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# Fundamentals of Business Mathematics in Canada 3Rd Edition By Jerome – Test Bank

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Fundamentals of Business Mathematics in Canada 3Rd Edition By Jerome – Test Bank

Sample Questions

Chapter 02
Review and Applications of Algebra

Multiple Choice Questions

1. Evaluate: L(1 d1)(1 d2) for L = \$1000, d1 = 0.30, and d2 = 0.20.
A.\$440.00
B. \$500.00
C. \$1785.71
D. \$560.00
E. \$600.00

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Simplify and collect like terms: -a + (2b – c) – (a -b +c)
A.-2a + 3b – 2c
B. -2a + b – 2c
C. 3b – 2c
D. -2a + 3b
E. -2a + 2b – 2c

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify and collect like terms: 1 – (3x – xy + y) – (-x + y – 5xy)
A.1 – 2x – 2y – 6xy
B. 1 – 2x – 2y + 6xy
C. 1 – 4x – 2y + 6xy
D. 1 – 2x – 2y + 4xy
E. 1 – 4x – 2y – 6xy

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. 2(b – 2) – (b – 2) =
A.b + 6
B. 3b – 2
C. 3b + 2
D. b – 2
E. b – 6

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify and collect like terms: 3(x – 2y)(2x + y)
A.6x2 – 6xy – 6y2
B. 6x2 + 10xy – 6y2
C. 6x2 – 9xy – 6y2
D. 6x2 – 9xy + 6y2
E. 6x2 + 10xy + 6y2

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-04 Multiplication and Division

1. Simplify and collect like terms: 9x – [4y – 3(x – y)]
A.12 x + 7y
B. 6x – 7y
C. 6x + 7y
D. 12x – 7y
E. 9x – 7y

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify and collect like terms:

A. 4x + 2y
B. 4xy – 2y
C. 4xy + 2y2
D. 4x – 2y
E. 4xy – 2y2

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-04 Multiplication and Division

1. Simplify and collect like terms:

A. 2y2 – 3x2y + 5y3
B. 2xy – 3x2y + 5y3
C. 2y – 3x2y + 5y
D. 2y – 3x2 + 5y
E. 2y – 3x2y + 5y3

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-04 Multiplication and Division

1. The following algebraic expression , can be classified as:
A.monomial
B. binomial
C. trinomial
D. multinomial
E. All choices are incorrect

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-02 Definitions

1. The following numerical coefficient(s) of , is/are:
A.-4,2
B. 3,4
C. 2
D. 3,-4,2
E. 3,-4

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-02 Definitions

1. The following algebraic expression can be classified as:
A. monomial
B. binomial
C. trinomial
D. multinomial
E. All choices are incorrect

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-02 Definitions

1. Simplify and collect like terms:

4x + 5 – 2.1(x – 7)
8
A. -1.6x – 14.075
B. -1.6x – 15.325
C. 2.6x + 15.325
D. 2.6x – 14.075
E. -1.6x + 15.325

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify:

A. -2a + 13
B. -2a – 1
C. -2a + 7
D. 2a + 7
E. 2a – 1

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify the following: a2 x a6 x a
A.a8
B. a7
C. a9
D. a12
E. a13

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following: (a2) (a-6) (a3)
A.a11
B. a
C. a-36
D. a-1
E. a-5

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following: b8 ¸ b2
A. b4
B. b10
C. b16
D. b-6
E. b6

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following: y8 ¸ y5
A. y13
B. y3
C. y-40
D. y40
E. y-13

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following: (x5)4
A. x9
B. x20
C. x
D. x-1
E. x0

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following: (2x3)5
A. 10x15
B. 32x8
C. 32x15
D. 2x15
E. 2x8

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following:

A. x-1
B. x6
C. x-2
D. x7
E. x2

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following:

A. a0
B. a
C. a-11
D. a-5
E. a-12

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following:

A. 16a10b5
B. 2a10b5
C. 16a3b3
D. 2a5b5
E. 16a5b3

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify the following:

A.
B.
C.
D.
E.

Difficulty: Easy
Learning Objective: 02-02 Rearrange a formula or equation to isolate a particular variable
Topic: 02-07 Rules and Properties of Exponents

