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Contemporary Mathematics For Business & Consumers, 8th Edition by Robert Brechner – Test Bank
Chapter_06_Percents_and_their_Applications_in_Business
1. In solving a rate of increase problem, the original value is always the ____________________.

2. ____________________ means per hundred or parts per hundred.

3. Base is found by ____________________ the portion by the rate.

4. ____________________ often has a unique characteristic that is being measured or compared with the base.

5. Portion is found by ____________________ the rate times the base.

6. ____________________ defines how much the portion is of the base.

7. Rate is found by ____________________ portion by base.

8. Convert a decimal to a percent by moving the decimal point two places to the ____________________ and adding a percent sign.

9. If a number increases from 10 to 20, we are looking for the ____________________.

10. If a company’s market share increased from 15 to 24 percent of the total market, it would be expressed as an increase in ____________________ points.

11. Convert to a decimal: .52%

12. Convert to a decimal: .85%

13. Convert to a percent:

14. Convert to a decimal: 158%

15. Convert to a percent: 5.5

16. Convert to a decimal: 234.5%

17. Convert to a decimal:

18. Convert to a percent:

19. Convert to a percent: 8.6

20. Convert to a decimal: 29.53%

21. Convert to a percent:

22. Convert to a percent: .67

23. Convert to a decimal:

24. Convert to a reduced fraction, mixed number, or whole number: 3.5%

25. Convert to a percent: .88

26. Convert to a percent:

27. Convert to a percent:

28. Convert to a percent:

29. Convert to a reduced fraction, mixed number, or whole number: 228%

30. Convert to a reduced fraction, mixed number, or whole number: 11.75%

31. Convert to a reduced fraction, mixed number, or whole number: 82%

32. Convert to a percent:

33. A computer company made 6,100 computer chips last month. If 2.5% of them were defective, how many chips were not defective? (Round to the nearest whole number)

34. What number is 14.25% of 1978?

35. What number is 29.5% of 910?

36. What number is 84.5% of 280?

37. What number is 71.5% of 600?

38. A company made 4,000 amplifiers last month. If 4.2% of them were defective, how many defective amplifiers were produced?

39. Electron Tube Electronics made 50,000 TVs last month. If 3.5% of them were high definition, how many high definition TVs were produced?

40. Maya is buying a business priced at $473,000. If she needs an 28.5% cash down payment, how much is the down payment?

41. Orlando has finished pouring 4,865 cubic feet out of a total of 27,000 cubic feet of concrete. What percent of the job has he completed?

42. What percent of 940 is 427.7?

43. Statistics show that the sales force of Golden Wholesalers successfully closed 1,711 sales out of 1,950 sales calls. What was their percent success rate?

44. What percent of 700 is 353.5?

45. The sales force of Oceania Insurance successfully closed 362 sales out of 1,500 sales calls. What was their percent success rate? (Round to the nearest whole percent)

46. Soft Shoes, a shoe store, sold $1,528 of blue slippers last week. If that amount is 11.5% of their total sales, what were their total sales? (Round to the nearest dollar)

47. 167.48 is 53% of what number?

48. Leesha has finished pouring 900 cubic feet out of a total of 4,400 cubic feet of concrete. What percent of the job has she completed?

49. 75.5% of the students at Sarasota Community College are from in state. If 24,950 students are from in state, how many students attend the college? (Round to the nearest whole number)

50. 31.5 is 10.5% of what number?

51. 82.25% of the employees at Industrial Mechanics are college graduates. If 254 employees are college graduates, what is the total number of people employed at Industrial Mechanics? Round to the nearest whole number.

52. If a number decreases from 900 to 549 what is the rate of decrease?

53. Last month Quick Industries produced 900 units. This month they produced 1,264 units. What is the rate of change in production?

54. 307.7 is 34% of what number?

55. 17% of a city’s population use Wifi. If 20,508 people use Wifi, how many people live in that city? (Round to the nearest whole number)

56. If a number decreases from 1,500 to 300 what is the rate of decrease?

57. If a number increases from 900 to 1,107 what is the rate of change?

58. Last week’s production at Morton Manufacturing was 1,600 units. This week the factory produced 1,913 units. What is the rate of change in production?

59. Ezekiel manages a clothing store. In May, sales were $129,800. In June, sales were $131,975. What was the rate of change?

60. Rebecca owns a health food store. In March, sales were $122,000. In April, sales were $108,770. What was the rate of change?

61. Last month production at Mega Manufacturing was 650 units. This month they produced 586 units. What is the rate of change in production?

62. Production at South Side Assemblers last quarter was 178,500 units. If the company expects to produce 9.5% less units this quarter, how many units do they expect to produce this quarter?

63. Sales at an Auto Parts store decreased 20.5% this month compared to last month. If sales this month were $75,366, what were the sales last month?

