Question: (Answer all Please this is a study Guide) QUESTION 1 1. A small retailer buys goods from a vendor with an invoice amount of $9,100.

(Answer all Please this is a study Guide)

QUESTION 1

1. A small retailer buys goods from a vendor with an invoice amount of $9,100. The terms of the sale are 2/10, n/30. What is the net amount due on the goods if the bill is paid by the 10th day?

a.

$910

b.

$8,640

c.

$8,918

d.

$182

5.55 points

QUESTION 2

1. Find the net price for a three piece set of coffee tables with a list price of $2,500, less trade discounts of 25/20/15. Use the net price, complement method.

a.

$1,500

b.

$1,225

c.

$1,000

d.

$1,275

5.55 points

QUESTION 3

1. Lulu's Bath Works purchases towels with an invoice price of $12,456, and terms of sale of 5/10, n/30. What is the net amount due on the order if a partial payment of $2,500 is made on the 10th day?

a.

$10,155.00

b.

$9,824.42

c.

$9,956.00

d.

$2,631.59

5.55 points

QUESTION 4

1. To manufacture a certain desk, it costs $135. If the desired percent markup based on cost is 25%, how much should each desk sell for?

a.

$126.56

b.

$168.75

c.

$133.75

d.

$143.44

5.55 points

QUESTION 5

1. A customer just paid $35,620 for a delivery van. If the percent markup based on cost is 30%, what was the cost?

a.

$25,659.00

b.

$27,400.00

c.

$24,934.00

d.

$20,741.18

5.55 points

QUESTION 6

1. What was the trade discount rate if items sold with a list price of $7,550 were sold at a net price of $5,220? (Round to the nearest whole percent)

a.

58%

b.

65%

c.

31%

d.

35%

5.55 points

QUESTION 7

1. Find the total for the invoice below:

Stock #

Quantity

Unit

Description

Unit Price

Total

6729

20

ea.

15" Monitor

$349.00

1259

22

ea.

Cable

14.00

1152

25

ea.

SCSI card

149.00

Invoice Subtotal

Shipping Charges

$580.00

Invoice Total

a.

$11,593.00

b.

$5,311.00

c.

$10,848.00

d.

$1,092.00

5.55 points

QUESTION 8

1. A hand dryer that previously sold for $31 has been reduced to $24.50. What is the markdown percent? (Round to the nearest whole percent)

a.

24%

b.

33%

c.

21%

d.

27%

5.55 points

QUESTION 9

1. Calculate the net price of goods listing for $9,900 less a trade discount of to the nearest cent.

a.

$725.68

b.

$9,075.25

c.

$235.13

d.

$9,664.88

5.55 points

QUESTION 10

1. The Photo Express buys cameras and film with an invoice date of May 17. If the terms of sale are 2/15, n/45, find the net date.

a.

July 18

b.

July 1

c.

July 16

d.

June 1

5.55 points

QUESTION 11

1. A discount clothing store buys shirts and slacks with a list price of $12,750. If the wholesaler offers trade discounts of 15/25/15, find the single equivalent discount.

a.

.352852

b.

.444375

c.

.357896

d.

.458125

5.55 points

QUESTION 12

1. Israel signed a simple discount promissory note for $15,000. The discount rate is 7.5%, and the term of the note is 120 days. What are Israels proceeds on the loan?

a.

$15,000

b.

$16,000

c.

$14,625

d.

$19,575

5.55 points

QUESTION 13

1. Narrative 11-1 Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Suppose you wish to have $16,500 in 2 years. Use the present value formula to find how much you should invest now at 8% interest, compounded semiannually in order to have $16,500, 2 years from now. Then calculate the amount of interest.

a.

$14,104.27

b.

$2,353.89

c.

$2,395.80

d.

$14,146.11

5.55 points

QUESTION 14

1. A store manager obtained a loan of $25,000, at interest, for 15 months to purchase supplies. Find the amount of simple interest. (Round to the nearest cent)

a.

$1,992.19

b.

$1,721.13

c.

$2,125.37

d.

$2,502.25

5.55 points

QUESTION 15

1. Narrative 11-1 Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Antonio invests $3,000, at 10% interest, compounded semiannually for 12 years. Use the compound interest formula to calculate the compound amount for his investment.

a.

$6,760.00

b.

$9,675.30

c.

$9,860.00

d.

$6,663.28

5.55 points

QUESTION 16

1. State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)

a.

$7,683

b.

$7,785

c.

$8,830

d.

$9,646

5.55 points

QUESTION 17

1. Narrative 11-1 Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Refer to Narrative 11-1. Tony invests $7,500, at 12% interest, compounded quarterly for 11 years. Calculate the compound amount for his investment, and then determine the amount of compound interest.

a.

$27,535.80

b.

$26,089.13

c.

$20,035.80

d.

$18,589.13

5.55 points

QUESTION 18

1. Jami's Home Repair borrows $3,000, at 12.75% interest, for 330 days. Use the exact interest method to find the amount of interest that the bank will collect. (Round to the nearest cent)

a.

$5,200.00

b.

$300.00

c.

$340.00

d.

$345.82

(Answer all Please this is a study Guide)

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