1.Find the net cost equivalent for the following discount. 5/5/40/10

A. 0.51265

B. 0.48735

C. 0.70000

D. 0.30000

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

$1216 less 10/40/20

A. $1146.00

B. $525.31

C. $364.80

D. $304.00

3. Solve the problem. Round to the nearest cent.

The list price of a keyboard is $597. If the series discount offered is 10/25/35, what is the net cost after trade discounts?

A. $261.93

B. $335.07

C. $179.10

D. $417.90

4. Find the list price. Round to the nearest cent.

Net cost $561; trade discount 40/1623

A. $280.50

B. $243.08

C. $1294.71

D. $1122.00

5. Find the final discount date and the net payment date.

Invoice date: August 23

Terms: 5/15, net 30 A. Final discount: Aug 28 Payment due: Sept 7

B. Final discount: Sept 22 Payment due: Sept 7

C. Final discount: Sept 7 Payment due: Sept 22

D. Final discount: Sept 6 Payment due: Sept 21

6. Find the final discount date and the net payment date.

Invoice date: June 14

As of: June 18

Terms: 6/20, n/60

A. Final discount: July 9 Payment due: Aug 18

B. Final discount: July 8 Payment due: Aug 17

C. Final discount: Aug 17 Payment due: July 8

D. Final discount: July 4 Payment due: Aug 13

7. Solve for the amount of discount and amount due.

Invoice amount: $44.81

Invoice date: May 6

Terms: 2/10, net 30

Date paid: May 15

A. Amount of discount: $0.90; amount due: $43.91

B. Amount of discount: $8.96; amount due: $35.85

C. Amount of discount: $0; amount due: $44.81

D. Amount of discount: $4.48; amount due: $40.33

8. Solve for the amount of discount and amount due.

Invoice amt: $1160

Invoice date: May 20

Terms: 5/10, n/60

Shipping/Insurance: $32.52

Date paid: May 28

A. Amount of discount: $58.00; amount due: $1134.52

B. Amount of discount: $0; amount due: $1192.52

C. Amount of discount: $59.63; amount due: $1132.89

D. Amount of discount: $58.00; amount due: $1069.48

9. Find the discount date and net payment date.

Invoice date: Sep 8

Terms: 3/6 EOM

A. Discount date: Sept 14; net payment date: Oct 6

B. Discount date: Oct 6; net payment date: Oct 26

C. Discount date: Sept 6; net payment date: Oct 31

D. Discount date: Sept 14; net payment date: Oct 30

10. Find the discount date and net payment date.

Invoice date: Aug 19

Terms: 2/15 ROG

Goods received: Oct 2

A. Discount date: Oct 17; net payment date: Nov 6

B. Discount date: Sept 15; net payment date: Oct 15

C. Discount date: Oct 15; net payment date: Nov 7

D. Discount date: Oct 17; net payment date: Nov 7

11. Find the discount date and net payment date.

Invoice date: Nov 28

Terms: 1/8 - 20x

A. Discount date: Dec 2; net payment date: Dec 22

B. Discount date: Dec 25; net payment date: Jan 15

C. Discount date: Dec 18; net payment date: Jan 7

D. Discount date: Dec 26; net payment date: Jan 15

12. Solve for the amount of discount and amount due.

Invoice amt: $293.41

Invoice date: Sept 13

Terms: 3/11 EOM

Goods received: Sept 16

Date paid: Oct 9

A. Amount of discount: $32.28; amount due: $261.13

B. Amount of discount: $8.50; amount due: $282.41

C. Amount of discount: $8.80; amount due: $284.61

D. Amount of discount: $0; amount due: $293.41

13. Solve for the amount of discount and amount due.

Invoice amount: $502.45

Invoice date: Nov 10

Terms: 2/13 ROG

Goods received: Dec 4

Date paid: Jan 10

A. Amount of discount: $0; amount due: $502.45

B. Amount of discount: $65.32; amount due: $437.13

C. Amount of discount: $10.05; amount due: $492.40

D. Amount of discount: $9.85; amount due: $491.45

14. Solve for the amount of discount and amount due.

Invoice amount: $571.14

Invoice date: Mar 5

Terms: 1/10 - 20x

Goods received: Mar 7

Date paid: Apr 4

A. Amount of discount: $0; amount due: $571.14

B. Amount of discount: $5.61; amount due: $560.14

C. Amount of discount: $5.71; amount due; $565.43

D. Amount of discount: $57.11; amount due: $514.03

15.Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.

Cost Price: _________

Mark-up: __________

% Mark-up on cost: 44%

Selling price: $92.61 A. Cost Price: $64.31 Markup: $28.30

B. Cost Price: $40.75 Markup: $51.86

C. Cost Price: $51.86 Markup: $40.75

D. Cost Price: $28.30 Markup: $64.31

16.Find the missing quantities. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.

Cost: $8.81

Mark-up: _________

Selling Price: ___________

%Markup on Cost: _________

%Markup on Selling price: 22.0%

A. Markup = $1.94 Selling price = $10.75 % Markup on cost = 18.0%

B. Markup = $1.94 Selling price = $6.87 % Markup on cost = 22.0%

C. Markup = $2.48 Selling price = $6.33 % Markup on cost = 28.2%

D. Markup = $2.48 Selling price = $11.29 % Markup on cost = 28.2%

17.Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent.

Original price: $871.00

% Mark down: ___________

$ Markdown: $243.88

Reduced Price: ___________

A. % Markdown = 28% Reduced price = $627.12

B. % Markdown = 72% Reduced price = $243.88

C. % Markdown = 72% Reduced price = $627.12

D. % Markdown = 28% Reduced price = $1114.88

18.Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent.

Original Price: _________

% Mark down: 43%

$ Markdown: $2.46

Reduced price: _________

A. Original price = $3.26 Reduced price = $5.72

B. Original price = $3.52 Reduced price = $1.06

C. Original price = $5.72 Reduced price = $8.18

D. Original price = $5.72 Reduced price = $3.26

19.Find the missing quantities.

Cost: $19.84

Operating Expenses: ________

Break-even Point: $27.84

Reduced price: $17.46

Operating loss: ________

Absolute loss: _________

A. Operating exp = $47.68 Operating loss = $37.30 Absolute loss = $10.38

B. Operating exp = $8 Operating loss = $10.38 Absolute loss = $2.38

C. Operating exp = $10.38 Operating loss = $8 Absolute loss = $2.38

D. Operating exp = $8 Operating loss = $2.38 Absolute loss = $10.38

20. Find the missing quantities.

Cost: ____________

Operating expenses: $17

Break-even point: $134

Reduced price: __________

Operating loss: __________

Absolute loss: $9

A. Cost = $143 Reduced price = $135 Operating loss = $8

B. Cost = $117 Reduced price = $108 Operating loss = none

C. Cost = $151 Reduced price = $142 Operating loss = $17

D. Cost = $117 Reduced price = $108 Operating loss = $26