64. Bob calculated that the sporting goods store he manages had an increase of 32.5% in sales this week compared to last week. If sales last week were $55,300, what were sales this week?

65. Washila calculated that the kitchen shop she manages had a decrease of 21.5% in sales this month compared to last month. If sales last month were $187,000, what were sales this month?

66. Sales at Discus Associates increased 21% this year compared to last year. If sales this year were $200,255, what were the sales last year?

67. UpTown Express processed 89,233 packages this month. If this is 36.5% less than last month, how many packages did they process last month?

68. Production at SoSweet Bakery last quarter was 126,380 cakes. If the bakery expects to bake 15% more cakes this quarter, what will be the total of the cakes this quarter?

69. The market share of United Marine’s main product increased 4 percentage points last year. If the share changed from 10 to 14 percent of the total market, what was the actual percent increase in the market share?

70. Gabriel is the campaign manager for a candidate for governor. Through a commissioned poll, he discovers that the candidate’s approval rating has changed from 80 to 64 percentage points, a drop of 16 percentage points. What was the percent change?

71. Shareholders in Frontier Communications were not pleased to learn that the company’s market share had changed from 40 to 21 percentage points, a loss of 19 percentage points. What was the percent change in market share?

72. The market share of Galaxy Industries’ main product increased by 16 percentage points last year. If the share changed from 40 to 56 percent of the total market, what was the actual percent change in the market share?

73. Yosma manages a clothing store. In November, sales were $192,300. In December, sales were $286,975. What was the rate of change? (Round to the nearest hundredth)

74. Dana is the campaign manager for a candidate for governor. Through a commissioned poll, she discovers that the candidate’s approval rating has changed from 70 to 88 percentage points, a gain of 18 percentage points. What was the percent change for the candidate’s approval rating?

75. Convert the percent to a decimal: .08%

76. Convert the percent to a decimal: 192%

77. Convert the percent to a decimal: 516%

78. Convert the percent to a decimal: 24.8%

79. Convert the percent to a decimal: .95%

80. Convert the percent to a decimal:

81. Convert the percent to a decimal:

82. Convert the percent to a decimal: .04%

83. Convert the decimal to a percent: .625

84. Convert the decimal to a percent: 2.8

85. Convert the decimal to a percent:

86. Convert the decimal to a percent: .0092

87. Convert the decimal to a percent:

88. Convert the whole number to a percent: 35

89. Convert the whole number to a percent: 58

90. Convert the decimal to a percent:

91. Convert the decimal to a percent:

92. Convert the decimal to a percent: .00652

93. Convert the percent to a reduced fraction, mixed number, or whole number: 15%

94. Convert the percent to a reduced fraction, mixed number, or whole number: 62%

95. Convert the percent to a reduced fraction, mixed number, or whole number: 8%

96. Convert the percent to a reduced fraction, mixed number, or whole number: 152%

97. Convert the percent to a reduced fraction, mixed number, or whole number: 100%

98. Convert the percent to a reduced fraction, mixed number, or whole number:

99. Convert the percent to a reduced fraction, mixed number, or whole number: 24.5%

100. Convert the percent to a reduced fraction, mixed number, or whole number: .4%

101. Convert the fraction to a percent, rounding to hundredths when necessary:

102. Convert the fraction to a percent, rounding to hundredths when necessary:

103. Convert the fraction to a percent, rounding to hundredths when necessary:

104. Convert the mixed number to a percent, rounding to hundredths when necessary:

105. Convert the mixed number to a percent, rounding to hundredths when necessary:

106. Convert the fraction to a percent, rounding to hundredths when necessary:

107. Convert the fraction to a percent, rounding to hundredths when necessary:

108. Solve for the portion, rounding to hundredths when necessary: 26% of 1,800 =

109. Solve for the portion, rounding to hundredths when necessary: 92.6% of 18.3 =

110. Solve for the portion, rounding to hundredths when necessary: of 186 =

111. What number is 22.5% of 800?

112. What number is 125% of 19?

113. What is the portion if the base is 18,236 and the rate is 22.45%?

114. Solve for the rate, rounding to tenths if necessary: 543 is _____ of 745

115. Solve for the rate, rounding to tenths if necessary: 27 is _____ of 323

116. Solve for the rate, rounding to tenths if necessary: 897 is _____ of 403

117. Solve for the rate, rounding to tenths if necessary. What percent of 1,600 is 430?

118. Solve for the rate, rounding to tenths if necessary. What percent of 50 is 3.5?

119. Solve for the rate, rounding to tenths if necessary: $258.25 is what percent of $518.60?

120. Solve for the rate, rounding to tenths if necessary. What is the rate if the base is 123,200 and the portion is 618,545?

