Question 1

Provide an appropriate response.
-Explain what is meant by partial payment. Why would a company accept a partial payment? Why would a customer make a partial payment?

Accepted Answer

Partial payment refers to a situation wh

Question 2

Solve the problem. Round to the nearest cent.
-An invoice for computer parts totals $667, including $4.73 for shipping and insurance. The terms are   . If this invoice is paid within 10 days, how much is owed?

Accepted Answer

A) $646.99 
B) $647.13 
C) $662.27 
D) $596.04 
A) $646.99 
B) $647.13 
C) $662.27 
D) $596.04

Question 3

Solve for the amount of discount and amount due.
-Invoice amt: $725.20
Invoice date: Mar 6
Terms:  
Goods rec'd: Mar 8 Date paid: Apr 5

Accepted Answer

A) Amount of discount: $7.15; amount due: $714.20 
B) Amount of discount: $0; amount due: $725.20 
C) Amount of discount: $72.52; amount due: $652.68 
D) Amount of discount: $7.25; amount due; $717.95 
A) Amount of discount: $7.15; amount due: $714.20 
B) Amount of discount: $0; amount due: $725.20 
C) Amount of discount: $72.52; amount due: $652.68 
D) Amount of discount: $7.25; amount due; $717.95

Question 4

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.)
-Invoice date: Mar 14 Terms:

Accepted Answer

A) Discount date: May 3; net payment date: May 23 
B) Discount date: May 13; net payment date: Jun 2 
C) Discount date: May 14; net payment date: Jun 4 
D) Discount date: Apr 3; net payment date: Apr 23 
A) Discount date: May 3; net payment date: May 23 
B) Discount date: May 13; net payment date: Jun 2 
C) Discount date: May 14; net payment date: Jun 4 
D) Discount date: Apr 3; net payment date: Apr 23

Question 5

Solve the problem.
-A pool table with a list price of $395 is sold by a wholesaler at a net cost of $252.80. Find the single trade discount rate being offered. Round to the nearest tenth of a percent if necessary.

Accepted Answer

A) 56.3% 
B) 55.3% 
C) 64% 
D) 36% 
A) 56.3% 
B) 55.3% 
C) 64% 
D) 36%

Question 6

Solve the problem. Round to the nearest cent.
-A sewing supply store purchases thread at a list price of $55 per 100 spools. The supplier offers a trade discount of   . Find the net cost of 300 spools of thread.

Accepted Answer

A) $99.00 
B) $110.00 
C) $33.00 
D) $0.11 
A) $99.00 
B) $110.00 
C) $33.00 
D) $0.11

Question 7

Provide an appropriate response.
-Does a customer earn a cash discount with terms   , net 30 on an invoice dated April 27 that is paid on May 13?

Accepted Answer

The customer paid th

Question 8

Solve the problem. Round to the nearest cent.
-An invoice is dated Aug 28 AS OF Sep 2 with terms of   , n/30. Find the fina   l discount date and the net payment date.

Accepted Answer

A) Final discount date: Sept 22
Net payment date: Oct 2 
B) Final discount date: Sept 20
Net payment date: Sept 30 
C) Final discount date: Sept 17
Net payment date: Sept 27 
D) Final discount date: Sept 23
Net payment date: Oct 2 
A) Final discount date: Sept 22
Net payment date: Oct 2 
B) Final discount date: Sept 20
Net payment date: Sept 30 
C) Final discount date: Sept 17
Net payment date: Sept 27 
D) Final discount date: Sept 23
Net payment date: Oct 2

Question 9

Provide an appropriate response.
-Give two reasons why cash discounts are offered by sellers.

Accepted Answer

Sellers offer cash discounts to encourag

Question 10

Solve the problem.
-An invoice received from Wharf Seafood Supply is dated Jan 1. The list price of the goods is $2,712, with allowed series discounts of   . If the cash terms are   ROG, and the goods were received Jan 15, find the amount to pay in full on Jan 28.

Accepted Answer

A) $1,739.81 
B) $2,712 
C) $1,491.60 
D) $1,757.38 
A) $1,739.81 
B) $2,712 
C) $1,491.60 
D) $1,757.38

Question 11

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.)
-Invoice date: Aug 8
Terms:  
Goods received: Oct 10

Accepted Answer

A) Discount date: Sept 15; net payment date: Oct 15 
B) Discount date: Oct 25; net payment date: Nov 14 
C) Discount date: Oct 25; net payment date: Nov 15 
D) Discount date: Oct 15; net payment date: Nov 15 
A) Discount date: Sept 15; net payment date: Oct 15 
B) Discount date: Oct 25; net payment date: Nov 14 
C) Discount date: Oct 25; net payment date: Nov 15 
D) Discount date: Oct 15; net payment date: Nov 15

Question 12

Find the net cost. Round to the nearest cent.
-

Accepted Answer

A) $123.75 
B) $130.00 
C) $126.25 
D) $139.00 
A) $123.75 
B) $130.00 
C) $126.25 
D) $139.00

Question 13

Find the net cost. Round to the nearest cent.
-$1,076 less 25/20

Accepted Answer

A) $645.60 
B) $1,345.00 
C) $591.80 
D) $1,031.00 
A) $645.60 
B) $1,345.00 
C) $591.80 
D) $1,031.00

Question 14

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.)
-Invoice date: Nov 24
Terms:   - 20x