1. Simplify: 8 – (2x + 4y – 3) – (4y + 10)
A.-8y – 2x + 21
B. -8y – 2x + 1
C. -8y – 2x – 2
D. -2x + 1
E. -2x + 21

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. (5x – 2y)(x – 2y) =
A.5x2 – 12xy – 4y2
B. 5x2 + 8xy – 4y2
C. 5x2 – 12xy + 4y2
D. 5x2 – 8xy + 4y2
E. 5x2 + 12xy + 4y2

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-04 Multiplication and Division

1. Simplify and collect like terms:

A. -0.7x2 – .4x + 1.15
B. 0.7x2 – .4x + 1.15
C. -0.7x2 – .4x + .35
D. 0.7x2 – .4x + .35
E. -0.7x2 + .8x + 1.15

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify and collect like terms:

A. 3.076P
B. 3.018P
C. 2.787P
D. 3.532P
E. 2.956P

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Simplify and collect like terms:

A. 2.957x
B. 2.208x
C. 3.057x
D. 2.068x
E. 1.983x

Difficulty: Difficult
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents

1. Evaluate: -4(r – t) – (2r – 4t) for r = 1/2 and t = 1/4.
A.1
B. 5
C. 3
D. -5
E. -1

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Evaluate the following expression: 3x + 4y -6xy, for x = 2, y = -3
A.30
B. -42
C. 54
D. -18
E. 24

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Evaluate the following expression: P(1 + rt), for P = \$1575, r = .055,

A. \$39.87
B. \$1614.87
C. \$1973.71
D. \$16,128
E. \$724.96

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Evaluate the following: 253/2
A. 8.6
B. 37.5
C. 125
D. 5
E. 625

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following: -165/4
A. 32
B. 64
C. -64
D. -32
E. 10

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following: 2.488321/5 =
A.95.396217
B. 0.0104826
C. 1.2
D. 3.0
E. 0.8333333

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

A. 14,857.17
B. 487.56
C. 3714.29
D. 60.945
E. 11.04

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

A. 12.006
B. 698.137
C. 1.201
D. 36.006
E. 35.58

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

A. 233.95
B. 6.888
C. 0.689
D. 23.395
E. 23.763

Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

A. -5.857
B. -10.446
C. 5.857
D. 0.5857
E. 13.485

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

A. -9.971
B. -22.579
C. 58.29
D. 9.971
E. 25.743

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

=
A.r9t4
B. r6t6
C. r6t7
D. r9t11
E. r9t9

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

=
A.r5
B. r17/12
C. r12
D. r2
E. r36

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. (82)(2-4)( -2)2 =
A.1024
B. 256
C. 4
D. 48
E. 16

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Calculate the final result to two decimal places, where x = \$6.80

A. \$26.28
B. \$27.38
C. \$28.48
D. \$18.58
E. \$30.28

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Calculate the final result to two decimal places, where f = \$8.25

A. -15.22
B. – 18.22
C. 12.22
D. 15.22
E. 18.22

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Calculate the final result to two decimal places, where z = .1515

A. .48
B. 2.65
C. 1.48
D. 3.22
E. 5.48

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Calculate the result to the nearest cent given n = 3; i = .087 and R = \$925

A. \$18,716.57
B. \$22,512.13
C. \$5,341.55
D. \$2,354.02
E. \$2,158.21

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Calculate the result to two decimal places given t = 1.25

A. 4.43
B. 5.27
C. 3.85
D. 4.67
E. 3.10

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Calculate the result to four decimal places given r = 1.3 and t = 2.6

A. 1.0683
B. .0563
C. .0885
D. 1.2573
E. 6.2675

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-05 Substitution

1. Solve the following to four decimal places

A. 49.5768
B. 45.1526
C. 47.4774
D. 21.6818
E. 32.9871

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Solve the following to four decimal places

A. 1.0390
B. 0.0678
C. 0.0412
D. 0.0390
E. 0.0098

Difficulty: Moderate
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Evaluate the following:

A.
B.
C.
D.
E. 1

Difficulty: Difficult
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-07 Rules and Properties of Exponents

1. Solve for the unknown rounded to the nearest dollar.

A. 1,500
B. 2,500
C. 1,750
D. 3,750
E. 875

Difficulty: Difficult
Learning Objective: 02-03 Solve a linear equation in one variable, and two linear equations in two variables
Topic: 02-09 Solving a Linear Equation in One Unknown