121. Solve for the base, rounding answer to hundredths, or the nearest cent if necessary: 26 is 15.8% of _____.

122. Solve for the base, rounding answer to hundredths, or the nearest cent if necessary: 1.13 is 138% of _____.

123. Solve for the base, rounding answer to hundredths, or the nearest cent if necessary: 76 is .2% of ______.

124. Solve for the base, rounding answer to hundredths, or the nearest cent if necessary: $1,628.15 is of _____.

125. Solve for the base, rounding answer to hundredths, or the nearest cent if necessary. What is the base if the rate is 125.3% and the portion is 362?

126. Solve for the base, rounding answer to hundredths, or the nearest cent if necessary. What is the base if the portion is $686.25 and the rate is 1.6%?

127. Solve the problem, rounding final decimals and percents to tenths if necessary. If a number increases from 28 to 46, what is the rate of increase?

128. Solve the problem, rounding final decimals and percents to tenths if necessary. If a number decreases from $862.15 to $823.18, what is the rate of decrease?

129. Solve the problem, rounding final decimals and percents to tenths if necessary. What is the rate of change if your salary increases from $23,500 to $24,500?

130. Solve the problem, rounding final decimals and percents to tenths if necessary. What is the rate of change if the temperature decreases from 78 degrees to 65 degrees?

131. Solve the problem, rounding final decimals and percents to tenths if necessary: 920 decreased by 27.5% equals what?

132. Solve the problem, rounding final decimals and percents to tenths if necessary: 3,210 increased by 186% equals what?

133. Solve the problem, rounding final decimals and percents to tenths if necessary. A number increased by 8.2% is 1,250.

134. Solve the problem, rounding final decimals and percents to tenths if necessary. A number decreased by 25% is 547.50.

135. Olga recently took an insurance exam. She estimated she answered 0.95 of all questions correctly. What percent of the questions is Olga estimating she answered correctly?

136. Ralph purchased tires for his truck on sale for $542.98. If the original price was $720.46, what percent of the original price did Ralph pay? (Round to the nearest tenth)

137. Lenny’s height has increased by times his height at 3 years old. In percentage terms, how much has Kenny grown?

138. If market share increased from 4.6% to 4.8%, what percent increase in business does this represent?

139. 16% of the 1,450 students in Glenville College are enrolled in art classes. How many are enrolled in art classes?

140. Ronald earned $940 in his last bonus. However, due to current economic conditions the company has decided to payout only 38% of the original amount. How much will Ronald receive for his bonus?

141. Ella’s restaurant served 575 dinners last evening, 84 were fish dinners. What percent of the total dinners served were fish? (Round to the nearest tenth of a percent)

142. Lewis purchased diamond earrings on sale for $264.22. If the original price was $453, what percent of the original price did Lewis pay? (Round to the nearest whole number)

143. A contract called for 156,000 square feet of tile to be installed in a new building. If 12,000 square feet were installed the first week, what percent of the job has been completed? (Round to the nearest tenth of a percent)

144. 28% of Mari’s Boutique sales are from paper products. If last month’s sales from paper products were $26,100, what is the amount of total sales for the month? (Round to nearest dollar)

145. A quality control process detected 16 defective products this week. If this number represents 2% of the total production, what was the total number of products produced this week?

146. A Drama club sold 432 tickets for their upcoming performance. This represents only 44.5% of the number of tickets sold this time last year. How many tickets did the drama club sell last year for the same event? (Round to the nearest whole number)

147. For every 10,000 square feet of lumber used, 116.8 square feet is scrap. What percent of the lumber is scrap? (Round to the nearest tenth of a percent)

148. of Midwest Wholesaler’s budget is allocated to entertainment expense. If the expense for the year is $5,100, what is the total budget?

149. $10.81 is the amount of sales tax paid on the purchase of a new stereo. If this represents a sales tax, what was the original cost of the stereo?

150. Last season, the local football team won 8 games and lost 2 and tied 1. What percent of the games did they win? (Round to the nearest whole percent)

151. Joe Morris earned $27,750 last year. He received a raise this year, and earned $29,450. What was the percentage rate of his increase? (Round to the nearest tenth of a percent)

152. Kyle reduced his investment in Collins Company from $11,700 to $4,300. What was the percentage rate of decrease? (Round to the nearest tenth of a percent)

153. Dr. Samuelson treated 610 patients last month. This month is flu season and he has already seen 793 patients. What is the rate of increase in patients for Dr. Samuelson?

154. Beth’s Soft Pretzel Stand sold 128 items last evening, 30 were soft pretzels. What percent of the total items sold were soft pretzels? (Round to the nearest tenth of a percent)

155. Camera World had $326,500 in revenues last year. This year, they earned 14.4% more. How much did they earn this year?

156. A recent poll showed that a politician’s popularity rate dropped from 32% to 29%. What percent decrease does this represent? (Round to the nearest tenth of a percent)

157. Snowfall for this year was recorded at 41.86 inches. This is a decrease from last year. What was the amount of snowfall for last year? (Round to the nearest hundredth of an inch)

158. In 2011, Klassy Car Wash estimated that its business would increase by 20% each year. If they washed 19,300 cars in 2011, how many can they expect to wash in 2013?

