Name: Fundamentals of Business Mathematics in Canada 3Rd Edition By Jerome - Test Bank - Eazyquizes
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Fundamentals of Business Mathematics in Canada 3Rd Edition By Jerome – Test Bank

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Chapter 02
Review and Applications of Algebra

Multiple Choice Questions

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

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

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

Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-01 Simplify algebraic expressions by extracting common factors and applying rules of exponents
Topic: 02-03 Addition and Subtraction

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

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

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

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

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

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

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

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

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

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

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

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

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

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
Topic: 02-03 Addition and Subtraction

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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
Topic: 02-03 Addition and Subtraction

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
Topic: 02-03 Addition and Subtraction

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
Topic: 02-03 Addition and Subtraction

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

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

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

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

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

Evaluate the following: 25^3/2
A. 8.6
B. 37.5
C. 125
D. 5
E. 625

Evaluate the following: -16^5/4
A. 32
B. 64
C. -64
D. -32
E. 10

Evaluate the following: 2.48832^1/5 =
A.95.396217
B. 0.0104826
C. 1.2
D. 3.0
E. 0.8333333

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

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

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

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

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

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

Evaluate the following:
=
A.r⁵
B. r^17/12
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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Accessibility: Keyboard Navigation
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

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

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

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

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
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

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

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

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

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

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

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

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%

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%

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%

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%

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

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

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

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

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

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

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

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

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

Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
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)

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

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

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

Accessibility: Keyboard Navigation
Difficulty: Difficult
Gradable: automatic
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)

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

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

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

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%

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
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

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%

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

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%

Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
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.

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

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
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

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

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

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.

An invoice for $20,000 dated March 15 with terms 3/10, 2/20, n/30 is received in the mail on March 17^th. 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
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

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

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

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

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

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

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

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

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

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

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

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

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