# Quiz 6: Trade Discounts,cash Discounts,markup,and Markdown

Business

Q 1Q 1

A hitch and trailer listed at $2149.00 has a net price of $1360.00.What is the rate of discount?

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Amount of Discount = 2149 - 1360 = $789.00 Rate of discount = = 36.7148%

Q 2Q 2

Compute the rate of discount allowed on a rotor-tiller that lists for $341.00 and is sold for $205.00.

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Amount of discount = 341 - 205 = $136.00 Rate of discount = = .39883 = 39.8827%

Q 3Q 3

Compute the rate of discount allowed on a cordless drill that lists for $149.99 and is sold for $79.99.

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Amount of discount = 149.99-79.99 = 70.00 Rate of discount = = .466697 = 46.670%

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Q 5Q 5

A store advertises a discount of $54.72 on sandals.If the discount is 33.5%,for how much were the sandals sold?

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Q 6Q 6

A store advertises a discount of $10.00 on a shirt.If the discount is 30%,for how much was the shirt sold?

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Q 7Q 7

Kaz purchases an article with a net price of $114.54 after a discount of 17% was allowed.Calculate the list price.

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Q 8Q 8

A 12 % discount on a pair of washer and dryer that Gayle purchased,amounted to $156.00.Calculate the net price.

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Q 11Q 11

A fridge was sold during a clearance sale for $657.00.If the fridge was sold at a discount of 24%,what was the list price?

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Q 12Q 12

A television set was sold during a clearance sale for $299.00.If the television was sold at a discount of 70%,what was the list price?

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Q 14Q 14

The net price of an article is $84.62.What is the list price if a discount of 17% was allowed?

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Q 15Q 15

Determine the equivalent single rate of discount for each of the following series of discounts.
a)18 %,10.0%
b)50%,33 %,5.0%

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Q 16Q 16

A lathe is listed for $477.00 less 19 %,9%,7.7%.
a)What is the net price?
b)How much is the amount of discount allowed?
c)What is the equivalent single rate of discount that was allowed?

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Q 17Q 17

Determine the equivalent single rate of discount for each of the following series of discounts.
a)18 %,4.5%
b)36%,7 %,1.5%

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Q 18Q 18

A discount store lists an article for $875.00 less 25% and 20.5%.a competitor carries the same article for $847.90 less 21.5%.What further discount (correct to the nearest of 1%)must the competitor allow so that its net price will be the same as that of the discount store?

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Q 19Q 19

Uptown Goldsmith sells watches for $840.00 less 12.55%.Its competitors across the street offer the same type of watch for $860.00 less 13.25%,11.5%.What additional rate of discount must Uptown offer to meet the competitor's price?

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Q 20Q 20

Big Boy Clothing Store lists an article for $99.00 less 20% and 15%.A competitor carries the same article for $115.00 less 18%.What further discount (correct to the nearest 1/10 of 1%)must the competitor allow so that its net price is the same as Deep Discount's?

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Q 21Q 21

Deep Discount Electronics lists an article for $127.00 less 12.5% and 11.5%.A competitor carries the same article for $137.00 less 15.5%.What further discount (correct to the nearest 1/10 of 1%)must the competitor allow so that its net price is the same as Deep Discount's?

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Q 22Q 22

What is the list price of an article that is subject to discounts of 23.25%,11.2%,4% if the net price is $664.88?

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Q 23Q 23

What is the list price of an article that is subject to discounts of 40.5%,10.4%,5.0% if the net price is $650.00?

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Q 24Q 24

The net price of an article is $272.20 after discounts of 21% and 16% have been allowed.What was the list price?

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Q 25Q 25

An invoice shows a net purchase price of $1809.13 after the subtraction of discounts of 12.5%,25%,8.3%.What was the list price?

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Q 26Q 26

An invoice shows a net price of $231.88 after discounts of 17.8%,8.6%,6.3%.What was the list price?

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Q 27Q 27

An invoice for $6200.00,dated May 28,3/10,1/20,n/60,was received on May 30.What payment must be made on June 5 to reduce the debt to $4760.00?

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Q 28Q 28

The following invoices,all with terms 5/10,2/30,n/60,were paid together on March 15.Invoice No.457 dated January 30 is for $294.67; invoice No.542 dated February 15 is for $486.50; and invoice No.877 dated March 10 is for $911.25.What amount was remitted?

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Q 29Q 29

What amount will reduce the amount due on an invoice of $9410.25 by $842.00 if the terms of the invoice are 5/10,n/30 and the payment was made during the discount period?

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Q 30Q 30

On June 18,an invoice dated June 18 for $6250.00 less 17%,16%,terms 5/10,n/30,was received by Nova Distributors.
a)What is the last day of the discount period?
b)What is the amount due if the invoice is paid in full within the discount period?

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Q 31Q 31

The Snow Store received an invoice for $6710.00 dated July 13,terms 5/10,2/30,n/90,for a shipment of skis.The Ski Shop made two partial payments.
a)How much was paid July 20 to reduce the unpaid balance to $4000.00?
b)How much was paid on August 11 to reduce the outstanding balance by $1700.00?

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Q 32Q 32

The Local Dollar Store received an invoice for $8500.00 dated January 31,terms 5/10,2/30,n/90,for a shipment of skis.The Local Dollar Store made two partial payments.
a)How much was paid on February 7 to reduce the unpaid balance to $5000.00?
b)How much was paid on March 1 to reduce the outstanding balance by $1500.00?
c)What was the outstanding balance on the account on March 2?
d)How much did the Local Dollar Store save by taking the advantage of the cash discounts?