159. Terence calculated that the furniture store he manages had an increase of 32.5% in sales this month compared to last month. If sales last month were $72,400, what were sales this month?

160. Stacey Leigh sells cosmetics for Sofskin Cosmetics Company and earns a commission on each sales dollar. Last week she earned $203.50. What was the total amount of her sales?

161. Johnson City has a population today of 325,000 people. If this population today is 260% of what it was 10 years ago, how many people lived in Johnson City 10 years ago?

162. An estate is split three ways: Edward receives , Leonardo receives , and Johnny receives the balance. If Johnny’s share amounts to $80,625, how many dollars will Leonardo receive?

163. Linda Masters is paid a gross salary each week of $400. After all deductions, her net pay amounts to $327.20. If Linda receives a raise to $22,464 per year, based on the same percentage of deductions, what would be her new weekly takehome pay? (Round to the nearest cent)

164. The market share of Royal Industries’ main product increased 11 percentage points last year. If the share changed from 40 to 51 percent of the total market, what was the actual percent increase in the market share?

165. Jamal earned $1,540 in his last bonus. However, due to current economic conditions the company has decided to payout only 28% of the original amount. How much will Jamal receive for his bonus?

166. To convert a percent to a decimal, first remove the percent sign. Than move the decimal two places to the right.

167. 79% written as a decimal would be .079.

168. When converting a decimal to a percent, move the decimal two places to the right and write the percent sign after the number.

169. .19 written as a percent would be 19%

170. To convert a percent to a fraction, write the percent number as the numerator and 1000 as the denominator.

171. 45% written as a fraction is .

172. = 37.5%

173. To change a fraction or mixed number to a percent, convert the mixed number to an improper fraction. Then divide the numerator by the denominator. Move the decimal point two places to the right and add a percent sign.

174. 30% of the graduating class of North College received immediate job offers. If there were 650 graduating students, how many students received job offers?For the problem above, The unknown element is called the Portion. The formula for finding the portion isPortion = Rate X Base

175. 30% of the graduating class of North College received immediate job offers. If there were 650 graduating students, how many students received job offers?The solution to the problem above is 21.667.

176. 6 out of 8 nurses in the clinic have received a flu shot. What percent of nurses in the clinic have not had their flu shot?For the problem above, the unknown element is the rate. The formula for determining the rate isRate =

177. 6 out of 8 nurses in the clinic have received a flu shot. What percent of nurses in the clinic have not had their flu shot?The answer to the above problem is 37.5%

178. Last year, 41% of the sales of the local coffee shop were during breakfast hours. If those breakfast hour sales were $28,500, what were the total sales of the coffee shop for the year?For the problem above, the unknown element is the Base. The formula for finding the Base isBase = Portion X Rate

179. Last year, 41% of the sales of the local coffee shop were during breakfast hours. If those breakfast hour sales were $28,500, what were the total sales of the coffee shop for the year?The solution to the above problem is $ 11,685.

180. When determining the rate of increase or decrease between two amounts, first subtract the difference between the two amounts, then divide the difference by the original amount.

Chapter_07_Invoices_Trade_Discounts_and_Cash_Discounts
1. Business documents used to keep track of sales and purchases are called ____________________.

2. Freight terms, FOB destination indicate that the ____________________ is responsible for the freight charges.

3. Trade discounts are reductions from the manufacturer’s suggested ____________________ price.

4. The ____________________ price of merchandise is calculated by subtracting the amount of trade discount from the list price.

5. The net price factor, usually written in decimal form, is the ____________________ of the trade discount rate.

6. The single equivalent discount is a single trade discount that equates to all the discounts in a(n) ____________________ or ____________________.

7. The ____________________ period is the time period that the seller allows the buyer to pay an invoice.

8. The ____________________ period is the time period in which a buyer can take advantage of the cash discount.

9. ____________________ dating is when the discount period and the credit period start on the date of the invoice.

10. When ____________________ dating is used, terms of sale begin on the date the goods are received by the buyer.

11. What information does the following term or section of an invoice provide? “Seller’s Invoice Number”

12. What information does the following term or section of an invoice provide? “Shipped Via”

13. What information does the following term or section of an invoice provide: “F.O.B. destination”?

14. Find the total for the invoice below:

15. Find the total for the invoice below:

16. Morgan bought the following: 27 Wren Houses @ $12.00, 31 Bluebird Houses @ $21.50, and 17 Bird Feeders @ $19.75. The shipping charges were $68.00. What was the total invoice charge?

17. A discount store purchased some special product at a list price of $ 6,300. If the broker gives a 30.5% trade discount rate, what is the amount of the trade discount?

18. What is the amount of the trade discount on merchandise that a vendor can receive with a list price of $7,700 and a trade discount rate of ?

