Question 1
A bedroom set lists for $12,000 and carries a trade discount of 30 percent. Freight (FOB shipping point) of $150 is not part of list price. Calculate the delivered price of the bedroom set including the freight. Assume a cash discount of 2 percent:
Answer: $8,382
Question 2
60 days from Nov. 19 is:
Answer: Jan. 18
Question 3
The complement of 35 percent is:
Answer: 65 percent
Question 4
The single equivalent discount rate of the trade discount 5/4/1 is:
Answer: .09712
Question 5
Amount of trade discount equals:
Answer: List price trade discount rate
Question 6
An invoice dated March 6 with terms of 1/10, E.O.M. results in the end of the discount period on:
Answer: April 10
Question 7
An invoice dated 5/19/XX received by Jones Supply indicated a balance of $17,000. This balance included a freight charge of $1,000. Terms of the bill were 5/10, 4/30, n/60. Assuming Jones pays off the bill on June 4 he pays:
Answer: None of these
Question 8
J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 F.O.B. Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee pays within the discount period, how much will they pay J.C. Penney?
Answer: $11,940
Question 9
2/10, n/30 is an example of:
Answer: Ordinary dating
Question 10
Amount of trade discount is represented by the:
Answer: Portion
Question 11
Which month has 30 days?
Answer: June
Question 12
The net price equivalent rate of 9/15/18 is:
Answer: .63427
Question 13
A local Dot Dress Shop is selling a suit for $99. Due to changing styles the 1st markdown was 8% and second markdown 25 %. The suit still did not sell so a final markdown of 10% was taken. The sale price is currently:
Answer: $61.48
Question 14
A local Dunkin Donuts makes blueberry muffins that cost $.69 each. Past experience shows that 15% of the muffins will spoil and have to be discarded. Assuming this donut shop wants a 30% markup based on cost and produces 200 muffins, each muffin should sell for:
Answer: $1.06
Question 15
A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:
Answer: 36.51 percent
Question 16
Net income is calculated as:
Answer: Net sales costs operating expenses
Question 17
Ski Market sells snow boards. Ski Market knows that the most people will pay for the snow boards is $129.99. Ski Market is convinced that they need a 45% markup based on cost. The most that Ski Market can pay to their supplier for the snow boards is:
Answer: None of these
Question 18
Jay King, owner of a local Bed and Bath Store knows that his customers will only pay at most, $299 for a blow up bed. Assuming Jay wants a 40% markup on selling price, the most he could pay the manufacturer for the blow up bed is:
Answer: $179.40
Question 19
Markdowns may be caused by:
Answer: Style changes
Question 20
The markdown percent is calculated by:
Answer: Amount of markdown divided by original selling price
Question 21
Red Jeans Inc. sells jeans that cost $16.55 for a selling price of $35.99. The percent of markup based on cost is:
Answer: 117.46 percent
Question 22
Lester Co. produces toys kites. It has a fixed cost of $62,150. If the selling price per unit is $9.50 and the variable cost per unit is $6.25. The breakeven point is:
Answer: None of these
Question 23
Contribution margin is:
Answer: Revenues minus variable cost
Question 24
An Apple IPod sells for $299, which is marked up 40% of the selling price. The cost of the IPod is:
Answer: $179.40
Question 25
Jackie Smith, a customer of Roger Blank, will only pay $190 for a tennis racket. Assuming Roger works on a 60 percent markup on the selling price, the most Roger will pay the manufacturer is:
Answer: $76
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