1. Solve for the unknown rounded to the nearest cent.

A. 108.74
B. 98.44
C. 68.41
D. 15.25
E. 88.67

Difficulty: Difficult
Learning Objective: 02-03 Solve a linear equation in one variable, and two linear equations in two variables
Topic: 02-09 Solving a Linear Equation in One Unknown

1. Solve for the unknown rounded to two decimal places

A. 1,875.13
B. 2,388.44
C. 3,960.51
D. 4,137.68
E. 5,408.77

Difficulty: Difficult
Learning Objective: 02-03 Solve a linear equation in one variable, and two linear equations in two variables
Topic: 02-09 Solving a Linear Equation in One Unknown

1. Solve for x and y:

x + y = 40
-x + y = -20
A. x = 30; y = 10
B. x = – 10; y = 30
C. x = – 30; y = – 10
D. x = – 60; y = 20
E. x = – 60; y = – 20

Difficulty: Easy
Learning Objective: 02-03 Solve a linear equation in one variable, and two linear equations in two variables
Topic: 02-10 Solving Two Linear Equations in Two Unknowns

1. Solve for x and y:

2x + 3y = 7
3x – y = 5
A. x = 6; y = 2
B. x = – 2; y = 1
C. x = – 2; y = – 1
D. x = 2; y = 1
E. x = 2; y = – 1

Difficulty: Easy
Learning Objective: 02-03 Solve a linear equation in one variable, and two linear equations in two variables
Topic: 02-10 Solving Two Linear Equations in Two Unknowns

1. Solve for x:

= 2x – 10
A.6
B. -6
C. -10
D.
E. 10

Difficulty: Easy
Learning Objective: 02-03 Solve a linear equation in one variable, and two linear equations in two variables
Topic: 02-09 Solving a Linear Equation in One Unknown

Chapter 04
Mathematics of Merchandising

Multiple Choice Questions

1. A 12½% discount allowed on an article amounted to \$25.50. What was the list price?
A.\$204.00
B. \$229.50
C. \$3.19
D. \$29.14
E. \$178.50

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The net proceeds to the vendor of a house after payment of 4.8% real estate commission was \$182,784.00. At what price did the house sell?
A.\$192,000.00
B. \$877,363.20
C. \$191,557.63
D. \$8773.63
E. \$201,216.00

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. Mavis Industries sells industrial fans that have a list price of \$587.50. The trade discount that they offer to Don Ellis Construction is 37%. What is the net price?
A.\$217
B. \$370
C. \$551
D. \$625
E. \$806

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The net price of a computer that is subject to a trade discount of 25% is \$1,251. What is the list price?
A.\$938
B. \$1,276
C. \$1,564
D. \$1,600
E. \$1,668

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. Calculate the net price of a snow blower that has a list price of \$1,450 and is subject to a trade discount of 27.5%.
A.\$1,175
B. \$2,000
C. \$1,137
D. \$1,051
E. \$992

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. What is the list price of a sofa that has a net price of \$1,119 and a trade discount of 26.7%?
A.\$1,356
B. \$1,418
C. \$1,527
D. \$1,744
E. \$1,939

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. Ace Fasteners Ltd. offers Bob’s Hardware a trade discount of 44% on all products. Calculate the total list price of a shipment for which Bob’s is charged \$859.
A.\$481
B. \$665
C. \$1,237
D. \$1,340
E. \$1,534

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The list price is \$593 and the net price is \$318. What is the trade discount rate?
A.53.6%
B. 27.5%
C. 72.5%
D. 46.4%
E. 86.5%

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The net price on an item is \$327. The list price is \$855. What is the rate of trade discount?
A.61.8%
B. 52.8%
C. 44.0%
D. 38.2%
E. 16.1%

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. Martin Auto Parts charges Sam’s Service Centre \$386 for a rebuilt transmission that has a list price of \$925. What is the rate of trade discount?
A.22.9%
B. 32.2%
C. 40.0%
D. 58.3%
E. 66.7%

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. Calculate the trade discount rate on an item that lists for \$1,950 and has a net price of \$1,433.
A.36.1%
B. 73.5%
C. 26.5%
D. 63.9%
E. 51.7%

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. A 24% trade discount is equal to \$365. What is the list price?
A.\$453
B. \$1,156
C. \$1,521
D. \$993
E. \$1,799