19. What is the amount of the trade discount on goods ordered with a list price of $3,650 and a trade discount rate of to the nearest cent?

20. RaveUp Party Store buys some goods with a list price of $5,900. The supplier extends a trade discount rate. What is the amount of the trade discount?

21. Calculate the net price of merchandise listing for $5,900 less a trade discount rate of 45%.

22. The Canine Shop orders special powders and oils with a list price of $1,500. The supplier extends a 4% trade discount rate. What is the net price?

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

24. Bob’s Motorcycle shop buys some seats and handle bars with a list price of $5,020. The supplier extends a 32% trade discount rate. What is the net price?

25. 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)

26. An electrical supply store bought copper wire with a list price of $26,200. The wholesaler extended a trade discount which made the net price $15,206. What is the trade discount rate to the nearest whole percent?

27. What was the trade discount rate if goods with a list price of $10,600 were sold at a net price of $8,250? (Round to the nearest tenth)

28. Flora’s Flowers buys some pots and vases with a list price of $26,700. If the supplier offers a trade discount that yields a net price of $12,955, what is the trade discount rate to the nearest tenth of a percent?

29. Dents and Dings Auto Body buys paint with a list price of $29,000. If the supplier extends trade discounts of 30/35/20, what is the trade discount amount?

30. Calculate the trade discount amount of merchandise with a list price of $5,000 less trade discounts of 40/20/15.

31. Calculate the trade discount amount of goods with a list price of $29,000 less trade discounts of .

32. Anselmo’s Engineering buys circuit boards with a list price of $32,000. If the supplier extends trade discounts of 42/32/12, what is the trade discount amount?

33. A flower shop buys roses with a list price of $1,500. If the wholesaler offers trade discounts of , find the trade discount amount to the nearest penny.

34. AllWays Green Gardens buys plants with a list price of $15,000. If the supplier extends trade discounts of 20/15/1, what is the trade discount amount?

35. Find the net price for an order of television sets with a list price of $16,000, less trade discounts of 35/20/15. Use the net price, complement method for your answer.

36. Easy Patterns Fabric buys merchandise with a list price of $9,500. Use the net price, complement method to find the net price if the wholesaler offers trade discounts of 25/10/5. (Round to the nearest penny)

37. 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.

38. Find the net price for an order of tires with a list price of $15,000, less trade discounts of 30/25/10. Use the net price, complement method.

39. McClan Paving buys asphalt with a list price of $17,000. If the supplier extends trade discounts of 42/22/11, find the net price using the complement method.

40. Find the net price for an order of gift items with a list price $24,000 less trade discounts of 30/25/15. Use the net price, complement method.

41. A craft shop buys stuffed animals with a list price of $8,000. If the wholesaler offers trade discounts of 25/25/25, find the net price factor.

42. Find the trade discount amount for an order of merchandise with a list price of $25,000 less trade discounts of 30/25/10.

43. 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.

44. Find the trade discount amount for an order of paper supplies with a list price of $25,000, less trade discounts of 30/20/10. Use the single equivalent discount for your answer.

45. Atlas Hardware buys power tools with a list price of $29,500. If the supplier offers trade discounts of 10/20/5, find the trade discount amount. Use the single equivalent discount for your answer.

46. A second hand furniture store buys sofas with a list price of $9,500. If the wholesaler offers trade discounts of 10/20/30, find the single equivalent discount.

47. Hard Blues Music buys CDs with a list price of $32,000. If the wholesaler offers trade discounts of 3/2/1, find the net price factor.

48. Kiddie Kites buys Japanese kite kits with a list price of $6,500. If the supplier offers trade discounts of 30/15/15, find the trade discount amount to the nearest cent.

49. Amado purchased the following: 15 mouse traps @ $1.25 per item, 18 light bulbs @ $3.50 per item and 3 Bird Feeders @ $19.75. The shipping charges were $52.00. What was the total invoice charge?

50. 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?

51. Modern Video buys Bluray discs with an invoice price of $30,200, and terms of sale of 2/15, n/30. What is the net amount due on the order if the bill is paid by the 10th day?

52. Backyard World buys plastic pools from a supplier with an invoice amount of $19,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,700 on the discount date, what is the net amount still due?

53. 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?

54. Vivian’s Linens purchases towels with an invoice price of $22,700, and terms of sale of 4/10, n/30. What is the net amount due on the order if a partial payment of $10,300 is made on the 10th day?

55. Quick Depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are 15/15, n/30. What is the net amount due on the order if the bill is paid by the 15th day?

56. A farm feed supply firm buys feed with an invoice date of April 19. The terms of sale are 3/15, n/30. Find the discount date.

57. Conan purchases chocolate having an invoice price of $23,700. The terms of sale are 20/11, n/30. What is the cash discount if the bill is paid by the 10th day?

