Phase 3 Trade And Cash Discounts & Simple Interest And Simple Discounts
Phase 3 Trade and Cash Discounts & Simple Interest and Simple Discounts
- 1.The price at which the product should be sold to the consumer is called the _______ price.
- A.
Retailer's
- B.
List
- C.
Manufacturer's
- D.
Raw material
- 2.
![The amount deducted when a manufacturer sells an item to the wholesaler is called the ____________.
- ProProfs]( "The amount deducted when a manufacturer sells an item to the wholesaler is called the ____________.")
The amount deducted when a manufacturer sells an item to the wholesaler is called the ____________.- A.
markup
- B.
Markup rate
- C.
Trade discount
- D.
bonus
- 3.Discounts that are deducted one after the other from the list price are called _______________.
- A.
Trade discount series
- B.
Inconsequential trade discounts
- C.
Spontaneous trade discounts
- D.
Earned trade discounts
- 4.When the decimal equivalents of the complements of the discount rates are multiplied to give a single decimal, this single decimal is called the ___________________.
- A.
Markup
- B.
Net decimal equivalent
- C.
markdown
- D.
asset depreciation
- 5.A reduction of the amount due on an invoice is called a(n) ______________.
- A.
Trade discount
- B.
Net discount
- C.
Cash discount
- D.
Unearned discount
- 6.The price paid for using money is called ____________.
- A.
Principal
- B.
rate
- C.
Interest
- D.
loan
- 7._________ interest applies when interest for each year is based on the amount of the loan or investment.
- A.
Compound
- B.
Simple
- C.
Linear
- D.
Quadratic
- 8._________ interest most often applies to savings accounts, installment loans, and credit cards and is based on the accumulated amount.
- A.
Compound
- B.
Simple
- C.
Linear
- D.
Quadratic
- 9._______ is the amount of money borrowed or invested.
- A.
Interest
- B.
Principal
- C.
Principle
- D.
Rate
- 10.__________ is the percent of the principal paid as interest per time period.
- A.
Principal
- B.
Interest
- C.
Rate
- D.
Principle
- 11.________ is the number of days, months, or years that the money is borrowed or invested.
- A.
Rate
- B.
Principal
- C.
Time
- D.
Mortgage
- 12._________ value is the amount of the loan plus the interest.
- A.
Loan
- B.
Maturity
- C.
Initial
- D.
Opening
- 13.________ time is based on counting 30 days in each month.
- A.
Exact
- B.
Preferred
- C.
Ordinary
- D.
Common
- 14.________ time is based on counting the actual number of days in a time period.
- A.
Exact
- B.
Ordinary
- C.
Latent
- D.
Preferred
- 15.I = PRT is the __________.
- A.
Exact interest formula
- B.
ordinary interest formula
- C.
Simple interest formula
- D.
Compound interest formula
Questions: 9 | Attempts: 5474 | Last updated: Jan 19, 2021
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