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The difference between the list price and the net price on a motorbike is \$772. The rate of trade discount is 27%. What is the list price?
A.\$\$1,057
B. \$2,859
C. \$3,187
D. \$981
E. \$1,833

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. What is the net price of an item if the 17.5% trade discount is equal to \$32.44?
A.\$381
B. \$185
C. \$153
D. \$217
E. \$92

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. After a trade discount of 37% a set of patio furniture is sold at a net price of \$577. Calculate the list price.
A.\$941
B. \$916
C. \$790
D. \$614
E. \$364

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. Calculate the net price of a vacuum cleaner that has a list price of \$699 and is subject to a trade discount of 35%
A.\$245
B. \$454
C. \$664
D. \$755
E. \$944

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. A DVD player has a list price of \$249 and is subject to a trade discount of 35%. Calculate the net price.
A.\$411
B. \$336
C. \$214
D. \$162
E. \$87

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The 55% trade discount on an item is equal to \$509. What is the net price?
A.\$355
B. \$488
C. \$667
D. \$789
E. \$416

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

An employer will cut his current workforce of 38,000 as follows: 8% now, 6% in one year, and 4% two years from now.

1. How many employees will the employer have after all cuts?
A.31,548
B. 29,280
C. 31,160
D. 34,960
E. 6,840

Difficulty: Moderate
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-03 Multiple Discounts (or Series Discounts)

1. How many employees will be cut one year from now?
A.6,840
B. 1,315
C. 2,280
D. 3,040
E. 2,098

Difficulty: Moderate
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. The current price of Acme stock is \$5.80. The stock is down 90% from its price one year ago. What was the stock price one year ago?
A.\$11.02
B. \$6.44
C. \$6.38
D. \$65.00
E. \$58.00

Difficulty: Moderate
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-02 Finding the Amount of Discount in Dollars

1. After discounts of 20% and 10%, an item sold for \$115.50. What was the amount of the discount?
A.\$32.34
B. \$385.00
C. \$83.16
D. \$80.85
E. \$44.92

Difficulty: Difficult
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-03 Multiple Discounts (or Series Discounts)

1. A trade discount series of 30%/15%/5% is offered on a product that has a list price of \$8,900. What is the net price?
A.\$4,450
B. \$5,031
C. \$6,555
D. \$7,221
E. \$7,925

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-03 Multiple Discounts (or Series Discounts)

1. The list price of a garden tractor is \$2,899. The trade discount series is 20%/12%. Calculate the net price of the tractor.
A.\$2,041
B. \$1,971
C. \$1,885
D. \$1,842
E. \$1,627

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-03 Multiple Discounts (or Series Discounts)

1. If the trade discount series is 40%/15%/10% and the net price is \$555, what is the list price?
A.\$916
B. \$1,209
C. \$1,421
D. \$708
E. \$591

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-03 Multiple Discounts (or Series Discounts)

1. What single rate of discount would be equivalent to a series of 25%/18%/10%?
A.55.4%
B. 53.0%
C. 41.7%
D. 34.3%
E. 44.7%

Difficulty: Easy
Learning Objective: 04-02 Calculate a single discount rate that is equivalent to a series of discounts
Topic: 04-04 Single Discount Rate Equivalent to Multiple Discounts

1. What single discount rate is equivalent to multiple discounts of 20%, 5%, 2%?
A.25.52%
B. 27%
C. 63%
D. 74.48%
E. 23.97%

Difficulty: Easy
Learning Objective: 04-02 Calculate a single discount rate that is equivalent to a series of discounts
Topic: 04-04 Single Discount Rate Equivalent to Multiple Discounts

1. If the trade discount series is 30% / 20% / 4% and the net price is \$377, what is the list price?
A.\$928
B. \$1,335
C. \$2,027
D. \$701
E. \$866

Difficulty: Easy
Learning Objective: 04-01 Calculate the net price of an item after single or multiple trade discounts
Topic: 04-03 Multiple Discounts (or Series Discounts)

1. What single rate of discount would be equivalent to a series of 15% / 8% / 4%?
A.48.0%
B. 27.0%
C. 24.9%
D. 9.99%
E. 21.4%

Difficulty: Moderate
Learning Objective: 04-02 Calculate a single discount rate that is equivalent to a series of discounts
Topic: 04-04 Single Discount Rate Equivalent to Multiple Discounts

An invoice for \$1,865 dated March 16 has terms 2/10, n/30. The goods are received on April 11.

