Question: 1. The markup on a new diamond ring should be 25% based on selling price. If the seller paid $4,525.00 for one, then how much
1. The markup on a new diamond ring should be 25% based on selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup?
| a. | $6,033.33 | |
| b. | $4,550.00 | |
| c. | $5,756.25 | |
| d. | $5,000.00 |
2. What information does the following term or section of an invoice provide? "Shipped Via"
| a. | Name of freight company handling the shipment | |
| b. | Total amount of merchandise and all other charges | |
| c. | Used in quoting shipping charges | |
| d. | Price for each unit of merchandise |
3. Screws and Bolts Outlet buys a shipment of screws with a list price of $2400. If the supplier extends trade discounts of 20/25/10, what is the trade discount amount?
| a. | $480 | |
| b. | $1440 | |
| c. | $1920 | |
| d. | $1104 |
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