MAT 115 WEEK 3 QUIZ

MAT 115 WEEK 3 QUIZ 
1	List price: $5125.40 less 10/12/15.
a.   $3229
b.   $3450.42
c.   $1674.78
d.   $5090.40

2.	List price: $1704.20 less 8/15.
a.   $1332.68
b.   $1618.99
c.   $1312.23
d.   $1681.20

	Find the single discount equivalent for the following two series discounts.
3.	7/14.
a.   20.02%
b.   21%
c.   79.98%
d.   9.8%

4.	5/8/10.
a.   4%
b.   78.66%
c.   21.34%
d.   23%

	Find the final discount date for the followings.
5.	Invoice Date       Terms       Date Goods Received
February 15       4/8 EOM           February 19
a.   Feb. 23
b.   Feb. 27
c.   April 8
d.   March 8

6.	Invoice Date       Terms       Date Goods Received 
June 28            4/8 ROG             July 27
a.   Aug. 4
b.   Aug. 5
c.   Aug. 8
d.   Sept. 8

7.	Invoice Date       Terms       Date Goods Received 
September 27    3/10 prox.          October 3
a.   Oct. 10
b.   Nov. 10
c.   Oct. 27
d.   Oct. 13

8.	Invoice Date       Terms       Date Goods Received 
July 15          4/15-15 extra          July 30
a.   July 30
b.   Aug. 29
c.   Aug. 14
d.   Aug. 15

9.	The following invoice was paid on August 30. Find the total amount due, including shipping and insurance.
THE SULTRY KILN POTTERY WHOLESALER
Terms 5/10, 3/20, n/30                                              August 19
Quantity	Description	Unit Price	Extension Total
5	Boxes of red clay	@ 25.00 ea.	 
5	Boxes of white clay	@ 25.00 ea.	 
10	Jars of underglaze	@ 5.40 ea.	 
15	Jars of lead-free glaze	@ 12.95 ea.	 
Invoice Total	 
Cash Discount	 
Due after Cash Discount	 
Shipping and Insurance	$23.95
Total Amount Due	 
a.   $483.30
b.   $522.20
c.   $498.25
d.   $507.25

	Solve the following application problems involving cash and trade discounts. Round to the nearest cent.
10.	Fletcher- TV and Appliance Repair purchased shelving at a net cost 10.
of $1412.35 after a series discount of 3/12/25. Find the list price.
a.   $2017.64
b.   $2206.11
c.   $904.19
d.   $1442.35

11.	An invoice of $4783.42 from A&B Cabinets and Counters has cash terms of 3/8 EOM and is dated June 7. Find the amount necessary to pay the invoice in full if the cash discount is earned.
a.   $4268.72
b.   $4400.75
c.   $4639.92
d.   $4931.36

12.	Vollmer Property Management purchased flooring list priced at $6195, less series discounts of 8/15/10, with terms of 2/5-10 extra. If the invoice is paid within 15 days, find the amount paid.
a.   $4360.04
b.   $6321.43
c.   $4272.84
d.   $6071.10

13.	Benton- Clock Shop offers a grandfather clock for $2175 less 5/10. The same clock is offered by Time After Time for $2317 less 10/15. Find the difference in price after the trade discounts.
a.   $87.12
b.   $111
c.   $142
d.   $121.41

14.	The amount of an invoice from West Michigan Hearing Center is $7120.89 with terms of 3/15, 1/25, net 40. If the invoice is dated October 18, what amount should be paid on November 10?
a.   $6907.26
b.   $6838.19
c.   $7120.89
d.   $7049.68

15.	Cody- Book Nook receives an invoice dated July 27 for $1283.71 with terms of 4/5 EOM. If the invoice is paid on September 1, find the amount necessary to pay the invoice in full.
a.   $1219.52
b.   $1232.36
c.   $1170.74
d.   $1283.71