QUESTION 1 Find the markup on a computer system that sells for $2,355.90 but cos

Question

  

QUESTION 1

Find the markup on a computer system that sells for $2,355.90 but costs $1,849.95.

a. 1,849.95

b. 2,355.90

c. 4,205.85

d. 505.95

QUESTION 25.55 points   

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent:

Item: Furniture

Cost: 1,820.00

Markup: ?

Amount of Selling Price: ?

Percent Markup Based on Cost: 26.5%

QUESTION 3

The Canine Shop orders special powders and oils with a list price of $1,500. The supplier extends a 4% trade discount. What is the net price?

$1,400

$84

$1,440

$60

5.55 points   

QUESTION 4

Calculate the trade discount and net price to the nearest cent:

Trade Discount Rate

Trade Discount

Net Price

12%   

           

           

5.55 points   

QUESTION 5

Screws and Bolts Outlet buys a shipment of screws with a list price of $2400. If the supplier extends trade discounts of 20/25/10, what is the trade discount amount?

$1920

$1440

$1104

$480

5.55 points   

QUESTION 6

A wholesaler sells an organ for $1,730. What is the percent markup based on selling price, if the wholesaler paid $800 for the piano? (Round to the nearest whole percent)

46%

217%

54%

39%

5.55 points   

QUESTION 7

Screws and Bolts Outlet buys a shipment of screws with a list price of $2400. If the supplier extends trade discounts of 20/25/10, what is the trade discount amount?

$480

$1104

$1920

$1440

5.55 points   

QUESTION 8

What information does the following term or section of an invoice provide? "Shipped Via"

Used in quoting shipping charges

Name of freight company handling the shipment

Price for each unit of merchandise

Total amount of merchandise and all other charges

5.55 points   

QUESTION 9

The markup on a new diamond ring should be 25% based on selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup?

$6,033.33

$5,000.00

$4,550.00

$5,756.25

5.55 points   

QUESTION 10

A small retailer buys goods from a vendor with an invoice amount of $9,100. The terms of the sale are 2/10, n/30. What is the net amount due on the goods if the bill is paid by the 10th day?

$182

$910

$8,640

$8,918

5.55 points   

QUESTION 11

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent:

Amount of

Percent Markup

Item

Cost

Markup

Selling Price

Based on Cost

Sweater

$23.50

$2.82

           

           

QUESTION 12

A small retailer buys goods from a vendor with an invoice amount of $9,100. The terms of the sale are 2/10, n/30. What is the net amount due on the goods if the bill is paid by the 10th day?

$182

$910

$8,918

$8,640

5.55 points   

QUESTION 13

$160.25

$1,640.00

$1,530.00

$173.38

5.55 points   

QUESTION 14

A dishwasher that previously sold for $609.99 has been reduced to $573.39. What is the markdown percent? (Round to the nearest whole percent)

2%

6%

7%

10%

5.55 points   

QUESTION 15

Find the cost of a crib that sells for $1,742.25 and has a markup of $249.95.

$1,500.00

$1,492.30

$1,992.20

$1,239.50

5.55 points   

QUESTION 16

A buyer just paid $50.98 for a calculator. If 29% of that amount was the seller's markup then what did the calculator cost the seller in the first place?

$35.45

$19.48

$25.98

$36.20

5.55 points   

QUESTION 17

Bob's Motorcycle Shop buys some seats and handle bars with a list price of $5,020. The supplier extends a 32% trade discount. What is the net price?

$1,900.10

$3,413.60

$1.606.40

$3,200.60

5.55 points   

QUESTION 18

A discount store purchased some special product at a list price of $1,600. If the broker gives a 20.25% trade discount, what is the amount of the trade discount?

$950.00

$324.00

$1,276.00

$1,706.00

5.55 points   

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Explanation / Answer

Answer 1:

Markup = Selling price - Cost
Markup = 2355.9 - 1849.95 = 505.95

Answer 3:

Selling price: 1500 -4%of 1500 = $1440

Answer 4:

trade discount = 12 % of 86.72 = 10.40

net price 86.72 - 10.40 = 76.32

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