Question 1

Accepted Answer

A. Sept. 15
B. Oct.

Question 2

2/10, EOM means that the cash discount period ends on the tenth day of the month that follows the sale.
If the invoice is dated 25th or earlier in month, the buyers can take the cash discount if they pay the invoice by the first 10 days of the month following the sale.

Accepted Answer

A) True 
 B)False

Question 3

2/10, EOM means the credit period ends 20 days after the end of the discount period.

Accepted Answer

A) True 
 B)False

Question 4

The net price equivalent rate of 9/15/18 is:

Accepted Answer

A)  .36573 
B)  .63573 
C)  .36427 
D)  .63427 
E)  None of these 
A)  .36573 
B)  .63573 
C)  .36427 
D)  .63427 
E)  None of these

Question 5

Complete the following:
T.V. $900 30% trade discount net price = ?

Accepted Answer

The answer of Complete the following:
T.V. $900 30% trade discount...

Question 6

Black & Decker Manufacturing sold a set of saws to True Value Hardware. The list price was $3,800. Black & Decker offered a chain discount of 8/3/1. The net price of the saws is:

Accepted Answer

A)  $3,537.12 
B)  $3,537.21 
C)  $3,391.12 
D)  $3,357.21 
E)  None of these 
A)  $3,537.12 
B)  $3,537.21 
C)  $3,391.12 
D)  $3,357.21 
E)  None of these

Question 7

Trade discounts must be paid within the cash discount period.

Accepted Answer

A) True 
 B)False

Question 8

Accepted Answer

A. .72
B. .28
C. $560
D. $1,44

Question 9

Which option yields the highest single equivalent discount?

Accepted Answer

The answer of Which option yields the highest single equivalent...

Question 10

Which month has 30 days?

Accepted Answer

A)  January 
B)  May 
C)  June 
D)  July 
E)  None of these 
A)  January 
B)  May 
C)  June 
D)  July 
E)  None of these

Question 11

The net price equivalent rate should be rounded to the nearest hundredth.

Accepted Answer

A) True 
 B)False

Question 12

Pete's appliance received a bill dated July 15 for $26,000 with terms of 2/10, 1/15, n/60. On July 27 Pete sent in a partial payment of $6,000. What is the amount credited as well as the balance due?

Accepted Answer

$6,060.61

Question 13

Amounts of trade discounts are not fixed.

Accepted Answer

A) True 
 B)False

Question 14

200 days from March 3 is:

Accepted Answer

A)  September 18 
B)  September 17 
C)  September 19 
D)  September 20 
E)  None of these 
A)  September 18 
B)  September 17 
C)  September 19 
D)  September 20 
E)  None of these

Question 15

Invoice: $600
Terms: 2/10, n/30
Invoice date: April 4
Payment amount: $400
Date paid: April 10
A) Amount credited: _______
B) Balance outstanding: _____

Accepted Answer

A. $408.16

Question 16

The portion could represent the amount of trade discount in the portion formula.

Accepted Answer

A) True 
 B)False

Question 17

Complete:   
A. _____________
B. _____________
C. _____________
D. _____________

Accepted Answer

A. .7216
B

Question 18

2/10, n/30, ROG means the cash discount period ends:

Accepted Answer

A)  Within 10 days of beginning date of invoice 
B)  Within 30 days of beginning date of invoice 
C)  20 days after beginning date of invoice 
D)  10 days after the goods are received 
E)  None of these 
A)  Within 10 days of beginning date of invoice 
B)  Within 30 days of beginning date of invoice 
C)  20 days after beginning date of invoice 
D)  10 days after the goods are received 
E)  None of these

Question 19

Mel's furniture received an invoice dated September 27 for five bedroom sets at $3,000 each. The invoice indicated a trade discount of 5/8/3. The seller of the furniture prepaid the freight of $200. Terms were 2/10 EOM. Assuming Mel pays on November 2, what amount would be paid? (Be sure to include the freight cost.)

Accepted Answer

The answer of Mel's furniture received an invoice dated September...

Question 20

Knuckles on your hand represent months with 30 days.

Accepted Answer

A) True 
 B)False

2/10, EOM means that the cash discount period ends on the tenth day of the month that follows the sale. If the invoice is dated 25^th or earlier in month, the buyers can take the cash discount if they pay the invoice by the first 10 days of the month following the sale.

