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Business Math Chapter Test 6
Brooks Brothers bought a suit that has a list price of $1,219, with a chain discount of 7/4/2. What is the net price of the suit? $1,166.65 $1,066.56 $152.44 None of these If the net price of a stove is $900 and the trade discount rate is 40%, the list price is: $3,600 $2,250 $1,500 $1,260 None of these Which of the following is usually not true about customer catalogs? Contain list price Completely updated once a year with a new revised catalog. Updated by discount sheets. Trade discount amounts will differ from product to product None of these Amount of trade discount is represented by the: Base Rate Portion Base divided by rate None of these A local college bookstore paid a net price of $12,500 for textbooks for the coming semester. The publisher offered a trade discount of 20%. The publisher's original list price was: $15,000 $15,500 $15,625 $2,500 None of these The complement of 35% is: 53% 65% 56% 165% None of these FOB shipping point means: Seller pays the cost of freight Buyer pays the cost of freight Title to goods shifts to buyer while being shipped Seller cannot pay cost of freight None of these The complement of 17% is: 71% 60% 83% 38% None of these Brenda purchased a total of five computers for $3,300. She received a 20% trade discount. What did Brenda pay for the computers? $2,640 $2,460 $2,440 $3,750 None of these The net price equivalent rate of 9/15/18 is: .36573 .63573 .36427 .63427 None of these 200 days from March 3 is: September 18 September 17 September 19 September 20 None of these An invoice dated 5/19/xx received by Jones Supply indicated a balance of $17,000. This balance included a freight charge of $1,000. Terms of the bill were 5/10, 4/30, n/60. Assuming Jones pays off the bill on June 4, he pays: $16,762.27 $16,000.55 $15,762.72 $16,000.84 None of these An invoice dated March 12 in the amount of $50,000 is received by Reliance Corporation on March 16. Cash discount terms on the invoice are 3/10, n/30. On March 16 Reliance mails a check in the amount of $8,000 as partial payment on the invoice. The outstanding balance owed on the invoice is: $8,247.42 $41,752.58 $8,240.00 $41,760.00 None of these Cash discounts are: Always calculated on list price Sometimes calculated with freight. Sometimes calculated with returned goods Never calculated on freight and returns. None of these With terms of 2/10, n/30: Credit period is 10 days from date of invoice Credit period is 40 days Credit period extends into first 10 days of next month Credit period is 30 days from date of invoice. None of these 60 days from Nov. 19 is: Jan. 16 Jan. 17 Jan. 18 Jan. 19 None of these Which month has 30 days? January May June July None of these A bedroom set lists for $12,000 and carries a trade discount of 30%. Freight (FOB shipping point) of $150 is not part of list price. Calculate the delivered price of the bedroom set including the freight. Assume a cash discount of 2%. $8,232 $8,382 $8,385 $8,832 None of these Joanne's Dress Shop received an invoice dated July 25 for $1,400, with terms of 2/10, 1/15, n/60. On August 8, Joanne's Dress Shop sent a partial payment of $750. The actual amount that should be credited is: $765.31 $765.30 $757.58 $757.59 None of these |
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