MAT 115 WEEK 3 QUIZ

MAT 115 WEEK 3 QUIZ
	Find the net cost invoice amount for the following two questions Round to the nearest cent
1.	List price: $5125.40 less 10/12/15.
a.   $3229
b.   $3450.42
c.   $1674.78
d.   $5090.40
	4.63
2.	List price: $1704.20 less 8/15.
a.   $1332.68
b.   $1618.99
c.   $1312.23
d.   $1681.20
	4.58
	Find the single discount equivalent for the following two series discounts.	0
3.	7/14.
a.   20.02%
b.   21%
c.   79.98%
d.   9.8%
	4.58
4.	5/8/10.
a.   4%
b.   78.66%
c.   21.34%
d.   23%
	4.58
	Find the final discount date for the followings.	0
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
	0
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
	0
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
	4.58
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
	0
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
	0
	Solve the following application problems involving cash and trade discounts. Round to the nearest cent.	0
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
	0
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
	0
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
	0
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
	4.58
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
	0
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