58. Standard Software purchases programs from Microsoft with an invoice price of $25,900 and terms of sale of 5/15, n/30. What is the net amount due on the order if a partial payment of $6,000 is made on the 15th day?

59. The local zoo buys hay from a supplier with an invoice amount of $17,220. The terms of the sale are 5/22, n/30. What is the net amount due on the order if the bill is paid by the 22nd day?

60. Find the net date for an invoice dated August 7, with terms 4/20, 50 Extra.

61. Luggage World buys briefcases with an invoice date of September 28. The terms of sale are 2/10 EOM. What is the net date for this invoice?

62. GetDown Electronics buys MP3 players with an invoice date of June 29 and terms of sale of 4/20 EOM. Calculate the discount date.

63. A toy store buys Wiis from Nintendo with an invoice date of April 14. The terms of sale are 3/10 ROG. What is the net date if the shipment arrives June 12?

64. Classic Furniture purchases dining room sets with an invoice date of September 27, and terms of sale of 3/10, n/60. What is the net date?

65. A home accessories store buys lamps with a net price of $22,600. The terms of sale are 4/15, n/30. If a partial payment of $10,300 is sent to the wholesaler on the discount date, what is the net amount still due?

66. A new business receives an invoice for merchandise on August 9. The terms of the sale are 12/10, n/30. If the manager elects to take the cash discount, what is the discount date?

67. 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.

68. A manufacturer of computer printers offers a series discount of 20/10/5. A second manufacturer of printers offers a series discount of 25/12/10. Assuming all other aspects of the products are the same, which manufacturer would offer the best discount?

69. Hyabuza Japanese Restaurant received an invoice, dated February 20, 2011, for supplies they ordered that had a list price of $2,700 from a supplier that offered a series discount of 15/8/4 and carried terms of 3/10, 1/15, n/30. How much should the restaurant remit if the bill is to be paid in full on March 1, 2011?

70. Tamara Muldoon received an invoice dated October 25th with terms of 2/10, n/30 EOM. If Tamara wishes to pay the bill on the last day of the discount period, what date would she pay the invoice?

71. Chuck’s Chops, an upscale steak house, received an invoice for 800 pounds of baking potatoes with a cost of $.85 per pound. The terms were , n/30. Chuck was unable to pay the bill in full within the discount period but was able to remit a partial payment of $425.00 within the discount period. How much credit did Chuck receive for his payment?

72. Gadgets Inc., received an invoice from a supplier for raw materials that had a list price of $12,600.00. The supplier offered a series discount of 30/20/10 and terms of 2/10, n/30 ROG and F.O.B. destination. The supplier prepaid the freight of $350.00. The invoice was dated June 10 and the goods were received on June 30. If Gadgets remitted full payment on July 10, what was the amount they paid?

73. A discount store purchased some special product at a list price of $1,600. If the broker gives a 20.25% trade discount, what is the amount of the trade discount?

74. Screws and Bolts Outlet buys a shipment of screws with a list price of $2,400. If the supplier extends trade discounts of 20/25/10, what is the trade discount amount?

75. Awesome Software purchases programs from Apple Inc., with an invoice price of $14,900 and terms of sale of 3/15, n/30. What is the net amount due on the order if a partial payment of $2,000 is made on the 15th day?

76. Dante’s Wholesaler buys some goods with a list price of $4,400. The supplier extends a 10.25% trade discount to a customer. What is the amount of the trade discount?

77. JoAnne’s Fabric buys merchandise with a list price of $12,400. Use the complement method to find the net price if the wholesaler offers trade discounts of 15/20/5. (Round to the nearest penny)

78. What word is represented by the abbreviation: pr

79. What word is represented by the abbreviation: in.

80. What word is represented by the abbreviation: cwt

81. What word is represented by the abbreviation: kg

82. What word is represented by the abbreviation: pt

83. What word is represented by the abbreviation: drm

84. What word is represented by the abbreviation: oz

85. What word is represented by the abbreviation: dz

86. What word is represented by the abbreviation: gro

87. What word is represented by the abbreviation: ea

88. What word is represented by the abbreviation: M

89. What word is represented by the abbreviation: lbs

Narrative 71Use the invoice below to identify the indicated parts: 
90. Refer to Narrative 71. Use the invoice to identify the: Seller

