determine the normal retail price

Accepted Answer

The answer of Future Shop purchases computers for $787 less...

Question 14

Omega Restaurant buys Shiraz wine at $16.95 per bottle, and sells it to customers at $34.95 per bottle. Calculate Omega's rate of mark-up on cost and rate of mark-up on selling price of the wine.

Accepted Answer

Rate of mark-up on c

Question 15

Ambient Corporation sells construction purchased saws for $5,415 less 43% and 22%. Operating expenses are 22% of selling price. Ambient sells the saws for $3,042. During a recent sale a preferred customer was given the opportunity to purchase the saw for $2,585.70. What rate of mark-up was actually realized if the customer took advantage of this price?

Accepted Answer

A)  4.10% 
B)  5.20% 
C)  6.30% 
D)  7.40% 
E)  8.50% 
A)  4.10% 
B)  5.20% 
C)  6.30% 
D)  7.40% 
E)  8.50%

Question 16

A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 30% of the selling price and profit of 20% of the selling price. During a sale, the product is marked down by 40%. What is the final selling price?

Accepted Answer

A)  $352.80 
B)  $211.68 
C)  $117.98 
D)  $86.43 
E)  $52.10 
A)  $352.80 
B)  $211.68 
C)  $117.98 
D)  $86.43 
E)  $52.10

Question 17

Mapleview Poultry Farms gives convenience stores a discount of 25% on eggs listed at $43.00 per case. What trade discount will Sunnyside Farms have to give on its list price of $44.50 per case to match Mapleview's price to convenience stores?

Accepted Answer

The answer of Mapleview Poultry Farms gives convenience stores a...

Question 18

How many employees will be cut one year from now?

Accepted Answer

A)  6,840 
B)  1,315 
C)  2,280 
D)  3,040 
E)  2,098 
A)  6,840 
B)  1,315 
C)  2,280 
D)  3,040 
E)  2,098

Question 19

Sutton Trucking made two equal payments, on June 25 and July 15, on an invoice for $6,350 dated June 15 with terms 3/10, 1/30, n/60. The payments reduced the balance owed on the invoice to $1,043.33. What was the amount of each payment?

Accepted Answer

The answer of Sutton Trucking made two equal payments, on...

Question 20

A wholesaler advertises a 25% discount on all clothing. You buy several sweaters for $48.75 each for your retail boutique. What was the wholesaler's list price per sweater?

Accepted Answer

The answer of A wholesaler advertises a 25% discount on...

The list price of a garden tractor is $2,899. The trade discount series is 20%/12%. Calculate the net price of the tractor.

An invoice for $6,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3^rd. A payment of $3,000 is made on September 12^th. What is the outstanding balance?

A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 30% of the selling price and profit of 20% of the selling price. During a sale, the product is marked down by 40%. What is the regular selling price?

An invoice for $9,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $5,000. What is their outstanding balance?

An invoice dated October 16 has payment terms of 2/20, n/45. On what date would the cash discount expire?

Pari Corporation purchases crystal vases for resale. The cost of each vase is $77 less 25%. Operating expenses are 30% of cost. Policy is to have a 60% mark-up on selling price. In order to breakeven Pari has to sell each vase at $75.08 or a 48% markdown.

Determine the payment required to settle the invoice on the indicated payment date:

An invoice for $8,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $2,500. How much is credited to their account?

Sally sent a cheque for $8,000 on June 15 in response to an invoice for $12,000 dated June 8 with terms 5/10, n/30. What balance did Sally still owe?

An invoice for $50,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. If the company wants to reduce the outstanding balance to $25,000, how much should they pay on March 26?

An invoice for $3,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 20. If the company wants to reduce the outstanding balance to $2,000, how much should they pay on October 10?

Future Shop purchases computers for $787 less 31% and 6%. The normal retail price is 37% markup on cost. Determine the normal retail price

Omega Restaurant buys Shiraz wine at $16.95 per bottle, and sells it to customers at $34.95 per bottle. Calculate Omega's rate of mark-up on cost and rate of mark-up on selling price of the wine.

