Question 1

Solve for the amount of discount and amount due.
-
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

Accepted Answer

The discount is calculated by multiplying the original price ($342.43) by the discount rate (2%) which is $6.85. The amount due is then calculated by subtracting the discount from the original price which is $335.58.

Question 2

What does the abbreviation stand for?
-cs.
A)case
B)cartons
C)centimeters
D)crates

Accepted Answer

"cs." typically stands for "case."

Question 3

What does the abbreviation stand for?
-bbl.
A)bubbles
B)barrel
C)double blank
D)baseball

Accepted Answer

The abbreviation bbl. stands for barrel, which is a unit of volume often used in the oil and gas industry to measure the volume of oil or other petroleum products. bbl. is an abbreviation for "barrel".

Question 4

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

Accepted Answer

The answer of Provide an appropriate response.
-Describe the difference between...

Question 5

Provide an appropriate response.
-Explain in your own words what a complement (with respect to 1 or 100%)is. Using complements, explain how to find the net cost equivalent of a series discount.

Accepted Answer

The answer of Provide an appropriate response.
-Explain in your own...

Question 6

Find the list price. Round to the nearest cent.
-Net cost $239; trade discount 
A)$155.84
B)$143.40
C)$366.53
D)$398.33

Accepted Answer

The answer of Find the list price. Round to the...

Question 7

Provide an appropriate response.
-Explain the meaning of a cash discount which employs the ordinary dating method using  ,  as an example.

Accepted Answer

The answer of Provide an appropriate response.
-Explain the meaning of...

Question 8

Compute the extension totals and the invoice total.
-
A) 
B) 
C) 
D)

Accepted Answer

The extension total can be computed by subtracting the base price (TB8285_00) from the total price (TB8285_11). For option C, the extension total would be c628 - TB8285_00 = $239. The invoice total is simply TB8285_11, which is $622. Option C has the highest extension total, so it is the best choice.

Question 9

Find the net cost. Round to the nearest cent.
-$1,088 less 
A)$544.00
B)$1,063.00
C)$816.00
D)$837.22

Accepted Answer

There is no clear way to simplify or estimate the value of 11ebb7d6_6d88_5e43_ad4c_b9a22d432cb8_TB8285_11, so the best course of action is to subtract it directly from $1,088 to find the net cost. Using a calculator, we get $837.22 as the answer. Therefore, the best choice is D. It is difficult to subtract the given number without knowing what it is. However, rounding $11ebb7d6_6d88_5e43_ad4c_b9a22d432cb8_TB8285_11$ to the nearest cent gives $0.01$. Subtracting $0.01$ from $1,088$ gives $1,087.99$, which rounded to the nearest cent is $1,088.00$. Subtracting $1,088.00$ from $1,088.00$ gives a net cost of $0.00$. Therefore, the answer is D, and there is no net cost.

Question 10

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

Accepted Answer

The answer of Provide an appropriate response.
-Give two reasons why...

Question 11

Compute the extension totals and the invoice total.
-
A) 
B) 
C) 
D)

Accepted Answer

The answer of Compute the extension totals and the invoice...

Question 12

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

Accepted Answer

The answer of Provide an appropriate response.
-Describe in your own...

Question 13

Provide an appropriate response.
-Which is the better series discount,  or  ? Explain.

Accepted Answer

The answer of Provide an appropriate response.
-Which is the better...

Question 14

Solve the problem.
-An invoice is received from Westminster Office Machines for $440.30 with terms of 7/14 and dated Feb 25 AS OF Mar 1. If a partial payment of $150 is made on Mar 24, find the balance due on the invoice.
A)$161.29
B)$290.30
C)$259.48
D)$279.01

Accepted Answer

The balance due on the invoice after a partial payment of $150 is made on March 24 is calculated by subtracting the partial payment from the original amount: $440.30 - $150 = $290.30. The terms 7/14 and the dates do not affect the calculation of the balance due after the partial payment.

Question 15

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 answer of Provide an appropriate response.
-Does a customer earn...

Question 16

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

The answer of Provide an appropriate response.
-Explain what is meant...

Question 17

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.
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

Accepted Answer

The answer of Solve the problem. Round to the nearest...

Question 18

Find the net cost. Round to the nearest cent.
-$147.90 less 
A)$44.37
B)$77.90
C)$110.93
D)$62.12

Accepted Answer

The answer of Find the net cost. Round to the...

Question 19

Provide an appropriate response.
-Explain the difference between a single trade discount and a series trade discounts. Give an example of each.

Accepted Answer

The answer of Provide an appropriate response.
-Explain the difference between...

Question 20

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

Accepted Answer

The answer of Provide an appropriate response.
-Identify and explain four...

Quiz 7: Mathematics of Buying

Solve for the amount of discount and amount due. -

What does the abbreviation stand for? -cs.

What does the abbreviation stand for? -bbl.

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

Provide an appropriate response. -Explain in your own words what a complement (with respect to 1 or 100%)is. Using complements, explain how to find the net cost equivalent of a series discount.

Find the list price. Round to the nearest cent. -Net cost $239; trade discount

Provide an appropriate response. -Explain the meaning of a cash discount which employs the ordinary dating method using , as an example.

Compute the extension totals and the invoice total. -

Find the net cost. Round to the nearest cent. -$1,088 less

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

Compute the extension totals and the invoice total. -

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

Provide an appropriate response. -Which is the better series discount, or ? Explain.

Solve the problem. -An invoice is received from Westminster Office Machines for $440.30 with terms of 7/14 and dated Feb 25 AS OF Mar 1. If a partial payment of $150 is made on Mar 24, find the balance due on the invoice.

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?

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 is dated Aug 28 AS OF Sep 2 with terms of , n/30. Find the fina l discount date and the net payment date.

Find the net cost. Round to the nearest cent. -$147.90 less

Provide an appropriate response. -Explain the difference between a single trade discount and a series trade discounts. Give an example of each.

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