QRB 501 WEEK 2 QUIZ STUDY GUIDE
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1. Find the trade discount on a computer that lists for $600 if a discount rate of 25% is offered. Find the trade discount on a computer that lists for $600 if a discount rate of 50% is offered.
2. Calculate the trade discount for 20 boxes of computer paper if the unit price is $13.84 and a single trade discount rate of 30% is allowed. Calculate the trade discount for 50 boxes of computer paper if the unit price is $12.63 and a single trade discount rate of 5% is allowed. 3. Use the net price rate to calculate the net price for 10 boxes of computer paper if the unit price is $13.94 and a single trade discount rate of 20% is allowed. Use the net price rate to calculate the net price for 10 boxes of computer paper if the unit price is $14.02 and a single trade discount rate of 30% is allowed. 4. A trading company purchased video and digital cameras for its new store with a total of $132,804. The order has discount of 24%. Use the net price rate to find the net price of the merchandise. A trading company purchased video and digital cameras for its new store with a total of $145,813. The order has discount of 25%. Use the net price rate to find the net price of the merchandise. 5. A company manages an electronic equipment store and has ordered 200 remote controlled color TV’s for a special sale. The list price for each TV is $250 with a trade discount series of 6/10/2. Find the net price of the order by using the net decimal equivalent. A company manages an electronic equipment store and has ordered 150 remote controlled color TV’s for a special sale. The list price for each TV is $230 with a trade discount series of 7/10/4. Find the net price of the order by using the net decimal equivalent. 6. One manufacturer is calculating the trade discount on a dog kennel with a list price of $294 and trade discount series of 12/11/12. What is the trade discount? What is the net price for the kennel?
One manufacturer is calculating the trade discount on a dog kennel with a list price of $270 and trade discount series of 10/10/10. What is the trade discount? What is the net price for the kennel? 7. One manufacturer currently receives a trade discount series of 10/15/15 on merchandise purchased from a furniture company. He is negotiating with another furniture manufacturer to purchase similar furniture of the same quality. The first company list a dining room table and six chairs for $1,807. The other company lists a similar set for $1,805 and a trade discount series of 10/10/15. Which deal is better? One manufacturer currently receives a trade discount series of 10/20/20 on merchandise purchased from a furniture company. He is negotiating with another furniture manufacturer to purchase similar furniture of the same quality. The first company list a dining room table and six chairs for $1,811. The other company lists a similar set for $1,810 and a trade discount series of 10/10/20. Which deal is better? 8. A television game device has a list price of $287 and a trade discount series of 12/9. Find the net price and trade discount. A television game device has a list price of $223 and a trade discount series of 14/9. Find the net price and trade discount. 9. A man received an invoice dated March 9.with term 4/10, n/30 amounting to $560. He paid the bill on March 12. How much was the cash discount? A man received an invoice dated March 9.with term 4/10, n/30 amounting to $560. He paid the bill on March 12. How much was the cash discount? 10. A man gets an invoice for $450 with terms 2/10, 1/15, n/28. How much would be pay 23 days after the invoice date? A man gets an invoice for $420 with terms 3/10, 1/15, n/29. How much would be pay 23 days after the invoice date? 11.
An invoice for a camcorder that cost $1,270 is dated August 1, with sales terms of 4/10 EOM. If the bill is paid on September 7, how much is due? An invoice for a camcorder that cost $1,210 is dated August 2, with sales terms of 3/10 EOM. If the bill is paid on September 8, how much is due? 12. An invoice for $800 is dated October 15 and has sales terms of 4/10 ROG. The merchandise arrives October 19. How much is due if the bill is paid October28? An invoice for $800 is dated October 11 and has sales terms of 3/10 ROG. The merchandise arrives October 19. How much is due if the bill is paid October27? 13. Kareem Salam is directing the accounts payable office and is training a new account payable associate. They are processing an invoice for a credenza that is dated August 19 in the amount of $ 392.34. The delivery ticket for the credenza is dated August 24. If the sales terms indicated on the invoice are 2/10 ROG, how much needs to be paid if the bill is paid on September 8? Kareem Salam is directing the accounts payable office and is training a new account payable associate. They are processing an invoice for a credenza that is dated August 19 in the amount of $ 392.34. The delivery ticket for the credenza is dated August 22. If the sales terms indicated on the invoice are 2/10 ROG, how much needs to be paid if the bill is paid on September 8? 14. A machine shop received a shipment of goods from a distributor. The bill of lading was market FOB – destination. Who paid the freight? To whom was the freight paid? Choose the correct answer. The distributor paid the freight to the freight company. Nobody paid the freight. The freight company paid the freight to the distributor. Both paid the freight. 15. Selling price = $40.99; Markup = $13.99. Find the cost. Selling price = $42.99; Markup = $13.99. Find the cost.
16. Markup = $89.74; Rate of markup based on cost = 78% a. Find the cost. b. Find the selling price. Markup = $60; Rate of markup based on cost = 78% a. Find the cost. b. Find the selling price. 17. Nineteen decorative enamel balls cost $12.51 each and are marked up $9.28. a. Find the selling price for each one. b. Find the total amount of margin or markup for the 19 balls. Seventeen decorative enamel balls cost $12.25 each and are marked up $9.33. a. Find the selling price for each one. b. Find the total amount of margin or markup for the 17 balls. 18. A sofa cost $379 and sells for $606.40, which is 160% of the cost. a. Find the rate of markup. b. Find the markup. A sofa cost $389 and sells for $622.40, which is 160% of the cost. a. Find the rate of markup. b. Find the markup. 19. What is the cost of a sink that is marked up $168 if the markup rate is 75% based on cost?
What is the cost of a sink that is marked up $189 if the markup rate is 80% based on cost? 20. Selling price = $1,840; cost = $790. Find the rate of markup based on the selling price. Round to the nearest tenth of a percent. Selling price = $1,910; cost = $778. Find the rate of markup based on the selling price. Round to the nearest tenth of a percent. 21. Markup rate based on selling price = 11%; markup = $390. Find the selling price. Round to the nearest cent. Markup rate based on selling price = 21%; markup = $370. Find the selling price. Round to the nearest cent. 22. An item has a 35% markup bases on selling price. The markup is $100. a. Find the selling price. b. Find the cost. An item has a 31% markup bases on selling price. The markup is $400. a. Find the selling price. b. Find the cost. 23. An item sells for $32 and is reduced to sell for $12. Find the markdown amount and the rate of markdown. An item sells for $80 and is reduced to sell for $70. Find the markdown amount and the rate of markdown. 24. An item is originally priced to sell for $75 and is marked down 60%. A customer has a coupon for an additional 15%. What is the total percent reduction?
An item is originally priced to sell for $75 and is marked down 40%. A customer has a coupon for an additional 10%. What is the total percent reduction? 25. Paul’s Grocery received 1,000 pounds of onions at $0.13 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a markup rate of 180% based on cost. Paul’s Grocery received 1,000 pounds of onions at $0.11 per pound. On the average, 5% of the onions will spoil before selling. Find the selling price per pound to obtain a markup rate of 200% based on cost. 26. A director of accounts received a bill for $646, dated April 6, with sales terms 3/10, 2/15, n/30. A 4% penalty is charged for payment after 30 day. If the director of accounts pays on after May 7, how much must he pay? A director of accounts received a bill for $643, dated April 6, with sales terms 3/10, 2/15, n/30. A 4% penalty is charged for payment after 30 day. If the director of accounts pays on after May 7, how much must he pay?