# Contemporary Mathematics

Mathematics

## Quiz 7 :Invoices, Trade Discounts, and Cash Discounts

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F.O.B. shipping point and F.O.B. destination are shipping terms that specify where the merchandise ___________ is transferred.
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F.O.B shipping point and F.O.B destination are shipping terms that specify where the merchandise title is transferred.
The F.O.B means ''free on board'' or ''freight on board''. The merchandise title is transformed to the buyer at the many factories or at a shipping point such as a rail board freight yard or air freight termination point, the buyer is responsible for the merchandise.

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To extend an invoice, for each line, we multiply the number of items by the ___________ per item.
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To extend an invoice, for each line, we multiply the number of items by the Unit per item.
Let us consider the invoice, in which each line is extended as follows.
The invoice of Panorama products is as follows.
The extended total is calculated as below.
Masking Tape ½* standard
Masking Tape 1½* standard
2" Reflexive tape
Sandpaper Assorted
Invoice subtotal
Shipping charges
Insurance
Invoice Total

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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the date of the invoice?
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The invoice date is November 2, 20XX.
The date of invoice is the day when it was return by a saler.

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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the invoice total
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The ___________ price is the amount a business actually pays for merchandise after the discount has been deducted.
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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the unit price of plastic lounge covers?
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To calculate the net price factor, we subtract each trade discount rate from 100% and then ___________ all the complements together.
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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the extended total for chaise lounges with no armrest?
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Answer the following questions based on the Leisure Time Industries invoice on the following page. What does dz. mean?
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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the destination?
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In a chain or ___________ of trade discounts, we calculate the final net price by taking each discount one at a time from the previous net price.
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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the stock number of rockers?
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As a shortcut, we can use the net price ___________ method to calculate the net price.
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Answer the following questions based on the Leisure Time Industries invoice on the following page. Who pays the freight if the terms are F.O.B. shipping point?
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To calculate the net price factor, we subtract the trade discount rate from ___________.
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Answer the following questions based on the Leisure Time Industries invoice on the following page. What is the invoice subtotal?
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Answer the following questions based on the Leisure Time Industries invoice on the following page. Who is the vendor?
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To calculate the amount of a single trade discount, we multiply the ___________ price by the trade discount rate.
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The document detailing a sales transaction is known as a(n) ___________.
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Write the formula for the trade discount rate.
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