2/10, EOM means the credit period ends 20 days after the end of the discount period.

The net price equivalent rate of 9/15/18 is:

Complete the following: T.V. $900 30% trade discount net price = ?

Black & Decker Manufacturing sold a set of saws to True Value Hardware. The list price was $3,800. Black & Decker offered a chain discount of 8/3/1. The net price of the saws is:

Trade discounts must be paid within the cash discount period.

Which option yields the highest single equivalent discount?

Which month has 30 days?

The net price equivalent rate should be rounded to the nearest hundredth.

Pete's appliance received a bill dated July 15 for $26,000 with terms of 2/10, 1/15, n/60. On July 27 Pete sent in a partial payment of $6,000. What is the amount credited as well as the balance due?

Amounts of trade discounts are not fixed.

200 days from March 3 is:

Invoice: $600 Terms: 2/10, n/30 Invoice date: April 4 Payment amount: $400 Date paid: April 10 A) Amount credited: ___ B) Balance outstanding: _

The portion could represent the amount of trade discount in the portion formula.

Complete: A. _______ B. _ C. _ D. _______

2/10, n/30, ROG means the cash discount period ends:

Knuckles on your hand represent months with 30 days.

Problem Solving With Math

Fractions

Decimals

Solving for the Unknown

Business Statistics

Banking and Budgeting

Payroll and Income Tax

Sales, Excise, and Property Taxes

Risk Management

Installment Buying and Revolving Charge Credit Cards

Markups and Markdowns: Perishables and Breakeven Analysis

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

The Cost of Home Ownership

Compound Interest and Present Value

Annuities and Sinking Funds

Stocks, Bonds, and Mutual Funds

Filters

Exam 11: Discounts: Trade and Cash

2/10, EOM means that the cash discount period ends on the tenth day of the month that follows the sale. If the invoice is dated 25th or earlier in month, the buyers can take the cash discount if they pay the invoice by the first 10 days of the month following the sale.

2/10, EOM means the credit period ends 20 days after the end of the discount period.

The net price equivalent rate of 9/15/18 is:

Complete the following: T.V. $900 30% trade discount net price = ?

Black & Decker Manufacturing sold a set of saws to True Value Hardware. The list price was $3,800. Black & Decker offered a chain discount of 8/3/1. The net price of the saws is:

Trade discounts must be paid within the cash discount period.

Which option yields the highest single equivalent discount?

Which month has 30 days?

The net price equivalent rate should be rounded to the nearest hundredth.

Pete's appliance received a bill dated July 15 for $26,000 with terms of 2/10, 1/15, n/60. On July 27 Pete sent in a partial payment of $6,000. What is the amount credited as well as the balance due?

Amounts of trade discounts are not fixed.

200 days from March 3 is:

Invoice: $600 Terms: 2/10, n/30 Invoice date: April 4 Payment amount: $400 Date paid: April 10 A) Amount credited: _______ B) Balance outstanding: _____

The portion could represent the amount of trade discount in the portion formula.

Complete: A. _____________ B. _____________ C. _____________ D. _____________

2/10, n/30, ROG means the cash discount period ends:

Knuckles on your hand represent months with 30 days.

Problem Solving With Math

Fractions

Decimals

Solving for the Unknown

Business Statistics

Banking and Budgeting

Payroll and Income Tax

Sales, Excise, and Property Taxes

Risk Management

Installment Buying and Revolving Charge Credit Cards

Markups and Markdowns: Perishables and Breakeven Analysis

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

The Cost of Home Ownership

Compound Interest and Present Value

Annuities and Sinking Funds

Stocks, Bonds, and Mutual Funds

Filters

2/10, EOM means that the cash discount period ends on the tenth day of the month that follows the sale. If the invoice is dated 25^th or earlier in month, the buyers can take the cash discount if they pay the invoice by the first 10 days of the month following the sale.

Invoice: $600 Terms: 2/10, n/30 Invoice date: April 4 Payment amount: $400 Date paid: April 10 A) Amount credited: ___ B) Balance outstanding: _

Complete: A. _______ B. _ C. _ D. _______