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BM427 Cash Discounts Quiz Review
By Mark Van Buren
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Last updated almost 5 years ago
13 questions
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Question 1
1.
An invoice dated August 26th has the terms 3/10, n/30 with a 4% penalty for a late payment. The net price of the invoice is $5,300.
What is the last date to pay the invoice and receive the 3% discount?
Question 2
2.
An invoice dated August 26th has the terms 3/10, n/30 with a 4% penalty for a late payment. The net price of the invoice is $5,300.
Calculate the
net amount
if the invoice is paid on the date that you answered in problem #1.
Question 3
3.
An invoice dated August 26th has the terms 3/10, n/30 with a 4% penalty for a late payment. The net price of the invoice is $5,300.
Calculate the
net amount
if the invoice is paid on September 29th.
Question 4
4.
An invoice dated May 14th has the terms 4/10, 2/20, n/45 with a 5% penalty for a late payment. The net price of the invoice is $145,000.
What is the last date to pay the invoice and receive the 4% discount?
Question 5
5.
An invoice dated May 14th has the terms 4/10, 2/20, n/45 with a 5% penalty for a late payment. The net price of the invoice is $145,000.
Calculate the
net amount
if the invoice is paid on the date that you answered in problem #4.
Question 6
6.
An invoice dated May 14th has the terms 4/10, 2/20, n/45 with a 5% penalty for a late payment. The net price of the invoice is $145,000.
What is the last date to pay the invoice and receive the 2% discount?
Question 7
7.
An invoice dated May 14th has the terms 4/10, 2/20, n/45 with a 5% penalty for a late payment. The net price of the invoice is $145,000.
Calculate the
net amount
if the invoice is paid on the date that you answered in problem #6.
Question 8
8.
An invoice dated May 14th has the terms 4/10, 2/20, n/45 with a 5% penalty for a late payment. The net price of the invoice is $145,000.
What is the last date to pay the invoice without any late payment fees?
Question 9
9.
An invoice dated May 14th has the terms 4/10, 2/20, n/45 with a 5% penalty for a late payment. The net price of the invoice is $145,000.
Calculate the
net amount
if the invoice is paid on July 5th.
Question 10
10.
An invoice dated January 6th has the terms 2/10, n/30 with a 6% penalty for a late payment. The net price of the invoice is $56,800.
What is the last date to pay the invoice and receive the 2% discount?
Question 11
11.
An invoice dated January 6th has the terms 2/10, n/30 with a 6% penalty for a late payment. The net price of the invoice is $56,800.
Calculate the
net amount
if the invoice is paid on the date that you answered in problem #10.
Question 12
12.
An invoice dated January 6th has the terms 2/10, n/30 with a 6% penalty for a late payment. The net price of the invoice is $56,800.
Calculate the
net amount
if the invoice is paid on January 28th.
Question 13
13.
An invoice dated January 6th has the terms 2/10, n/30 with a 6% penalty for a late payment. The net price of the invoice is $56,800.
Calculate the
net amount
if the invoice is paid on February 9th.