QRB 501 Week 2 Practice Quiz

1.A company manages an electronic equipment store and has ordered 100 remote controlled color TVs for a special sale. The list price for each TV is $200 with a trade discount series of 5/10/4. Find the net price of the order by using the net decimal equivalent.The total net price is $____ Round to the nearest cent as needed.

 

2.A television game device has a list price of $294 and a trade discount series of 5/8. Find the net price and trade discount?Net price is ____ The trade discount is _____

 

3.A man received an invoice dated March 9, with term 2/10, n/30 amounting to $550. He paid the bill on March 12. How much was the cash discount?The cash discount was____

 

4.A man gets an invoice for $410 with terms 2/10, 1/5, n/28. How much would he pay 25 days after the invoice day?He would pay _____

 

5.An invoice for a camcorder that cost $1250 is dated August 2, with sales terms of 3/10 EOM. If the bill is paid on September 5, how much is due?The net amount due is _____

 

\6.An invoice for $300 is dated October 4 and has sales terms of 5/10 ROG. The merchandise arrives October 20. How much is due if the bill is paid October 27?The net amount due is ____

 

7.A repair shop received a shipment of goods from a distributor. The bill of lading was marked freight collect. Who paid the freight? To whom was the freight paid?Choose the correct answer.A. The distributor paid the freight to the freight companyB. Nobody paid the freightC. Both paid the freight D. The repair shop paid the freight to the freight company.

 

8. Selling price = $39.99; Markup = $13.99. Find the cost.The cost is ___

 

9. Markup = $60; Rate of markup based on cost = 85%.a. Find the costb. Find the selling price.

 

10. 19 decorative enamel balls cost $11.77 each and are marked up $9.33.a. Find the selling price for each one.b. Find the total amount of margin or markup for the 19 balls.A sofa costs $371 and sells for $593.60, which is 160% of the cost. a. The rate of markup is ___%b. The markup is $___

 

11. What is the cost of a sink that is marked up $179 if the markup rate is 65% based on the cost?The cost is $___

 

12. Selling price = $1980; cost = $753. Find the rate of markup based on the selling price. Round to the nearest tenth of percent. The rate of markup is ___%

 

13. Markup rate based on selling price = 19%; markup = $350. Find the selling price. Round to the nearest cent. The selling price is $____

 

14. An item has a 22% markup based on selling price. The markup is $400. a. Find the selling priceb. Find the costRound to the nearest cent.

 

15. An item sells for $48 and is reduced to sell for $30. Find the markdown amount and the rate of markdown.The markdown amount is $____The rate of markdown is ____%

 

16. An item is originally priced to sell for $75 and is marked down 25%. A customer has a coupon for an additional 5%. What is the total percent reduction ?The total percent reduction is ____%

 

17. Paul’s Grocery received 1000 pounds of onions at $0.12 per pound. On the average, 4% of the onions will spoil before selling. Find the selling price per pound to obtain a markup rate of 180% based on cost. The selling price per pound is $____

 

18. A director of accounts received a bill for $644, dated April 5, with sales terms 2/10, 1/15, n/30. A 3% penalty is charged for payment after 30 days. If the director of accounts pays on or after May 6, how much must he pay?The total bill is $___