1. When does the discount period end?
A.March 26
B. April 15
C. April 16
D. April 21
E. none of these

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. When does the credit period end?
A.March 26
B. April 15
C. April 16
D. April 21
E. none of these

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. Given the following notation for an invoice: 4/10,n/30

What is the discount?
A. 20%
B. 10%
C. 4%
D. 30%
E. None of these

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Topic: 04-06 Cash Discounts and Terms of Payment

1. Given the following notation for an invoice: 4/10,n/30

What is the discount period?
A. 4 days
B. 10 days
C. 20 days
D. 30 days
E. None of these.

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Topic: 04-06 Cash Discounts and Terms of Payment

1. An invoice for \$20,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17th. A payment of \$10,000 is made on March 26. How much is credited to the account?
A.\$10,200
B. \$10,150
C. \$9,800
D. \$9,850
E. \$10,000

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$25,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. A payment of \$15,000 is made on March 26. What is the outstanding balance?
A.\$9,550.00
B. \$9,700.00
C. \$10,000.00
D. \$10,300.00
E. \$9,693.88

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$50,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. If the company wants to reduce the outstanding balance to \$25,000, how much should they pay on March 26?
A.\$24,250
B. \$25,000
C. \$24,500
D. \$25,500
E. \$25,750

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$6,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3rd. A payment of \$3,000 is made on September 12th. What is the outstanding balance?
A.\$3,000
B. \$2,955
C. \$2,940
D. \$3,060
E. \$3,045

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$7,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. If the company wants to reduce the outstanding balance to \$4,000, how much should they pay on September 12?
A.\$3,000
B. \$2,940
C. \$2,955
D. \$3,920
E. \$3,940

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$620 dated November 5 with payment terms of 3/10, 2/15, n/30, was paid in full on November 15. What was the amount paid?
A.\$18.60
B. \$613.80
C. \$620.00
D. \$607.60
E. \$601.40

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$45,780 has terms of 3/15, n/90. The date of the invoice is March 10. What payment on March 23 would be enough to settle the debt?
A.\$44,407
B. \$38,913
C. \$41,660
D. \$45,780
E. \$44,219

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. The payment terms on a \$2,433 invoice dated May 6 are 2/10, n/30. What payment on May 15 would pay off the debt?
A.\$2,190
B. \$2,433
C. \$2,384
D. \$1,845
E. \$2,406

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice dated January 22 has payment terms of 3/25, n/90. On what date would the cash discount expire?
A.February 1
B. February 16
C. February 28
D. March 3
E. April 22

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Topic: 04-06 Cash Discounts and Terms of Payment
Topic: 04-07 Terms of Payment

1. An invoice dated October 16 has payment terms of 2/20, n/45. On what date would the cash discount expire?
A.October 26
B. November 30
C. November 5
D. October 18
E. December 7

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Topic: 04-06 Cash Discounts and Terms of Payment
Topic: 04-07 Terms of Payment

1. An invoice for \$35,000 dated March 15 with terms 3/10, 2/20, n/30, ROG was received in the mail on March 18. The shipment of goods was received on April 3. What payment April 14 would reduce the outstanding balance to \$25,000?
A.\$9,700
B. \$10,000
C. \$9800
D. \$10,200
E. \$10,300

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$2,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 18. What payment will settle the invoice on October 11?
A.\$2,450.00
B. \$2,500.00
C. \$2,200.00
D. \$2,462.50
E. \$2,125.00

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$3,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 20. If the company wants to reduce the outstanding balance to \$2,000, how much should they pay on October 10?
A.\$1,470.00
B. \$1,477.50
C. \$1,530.00
D. \$1,522.50
E. \$1,500.00

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$50,000 dated March 15 with terms 3/10, 2/20, n/30, ROG was received in the mail on March 17. The shipment of goods was received on March 29. What payment would settle the invoice on April 9?
A.\$48,500
B. \$50,000
C. \$49,500
D. \$48,000
E. \$49,000

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$40,000 dated March 15 with terms 3/10, 2/20, n/30, ROG was received in the mail on March 18. The shipment of goods was received on March 28. What payment April 8 would reduce the outstanding balance to \$20,000?
A.\$19,600
B. \$20,000
C. \$20,400
D. \$20,600
E. \$19,400

