20 MCQ's

1.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 _____

 2.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 ____

3.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

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

1. Markup = $60; Rate of markup based on cost = 85%. a. Find the cost b. Find the selling price. +60/.85 = $70.59 cost

2. 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.
11.77+9.33 = 21.10 Selling price

3 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 $___

4. 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 $___

1. 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 ___%

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

3. An item has a 22% markup based on selling price. The markup is $400. a. Find the selling price b. Find the cost Round to the nearest cent.

 4. 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 ____%

1. 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 ____%

2. 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 $____
1000*.12 = 120 cost Mark up = 120*1.8 = 216

 3. 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 $___

4.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 ____

1.  An Internet study asked respondents to indicate their education level on the following scale:  Less than High School, High School, Some College, College +.  Which of the following statements is (are) true?
 A.  Education level is a categorical variable.
 
B.  Education level is nominal scaled. 
C.  Education level is ordinal scaled.

D.  Both A and B

E.  Both A and C

2.  In the Consumer Reports Health study on arthritis drugs, possible side effects is what kind of variable?
 A.  Quantitative.

B.  Categorical.

C.  Nominal.

D.  Both A and C.
E.  Both B and C.

3.  The Consumer Reports Health study on arthritis drugs also took into consideration cost.  Cost is
  A. is a nominal variable.

B. is a categorical variable.
  
C. is as quantitative variable.

 D. is an ordinal variable.

 E. is an irrelevant variable.

4.  Which of the following is (are) based on cross sectional data?

A.  Company quarterly profits.

B.  Percentage of American adults who work full time.

C.  Historical closing stock prices.

D.  All of the above.

E.  None of the above.