Accepted Answer

A) Discount date: Dec 14; net payment date: Jan 3 
B) Discount date: Dec 2; net payment date: Dec 22 
C) Discount date: Dec 23; net payment date: Jan 13 
D) Discount date: Dec 24; net payment date: Jan 13 
A) Discount date: Dec 14; net payment date: Jan 3 
B) Discount date: Dec 2; net payment date: Dec 22 
C) Discount date: Dec 23; net payment date: Jan 13 
D) Discount date: Dec 24; net payment date: Jan 13

Question 15

Solve for the amount of discount and amount due.
-

Accepted Answer

A) Amount of discount: $6.85; amount due: $335.58 
B) Amount of discount: $30.82; amount due: $311.61 
C) Amount of discount: $0; amount due: $342.43 
D) Amount of discount: $6.65; amount due: $331.43 
A) Amount of discount: $6.85; amount due: $335.58 
B) Amount of discount: $30.82; amount due: $311.61 
C) Amount of discount: $0; amount due: $342.43 
D) Amount of discount: $6.65; amount due: $331.43

Question 16

Provide an appropriate response.
-Describe the difference between a trade discount and a cash discount.

Accepted Answer

A trade discount and a cash discount are

Question 17

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.)
-Invoice date: Aug 20
Terms:   EOM

Accepted Answer

A) Discount date: Sept 27; net payment date: Oct 17 
B) Discount date: Sept 27; net payment date: Oct 27 
C) Discount date: Sept 20; net payment date: Oct 10 
D) Discount date: Sept 19; net payment date: Oct 9 
A) Discount date: Sept 27; net payment date: Oct 17 
B) Discount date: Sept 27; net payment date: Oct 27 
C) Discount date: Sept 20; net payment date: Oct 10 
D) Discount date: Sept 19; net payment date: Oct 9

Question 18

Find the net cost. Round to the nearest cent.
-$137.70 less

Accepted Answer

A) $79.01 
B) $85.37 
C) $68.85 
D) $87.70 
A) $79.01 
B) $85.37 
C) $68.85 
D) $87.70

Question 19

Solve the problem.
-Wallcoverings, Inc. just received a new line of posters that have a net cost of $7. If they were given discounts of 30% and 15%, find the list price.

Accepted Answer

A) $3.85 
B) $11.76 
C) $12.73 
D) $4.17 
A) $3.85 
B) $11.76 
C) $12.73 
D) $4.17

Question 20

Find the net cost. Round to the nearest cent.
-$179.40 less

Accepted Answer

A) $91.85 
B) $119.40 
C) $71.76 
D) $107.64 
A) $91.85 
B) $119.40 
C) $71.76 
D) $107.64

Provide an appropriate response. -Explain what is meant by partial payment. Why would a company accept a partial payment? Why would a customer make a partial payment?

Solve the problem. Round to the nearest cent. -An invoice for computer parts totals $667, including $4.73 for shipping and insurance. The terms are . If this invoice is paid within 10 days, how much is owed?

Solve for the amount of discount and amount due. -Invoice amt: $725.20 Invoice date: Mar 6 Terms: Goods rec'd: Mar 8 Date paid: Apr 5

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.) -Invoice date: Mar 14 Terms:

Solve the problem. -A pool table with a list price of $395 is sold by a wholesaler at a net cost of $252.80. Find the single trade discount rate being offered. Round to the nearest tenth of a percent if necessary.

Solve the problem. Round to the nearest cent. -A sewing supply store purchases thread at a list price of $55 per 100 spools. The supplier offers a trade discount of . Find the net cost of 300 spools of thread.

Provide an appropriate response. -Does a customer earn a cash discount with terms , net 30 on an invoice dated April 27 that is paid on May 13?

Solve the problem. Round to the nearest cent. -An invoice is dated Aug 28 AS OF Sep 2 with terms of , n/30. Find the fina l discount date and the net payment date.

Provide an appropriate response. -Give two reasons why cash discounts are offered by sellers.

Solve the problem. -An invoice received from Wharf Seafood Supply is dated Jan 1. The list price of the goods is $2,712, with allowed series discounts of . If the cash terms are ROG, and the goods were received Jan 15, find the amount to pay in full on Jan 28.

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.) -Invoice date: Aug 8 Terms: Goods received: Oct 10

Find the net cost. Round to the nearest cent. -

Find the net cost. Round to the nearest cent. -$1,076 less 25/20

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.) -Invoice date: Nov 24 Terms: - 20x

Solve for the amount of discount and amount due. -

Provide an appropriate response. -Describe the difference between a trade discount and a cash discount.

Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.) -Invoice date: Aug 20 Terms: EOM

Find the net cost. Round to the nearest cent. -$137.70 less

Solve the problem. -Wallcoverings, Inc. just received a new line of posters that have a net cost of $7. If they were given discounts of 30% and 15%, find the list price.

Find the net cost. Round to the nearest cent. -$179.40 less

Whole Numbers and Decimals

Fractions

Percents

Equations and Formulas

Bank Services

Payroll

Mathematics of Selling

Simple Interest

Compound Interest and Inflation

Annuities, Stocks, and Bonds

Business and Consumer Loans

Taxes and Insurance

Depreciation

Financial Statements and Ratios

Budgeting and Business Statistics

Filters

Exam 7: Mathematics of Buying