(Mix and Match) Instructions: choose an item from (a), (b), (c), (d) or (e) that best matches the given problem. Enter your response in the space provided.
(a) single equivalent discount
(b) amount of discount
(c) 3 / 10 , n / 30
(d) 5 / 10 , 3 / 15 , n / 30 e.o.m.
(e) R.O.G.
(16) __________ the product of the percent discount and the cost of merchandise
(17) __________ the difference between 1.00 and the net cost rate factor
(18) __________ terms of sale begin on the date the goods are received by the buyer
(19) __________ the credit terms of an invoice where the credit periods begin on the first day of the month after the date of the bill
(20) __________ if a payment is made within 10 days of the billing date a discount of 3% is allowed
16.d
17.c
18.e
19.b
20.a
Can someone please check these answers for me and make sure if there correct if not please lead me towards the right direction.
The answers you provided are as follows:
16. d - The product of the percent discount and the cost of merchandise
17. c - The difference between 1.00 and the net cost rate factor
18. e - Terms of sale begin on the date the goods are received by the buyer
19. b - The credit terms of an invoice where the credit periods begin on the first day of the month after the date of the bill
20. a - If a payment is made within 10 days of the billing date, a discount of 3% is allowed
These answers are correct. Well done!