A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 30% of the selling price and profit of 20% of the selling price. During a sale, the product is marked down by 40%. What is the final selling price?

Mapleview Poultry Farms gives convenience stores a discount of 25% on eggs listed at $43.00 per case. What trade discount will Sunnyside Farms have to give on its list price of $44.50 per case to match Mapleview's price to convenience stores?

How many employees will be cut one year from now?

Sutton Trucking made two equal payments, on June 25 and July 15, on an invoice for $6,350 dated June 15 with terms 3/10, 1/30, n/60. The payments reduced the balance owed on the invoice to $1,043.33. What was the amount of each payment?

A wholesaler advertises a 25% discount on all clothing. You buy several sweaters for $48.75 each for your retail boutique. What was the wholesaler's list price per sweater?

Review and Applications of Basic Mathematics

Review and Applications of Algebra

Ratios and Proportions

Cost-Volume-Profit Analysis

Simple Interest

Applications of Simple Interest

Compound Interest: Future Value and Present Value

Compound Interest: Further Topics and Applications

Annuities: Future Value and Present Value

Annuities: Periodic Payment, Number of Payments, and Interest Rate

Annuities: Special Situations

Loan Amortization: Mortgages

Filters

Exam 4: Mathematics of Merchandising

The list price of a garden tractor is $2,899. The trade discount series is 20%/12%. Calculate the net price of the tractor.

An invoice for $6,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3rd. A payment of $3,000 is made on September 12th. What is the outstanding balance?

A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 30% of the selling price and profit of 20% of the selling price. During a sale, the product is marked down by 40%. What is the regular selling price?

An invoice for $9,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $5,000. What is their outstanding balance?

An invoice dated October 16 has payment terms of 2/20, n/45. On what date would the cash discount expire?

Pari Corporation purchases crystal vases for resale. The cost of each vase is $77 less 25%. Operating expenses are 30% of cost. Policy is to have a 60% mark-up on selling price. In order to breakeven Pari has to sell each vase at $75.08 or a 48% markdown.

Determine the payment required to settle the invoice on the indicated payment date:

An invoice for $8,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $2,500. How much is credited to their account?

Sally sent a cheque for $8,000 on June 15 in response to an invoice for $12,000 dated June 8 with terms 5/10, n/30. What balance did Sally still owe?

An invoice for $50,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. If the company wants to reduce the outstanding balance to $25,000, how much should they pay on March 26?

An invoice for $3,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 20. If the company wants to reduce the outstanding balance to $2,000, how much should they pay on October 10?

Future Shop purchases computers for $787 less 31% and 6%. The normal retail price is 37% markup on cost. Determine the normal retail price

Omega Restaurant buys Shiraz wine at $16.95 per bottle, and sells it to customers at $34.95 per bottle. Calculate Omega's rate of mark-up on cost and rate of mark-up on selling price of the wine.

A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 30% of the selling price and profit of 20% of the selling price. During a sale, the product is marked down by 40%. What is the final selling price?

Mapleview Poultry Farms gives convenience stores a discount of 25% on eggs listed at $43.00 per case. What trade discount will Sunnyside Farms have to give on its list price of $44.50 per case to match Mapleview's price to convenience stores?

How many employees will be cut one year from now?

Sutton Trucking made two equal payments, on June 25 and July 15, on an invoice for $6,350 dated June 15 with terms 3/10, 1/30, n/60. The payments reduced the balance owed on the invoice to $1,043.33. What was the amount of each payment?

A wholesaler advertises a 25% discount on all clothing. You buy several sweaters for $48.75 each for your retail boutique. What was the wholesaler's list price per sweater?

Review and Applications of Basic Mathematics

Review and Applications of Algebra

Ratios and Proportions

Cost-Volume-Profit Analysis

Simple Interest

Applications of Simple Interest

Compound Interest: Future Value and Present Value

Compound Interest: Further Topics and Applications

Annuities: Future Value and Present Value

Annuities: Periodic Payment, Number of Payments, and Interest Rate

Annuities: Special Situations

Loan Amortization: Mortgages

Filters

An invoice for $6,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3^rd. A payment of $3,000 is made on September 12^th. What is the outstanding balance?