Question 1

Solve for the amount of discount and amount due.
-Invoice amt: $642.39
Invoice date: Sept 11
Terms:  
Goods rec'd: Sept 14 Date paid: Nov 12

Accepted Answer

A) Amount of discount: $0; amount due: $642.39 
B) Amount of discount: $89.93; amount due: $552.46 
C) Amount of discount: $18.97; amount due: $631.39 
D) Amount of discount: $19.27; amount due: $623.12 
A) Amount of discount: $0; amount due: $642.39 
B) Amount of discount: $89.93; amount due: $552.46 
C) Amount of discount: $18.97; amount due: $631.39 
D) Amount of discount: $19.27; amount due: $623.12

Question 2

Find the list price. Round to the nearest cent.
-Net cost $1,596; trade discount

Accepted Answer

A) $877.80 
B) $2,625.00 
C) $2,901.82 
D) $970.37 
A) $877.80 
B) $2,625.00 
C) $2,901.82 
D) $970.37

Question 3

Find the net cost equivalent and the percent form of the single discount equivalent for the following series discount.
-

Accepted Answer

A) 0.27325; 72.675% 
B) 0.72675; 27.325% 
C) 0.3; 75% 
D) 0.75; 30% 
A) 0.27325; 72.675% 
B) 0.72675; 27.325% 
C) 0.3; 75% 
D) 0.75; 30%

Question 4

Find the net cost. Round to the nearest cent.
-$1,425 less

Accepted Answer

A) $427.50 
B) $356.25 
C) $1,355.00 
D) $615.60 
A) $427.50 
B) $356.25 
C) $1,355.00 
D) $615.60

Question 5

Solve the problem.
-An invoice received from Royal Exporters totaled $764.30, was dated Oct 4, and offered terms of 3/ 10 ROG. The shipment was received Nov 29. If the invoice was paid on Dec 11, find the amount due.

Accepted Answer

A) $764.30 
B) $0 
C) $741.37 
D) $22.93 
A) $764.30 
B) $0 
C) $741.37 
D) $22.93

Question 6

Solve for the amount of discount and amount due.
-Invoice amt: $4,185
Invoice date: Mar 6
Terms:  
Date paid: Mar 13

Accepted Answer

A) Amount of discount: $0; amount due: $4,185 
B) Amount of discount: $167.40; amount due: $4,017.60 
C) Amount of discount: $41.85; amount due: $4,143.15 
D) Amount of discount: $418.50; amount due: $3,766.50 
A) Amount of discount: $0; amount due: $4,185 
B) Amount of discount: $167.40; amount due: $4,017.60 
C) Amount of discount: $41.85; amount due: $4,143.15 
D) Amount of discount: $418.50; amount due: $3,766.50

Question 7

Find the final discount date and the net payment date.
-Invoice date: August 24
Terms:   , net 30

Accepted Answer

A) Final discount: Sept 7
Payment due: Sept 22 
B) Final discount: Sept 23
Payment due: Sept 8 
C) Final discount: Aug 28
Payment due: Sept 8 
D) Final discount: Sept 8
Payment due: Sept 23 
A) Final discount: Sept 7
Payment due: Sept 22 
B) Final discount: Sept 23
Payment due: Sept 8 
C) Final discount: Aug 28
Payment due: Sept 8 
D) Final discount: Sept 8
Payment due: Sept 23

Question 8

Find the net cost. Round to the nearest cent.
-$54.80 less

Accepted Answer

A) $44.39 
B) $34.80 
C) $54.80 
D) $43.84 
A) $44.39 
B) $34.80 
C) $54.80 
D) $43.84

Question 9

Compute the extension totals and the invoice total.
-

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 10

What does the abbreviation stand for?
-bbl.

Accepted Answer

A) bubbles 
B) barrel 
C) double blank 
D) baseball 
A) bubbles 
B) barrel 
C) double blank 
D) baseball

Question 11

Provide an appropriate response.
-Describe in your own words why receipt-of-goods dating (ROG)is offered to customers. Use an example.

Accepted Answer

This method is used especially when ship

Question 12

Solve for the amount of discount and amount due.
-Invoice amt: $1,515
Invoice date: Nov 27
Terms:  
Goods returned: $83 Date paid: Dec 12

Accepted Answer

A) Amount of discount: $45.45; amount due: $1,552.55 
B) Amount of discount: $42.96; amount due: $1,389.04 
C) Amount of discount: $0; amount due: $1,432.00 
D) Amount of discount: $45.45; amount due: $1,386.55 
A) Amount of discount: $45.45; amount due: $1,552.55 
B) Amount of discount: $42.96; amount due: $1,389.04 
C) Amount of discount: $0; amount due: $1,432.00 
D) Amount of discount: $45.45; amount due: $1,386.55

Question 13

Find the list price. Round to the nearest cent.
-Net cost $541; trade discount

Accepted Answer

A) $162.30 
B) $227.22 
C) $1,288.10 
D) $1,803.33 
A) $162.30 
B) $227.22 
C) $1,288.10 
D) $1,803.33

Question 14

Find the list price. Round to the nearest cent.
-Net cost $636; trade discount

Accepted Answer

A) $275.58 
B) $1,467.81 
C) $1,272.00 
D) $318.00 
A) $275.58 
B) $1,467.81 
C) $1,272.00 
D) $318.00

Question 15

Provide an appropriate response.
-Identify and explain four reasons that might cause series trade discounts to change.