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$30,000 dated March 15 with terms 3/10, 2/20, n/30, ROG was received in the mail on March 18. The shipment of goods was received on April 3. What payment April 14 would reduce the outstanding balance to \$15,000?
A.\$14,550
B. \$14,700
C. \$15,000
D. \$15,300
E. \$15,450

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$4,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 20. What payment would settle the invoice on October 15?
A.\$4,500.00
B. \$4,432.50
C. \$4,410.00
D. \$4,590.00
E. \$4,567.50

Difficulty: Easy
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-10 End-of-Month (EOM) Dating

1. An invoice for \$8,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for \$2,500. How much is credited to their account?
A.\$2,462.50
B. \$2,500
C. \$2,551.02
D. \$2,537.50
E. \$2,450

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$9,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for \$5,000. What is their outstanding balance?
A.\$4,000.00
B. \$3,897.96
C. \$3,900.00
D. \$3,925.00
E. \$3,923.86

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$75,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. The company sent a cheque on March 26 for \$50,000. How much is credited to their account?
A.\$49,000.00
B. \$48,500.00
C. \$50,000.00
D. \$51,020.41
E. \$51,546.39

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$7,000 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 25. A payment is sent on October 10 for \$3,000. What is the outstanding balance?
A.\$3,940.00
B. \$3,955.00
C. \$3,938.78
D. \$4,000.00
E. \$3,954.31

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-10 End-of-Month (EOM) Dating

1. An invoice for \$10,000 dated September 10 with terms 3/10, 1½/20, n/30, EOM is received in the mail on September 25. A payment is sent on October 11 for \$4,000. What is the outstanding balance?
A.\$5,940.00
B. \$6,000.00
C. \$5,918.37
D. \$5,939.08
E. \$5,920.00

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-10 End-of-Month (EOM) Dating

1. A \$7,350 invoice dated August 3 has payment terms of 4/10, 2/30, n/60. If the invoice is paid on August 20 how much must the payment be?
A.\$7,497
B. \$6,832
C. \$6,615
D. \$7,056
E. \$7,203

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$60,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17. The company sent a cheque on March 26 for \$40,000. What is their outstanding balance?
A.\$20,000.00
B. \$18,762.89
C. \$19,200.00
D. \$18,800.00
E. \$19.183.67

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. An invoice for \$2,500 dated September 15 with terms 2/10, 1½/20, n/30, EOM is received in the mail on September 20. A payment of \$1500 is made on October 20. How much is credited to the account?
A.\$1,522.50
B. \$1,530.61
C. \$1,560.60
D. \$2,537.50
E. \$1,522.84

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-10 End-of-Month (EOM) Dating

1. An invoice for \$25,000 dated March 15 with terms 3/10, 2/20, n/30, ROG was received in the mail on March 18. The shipment of goods was received on April 3. A payment of \$14,000 was made on April 14. How much was credited to the account?
A.\$14,280.00
B. \$14,420.00
C. \$14,432.99
D. \$14,285.71
E. \$14,000.00

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. An invoice for \$45,000 dated March 15 with terms 3/10, 2/20, n/30, ROG was received in the mail on March 18. The shipment of goods was received on April 3. A payment of \$30,000 was made on April 14. What is the outstanding balance?
A.\$14,400.00
B. \$14,100.00
C. \$15,000.00
D. \$14,072.16
E. \$14,387.76

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-09 Other Terms of Payment
Topic: 04-11 Receipt-of-Goods (ROG) Dating

1. Parker Transport received a bill for \$11,400 dated June 8 with payment terms of 3/15, n/45. What payment on June 22 would reduce the amount owing to \$4,000?
A.\$7,178
B. \$7,058
C. \$7,400
D. \$3,880
E. \$9,690

Difficulty: Moderate
Learning Objective: 04-03 Apply ordinary, end-of-month, and receipt-of-goods dating notation to problems involving terms of payment of an invoice
Learning Objective: 04-04 Calculate the amount of the cash discount for which a payment qualifies
Topic: 04-07 Terms of Payment
Topic: 04-08 Partial Payments

1. Mack the Mover received a bill for \$7,490 dated April 17 with payment terms of 4/20, n/90. What payment on May 4 would reduce the amount owing to \$2,500?
A.\$4,990
B. \$5,019
C. \$5,992
D. \$4,690
E. \$4,790