QRB/501 - QUANTITATIVE REASONING FOR BUSINESS
Answer the following problems and show all work:
1) A buyer gets an invoice for $460 with Terms 4/10, 1/15, n/30. How much would he pay six days after the invoice date?
2) Calculate the Net Price for 30 boxes of computer paper if the unit price is $12.75 and a single discount rate of 30% is allowed?
3) An invoice for $940 is dated October 15 and has sales terms of 2/11 ROG. The goods arrive on October 21. How much is due if the bill is paid on November 5?
4) A man has an invoice for $3,982.48. The invoice indicates terms of 5/10, 4/15, n/30. He can budget payment of $2,100 within ten days of the date of the invoice and the remainder within the 30-day period.
How much should be credited to the account for the $2,100 payment?
What is the outstanding balance after the $2,100 payment was credited to the account?
5) One company needs to calculate the Net Price of an order with a List Price of $900 and a Trade Discount Series of 11/8/4. Use the Net Decimal Equivalent to find the Net Price.
6) Fruit Purchase = 400 lb.
Cost/lb. = $0.15
Markup on Cost = 175%
Spoilage Rate = 8%
What will be the Selling Price/lb. to achieve the desired Markup assuming 8% spoilage?
7) Cost = $60
Selling Price = $225
What is the Amount of Markup?
What is the Markup Rate % based on Cost?
8) Cost/Unit = $7.50
Purchase = 48 Units
Markup on Cost = 60%
What is the Selling Price per unit?
9) Cost = $60
Selling Price = $80
What is the Markup % Rate based on Selling Price?
10) Markup Amount = $39
Markup Rate based on Selling Price = 53%
What is the Selling Price?
What is the Cost?
11) List Price = $750
Sale Price = $550
What is the Markdown Amount?
What is the Markdown Rate %?