91. Refer to Narrative 71. Use the invoice to identify the: Buyer

92. Refer to Narrative 71. Use the invoice to identify the: Invoice number

93. Refer to Narrative 71. Use the invoice to identify the: Freight charges

94. Refer to Narrative 71. Use the invoice to identify the: Terms of sale

95. Refer to Narrative 71. Use the invoice to identify the: Invoice date

96. Refer to Narrative 71. Use the invoice to identify the: Shipped via

97. Refer to Narrative 71. Use the invoice to identify the: F.O.B.

98. Refer to Narrative 71. Use the invoice to identify the: Invoice subtotal

99. Refer to Narrative 71. Use the invoice to identify the: Unit price − Model 75

100. From the invoice, extend each line to the total column and calculate the invoice subtotal and total:

101. Calculate the trade discount and net price to the nearest cent:

102. Calculate the trade discount and net price to the nearest cent:

103. Calculate the trade discount and net price to the nearest cent:

104. Calculate the net price factor and net price using the complement method, rounding to the nearest cent:

105. Calculate the net price factor and net price using the complement method, rounding to the nearest cent:

106. Calculate the net price factor and net price using the complement method, rounding to the nearest cent:

107. Calculate the net price factor and net price using the complement method, rounding to the nearest cent:

108. Calculate the trade discount and trade discount rate (round answer to the nearest tenth percent):

109. Calculate the trade discount and trade discount rate (round answer to the nearest tenth percent):

110. Calculate the trade discount and trade discount rate (round answer to the nearest tenth percent):

111. Complete the table (round net price factor to four decimal places and single equivalent discounts to the nearest hundredth percent):

112. Complete the table (round net price factor to four decimal places and single equivalent discounts to the nearest hundredth percent):

113. Complete the table (round net price factor to four decimal places and single equivalent discounts to the nearest hundredth percent):

114. Calculate the cash discount and the net amount due, rounding to the nearest cent:

115. Calculate the cash discount and the net amount due, rounding to the nearest cent:

116. Calculate the cash discount and the net amount due, rounding to the nearest cent:

117. Calculate the credit given for the partial payment and the net amount due on the invoice, rounding to the nearest cent:

118. Calculate the credit given for the partial payment and the net amount due on the invoice, rounding to the nearest cent:

119. Calculate the credit given for the partial payment and the net amount due on the invoice, rounding to the nearest cent:

120. Using the dating method, calculate the discount date and the net date. Unless otherwise specified, the net date is 20 days after the discount date:

121. Using the dating method, calculate the discount date and the net date. Unless otherwise specified, the net date is 20 days after the discount date:

122. Using the dating method, calculate the discount date and the net date. Unless otherwise specified, the net date is 20 days after the discount date:

123. Using the dating method, calculate the discount date and the net date. Unless otherwise specified, the net date is 20 days after the discount date:

124. Using the dating method, calculate the discount date and the net date. Unless otherwise specified, the net date is 20 days after the discount date:

125. What information does the following term or section of an invoice provide?”Terms”

126. Find the total for the invoice below.

127. A tree farm purchased new evergreen stock listing for $16,200 with a single trade discount of . What is the net cost of the evergreen stock?

128. Calculate the net price of merchandise listing for $3,600 less a trade discount of 55%.

129. A Beauty Products supplier sold items listing for $8,250 to Revon Salons. The net price of the order was $5,990. What was the trade discount rate? (Round to the nearest tenth of a percent)

130. Logan’s Restaurant ordered 15 cases of tomato sauce with a list price of $17.25 each and 6 cases of tuna with a list price of $15.90 each. The wholesaler offered a 34% trade discount to Logan. What is the total net amount Logan owes to the wholesaler? (Round to the nearest cent)

131. What was the trade discount rate if merchandise with a list price of $14,200 was sold at a net price of $9,940?

132. Calculate the trade discount amount of merchandise with a list price of $7,000 less trade discounts of 40/25/15.

133. What was the trade discount rate if merchandise with a list price of $85,100 was sold at a net price of $63,825?

134. Brian Leshner buys produce in quantity from the Middle States Produce Co. He receives a 25/20/10 series of trade discounts. What is the net price factor for this series of trade discounts?

135. Ganesh India Shop purchased merchandise from India with a list price of $110,000 less trade discounts of 30/10/5. What was the net price of the order?

136. Find the net price for an order of merchandise with a list price of $19,000 less trade discounts of 35/25/15. Use the net price, complement method.

137. Find the trade discount amount for an order of merchandise with a list price of $15,000 less trade discounts of 40/20/10. (Find the single equivalent discount first)

138. Ned’s Sporting Goods purchased 260 sets of golf clubs and was given a 40/17/5 series of trade discounts by his wholesaler. What was the single equivalent discount?

139. Joan Cash ordered candy from her supplier with a net price of $624, terms of sale of 2/15, n/45. What is the net amount due if the bill is paid by the 15th day?

140. CVS buys shampoo from a supplier with an invoice amount of $5,700. The terms of the sale are 5/20, n/30. What is the net amount due on the order if the bill is paid by the 20th day?

141. Price Company received an invoice in the amount of $3,800 dated May 24 for merchandise they purchased. The terms of the sale are 3/15, 2/30, n/45. What payment should be made if the invoice is paid on June 20?

142. On August 18, Sullivan Company received an invoice in the amount of $6,700, having terms of sale of 4/15 EOM. What is the discount date?

143. Greybar Electric receives an invoice for an order of wire dated March 16, with terms 3/15, 20 Extra. What is the discount date?