Accepted Answer

Price changes, changes in quantity purch

Question 16

Solve for the amount of discount and amount due.
-Invoice amt: $38.71
Invoice date: May 15
Terms:   , net 30
Date paid: May 24

Accepted Answer

A) Amount of discount: $0.77; amount due: $37.94 
B) Amount of discount: $7.74; amount due: $30.97 
C) Amount of discount: $3.87; amount due: $34.84 
D) Amount of discount: $0; amount due: $38.71 
A) Amount of discount: $0.77; amount due: $37.94 
B) Amount of discount: $7.74; amount due: $30.97 
C) Amount of discount: $3.87; amount due: $34.84 
D) Amount of discount: $0; amount due: $38.71

Question 17

Solve the problem.
-A sports store received a line of bicycles that had a net cost of $95 each. If the store was given a series discount of 40/35, find the list price.

Accepted Answer

A) $243.59 
B) $23.75 
C) $380.00 
D) $37.05 
A) $243.59 
B) $23.75 
C) $380.00 
D) $37.05

Question 18

Find the final discount date and the net payment date.
-Invoice date: April 9
Terms:

Accepted Answer

A) Final discount: April 19
Payment due: May 1 
B) Final discount: April 19
Payment due: May 9 
C) Final discount: April 11
Payment due: April 19 
D) Final discount: April 9
Payment due: April 19 
A) Final discount: April 19
Payment due: May 1 
B) Final discount: April 19
Payment due: May 9 
C) Final discount: April 11
Payment due: April 19 
D) Final discount: April 9
Payment due: April 19

Question 19

Find the final discount date and the net payment date.
-Invoice date: June 11
As of: June 15
Terms:

Accepted Answer

A) Final discount: July 6
Payment due: Aug 15 
B) Final discount: Aug 14
Payment due: July 5 
C) Final discount: July 1
Payment due: Aug 10 
D) Final discount: July 5
Payment due: Aug 14 
A) Final discount: July 6
Payment due: Aug 15 
B) Final discount: Aug 14
Payment due: July 5 
C) Final discount: July 1
Payment due: Aug 10 
D) Final discount: July 5
Payment due: Aug 14

Question 20

Solve the problem.
-On a new oak bookcase with a list price of $850, a series discount of   is offered to wholesalers while a series discount of   is offered to retailers. a)What is the wholesalers price? b)What is the retailer's price?

Accepted Answer

A) (a)$549.10; (b)$308.13 
B) (a)$510.00; (b)$340.00 
C) (a)$549.10; (b)$541.88 
D) (a)$300.90; (b)$308.13 
A) (a)$549.10; (b)$308.13 
B) (a)$510.00; (b)$340.00 
C) (a)$549.10; (b)$541.88 
D) (a)$300.90; (b)$308.13

Solve for the amount of discount and amount due. -Invoice amt: $642.39 Invoice date: Sept 11 Terms: Goods rec'd: Sept 14 Date paid: Nov 12

Find the list price. Round to the nearest cent. -Net cost $1,596; trade discount

Find the net cost equivalent and the percent form of the single discount equivalent for the following series discount. -

Find the net cost. Round to the nearest cent. -$1,425 less

Solve the problem. -An invoice received from Royal Exporters totaled $764.30, was dated Oct 4, and offered terms of 3/ 10 ROG. The shipment was received Nov 29. If the invoice was paid on Dec 11, find the amount due.

Solve for the amount of discount and amount due. -Invoice amt: $4,185 Invoice date: Mar 6 Terms: Date paid: Mar 13

Find the final discount date and the net payment date. -Invoice date: August 24 Terms: , net 30

Find the net cost. Round to the nearest cent. -$54.80 less

Compute the extension totals and the invoice total. -

What does the abbreviation stand for? -bbl.

Provide an appropriate response. -Describe in your own words why receipt-of-goods dating (ROG)is offered to customers. Use an example.

Solve for the amount of discount and amount due. -Invoice amt: $1,515 Invoice date: Nov 27 Terms: Goods returned: $83 Date paid: Dec 12

Find the list price. Round to the nearest cent. -Net cost $541; trade discount

Find the list price. Round to the nearest cent. -Net cost $636; trade discount

Provide an appropriate response. -Identify and explain four reasons that might cause series trade discounts to change.

Solve for the amount of discount and amount due. -Invoice amt: $38.71 Invoice date: May 15 Terms: , net 30 Date paid: May 24

Solve the problem. -A sports store received a line of bicycles that had a net cost of $95 each. If the store was given a series discount of 40/35, find the list price.

Find the final discount date and the net payment date. -Invoice date: April 9 Terms:

Find the final discount date and the net payment date. -Invoice date: June 11 As of: June 15 Terms:

Solve the problem. -On a new oak bookcase with a list price of $850, a series discount of is offered to wholesalers while a series discount of is offered to retailers. a)What is the wholesalers price? b)What is the retailer's price?

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Exam 7: Mathematics of Buying