144. The Rapid Printing Company can purchase paper from Roberts Supply and receive a series discount of 20/15/10, or they can do business with National Paper Company and receive a series discount of 25/10/8.

145. B & B Auto Parts offers wholesalers a series discount of 35/20/10. Ron Clark buys $18,600 merchandise at list.

146. What payment should be made on an invoice in the amount of $625, dated March 7, if the terms of sale are 3/15, 2/30, n/45, and the bill is paid on April 3?

147. A paper supplier sold items listing for $24,250 to Big Box Inc. The net price of the order was $18,915. What was the trade discount rate? (Round to the nearest tenth of a percent)

148. Ace Formalwear buys tuxedos from a supplier and has an invoice amount of $27,700. The terms of the sale are 3/20, n/30. If Ace sends a partial payment of $7,400 on the discount date, what is the net amount still due?

149. A photo shop buys some merchandise with an invoice date of March 25. The terms of sale are 3/10, n/30. Find the discount date.

150. Diane’s Pottery Shop orders china from a supplier for $240 including $30 freight charges. The terms of sale are 3/10, n/30 ROG. The china arrives on November 21 and Diane wants to take advantage of the cash discount.

151. Ring Fencing Company purchases wood in large quantities and receives trade discounts of 25/10 from their wholesaler. On May 15, Ring purchased lumber having a list price of $45,000. The terms of the sale were 2/10, n/30. What is the amount of the payment sent on May 25?

152. Finney & Company purchased $1,800 of merchandise on May 6. The terms were 2/15 EOM. The sneakers were received on May 20, sent F.O.B. shipping point. Freight charges amounted to $45.

153. Shiva Electronics received an invoice dated July 15 in the amount of $2,300, which included freight charges of $205. The terms of sale were 3/10, n/45. $360 of the merchandise was damaged in transit and must be returned. What is the amount due if paid on July 25?

154. On April 28, The Springfield Company purchased merchandise having a list price of $20,000 from Johnson Brothers. They were given a series of trade discounts of 15/10/5. The terms of the sale were 3/15 EOM. Freight charges of $600 were added to the invoice.

155. On October 20, Revere Products purchased lamps from A&L Imports for $7,500 with terms of 4/15, n/30. On the last day of discount, Revere Products sent in a $3,000 partial payment.

156. Pacific Products buys merchandise from a supplier for $1,320 with terms of 4/20, n/60. The invoice is dated October 15. On October 25, Pacific sends a partial payment to the supplier of $900. What is the amount that must be paid on the net date?

157. Dundaff Plumbing receives an invoice for an order of copper tubing dated May 15, with terms 5/10, 15 Extra. What is the discount date?

158. A document detailing a sales transaction that contains a list of goods shipped or services rendered with an account of all costs is called an order form.

159. The term used in quoting shipping charges that means “free on board” or “freight on board” is F.O.B.

160.Using the attached picture,The section labeled A is the Seller’s Identification section.

161. Using the picture above, The section labeled J lists the method of payment for shipping charges.

162. To extend the total on an invoice, multiply the quantity by the unit price per item.

163. The abbreviation ea on an invoice refers to the word each.

164. The abbreviation gro on an invoice refers to the term grocery.

165. The invoice for Leda’s Lamp Emporium shows the following items:Qty Description Unit Amount 5 MidCentury Tall Lamps $45.98 ea7 Eclectic Energy Lamp Shades $17.83 ea25 Classic Edison Light Bulbs $9.87 eaThe subtotal line of the invoice equals $601.46

166. The invoice for Leda’s Lamp Emporium shows the following items:Qty Description Unit Amount 5 MidCentury Tall Lamps $45.98 ea7 Eclectic Energy Lamp Shades $17.83 ea25 Classic Edison Light Bulbs $9.87 eaIf the shipping charges for this invoice were $130.25 and the Insurance for the shipment was $52.50. The invoice total would be 729.54.

167. Net Price Factor is the percent of a list price that the business pays for merchandise. It is calculated as 100% + the Trade Discount Rate.

168. Patrick’s Paint Supplies purchased $7,600 worth of easels, canvas, and pallets from their supplier to sell in their store. The invoice for the order showed a trade discount of 45%.The Net Price Factor for this order would be 45%.

169. Patrick’s Paint Supplies purchased $7,600 worth of easels, canvas, and pallets from their supplier to sell in their store. The invoice for the order showed a trade discount of 45%.The Net Price Patrick’s Paint Supplies must pay is $4,180.

170. Sean’s Service Station purchased 7,000 gallons of unleaded gas for resale. The list price was $6,924. The net price was $5,674.The trade discount rate was around 18.05%

171. Creighton Construction ordered $200,000 worth of steel beams for a new project. The invoice listed trade discounts of 30/20/15.The Net Price = $95,200

172. A single trade discount that equates to all the discounts in a series or chain is known as a single equivalent discount.