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Q 33Q 33

Kudos furniture sells maple wood bedroom sets for a price of $3560 if the purchase is financed.The company also advertises "no payments and no interest for one year." Joan and her husband suggested to pay cash for the furniture and got an offer from the salesperson for $3382,which they took.
(i)How much was the discount for paying cash?
(ii)What was the rate of discount on the cash purchase?

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Q 34Q 34

An invoice dated May 12,terms: 5/10,n/30 for $3000.00 was received by Bruce Distributors.
a)What is the last day of the discount period?
b)What is the amount due if the invoice is paid on June 5?
c)What is the amount due if the invoice is paid on May 20?

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Q 35Q 35

Daffodil Supplies received a partial payment of $2300.50 from J&K Landscape company on June 7 on an invoice of $7539 dated May 12,terms 5/10,3/30,n/60.
a)For how much should the Daffodil Supplies credit J&K Landscape's account for the payment?
b)How much does J&K Landscape still owe on the invoice?

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Q 36Q 36

DeSomma and Brown received an invoice for $14 520 dated November 29,terms 5/20,n/45,from Happy Valley Winery for a truckload of grapes received December 17.DeSomma and Brown made a partial payment of $4955.00 on December 12.
a)By how much did DeSomma and Brown reduce the amount due on the invoice?
b)How much does DeSomma and Brown still owe?

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Q 37Q 37

Burke Company received an invoice dated November 18 for a shipment of goods received November 21.The invoice was for $9255.00 less 40%,13.375% with terms 5/10,3/20,n/45.How much must Burke pay on December 2 to reduce its debt
a)by $2000.00?
b)to $2000.00?
c)if Burke Company makes a partial payment of $4000 on November 25,how much should be credited to the account

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Q 38Q 38

Export Ltd.received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20,n/45 for:
All items are subject to trade discounts of 33.5%,7.125%,4%.
a)What is the last day of the discount period?
b)What is the amount due if the invoice is paid in full on September 6?
c)If only a partial payment is made on the last day of the discount period,what amount is due to reduce the outstanding balance to $1500.00?

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Q 39Q 39

Sepaba Ltd.received an invoice dated November 20 from Wallis Specialties of Germany with terms 5/20,n/45 for:
All items are subject to trade discounts of 30%,10%,5%.
a)What is the last day of the discount period?
b)What is the amount due if the invoice is paid in full on December 8?
c)If only a partial payment is made on the last day of the discount period,what amount is due to reduce the outstanding balance to $1500.00?

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Q 40Q 40

The Exotic Import Company received an invoice dated January 5 for a shipment of goods received January 11.The invoice was for $5525.00 less 40%,8% with terms 3/20 R.O.G.How much must Exotic Import pay on January 20th to reduce its debt
a)by $3000.00?
b)to $3000.00?

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Q 41Q 41

Encino Ltd.received an invoice dated February 16 for $520.00 less 25%,8.75%,terms 3/15 E.O.M.A cheque for $159.20 was mailed by Encino on March 15 as part payment of the invoice.
a)By how much did Encino reduce the amount due on the invoice?
b)How much does Encino still owe?

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Q 42Q 42

An invoice for $4755.00,dated March 27,terms 3/10 E.O.M.,was received March 29.What payment must be made on April 10 to reduce the debt to $1900.00?

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Q 43Q 43

An invoice for $5999.00,dated June 27,terms 2/10 E.O.M.,was received June 30.What payment must be made on July 10 to reduce the debt to $2000.00?

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Q 44Q 44

Find the cost of an item that was sold for $4230.00 in order to realize a margin of 113% based on cost.

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Q 45Q 45

A tire dealer bought tires from a wholesaler at $75.00 dollars each and sold the tires at a mark-up of 25% of cost.
a)Calculate the selling price of the tires.
b)Calculate the rate of markup based on the selling price.

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Q 46Q 46

A bicycle at Janice's sport shop,costing $108.50 was marked up to reflect 40% of the cost price.Calculate the selling price.

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Q 47Q 47

Christine's pet shop buys cat litter for $15.00 less 20% per bag.The store's overhead is 45% of cost and the owner requires a profit of 20 % of cost.
a)For how much should a bag be sold?
b)Calculate the amount of markup.

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Q 48Q 48

What is the selling price of an item bought for $1420.00 if the markup based on selling price is 59%?

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Q 49Q 49

An article cost $4270.00 and was sold for $9947.00.What was the percent markup based on selling price (correct to the

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Q 50Q 50

A gross profit of $181.00 is made on a sale.If the gross profit is 22.5% based on selling price,what was the cost?

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Q 51Q 51

A gross profit of $800.00 is made on a sale of services.If the gross profit is 15% based on the selling price,what was the cost?

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Q 52Q 52

A gross profit of $96.00 is made on a sale.If the gross profit was 52% based on selling price,what was the cost?

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Q 53Q 53

What is the regular selling price of an item that cost $1345.00 if the markup is 27% of the regular selling price?

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Q 56Q 56

A merchant buys an item listed at $69.00 less 34% from a distributor.Overhead is 44% of cost and profit is 37.5% of cost.For how much should the item be retailed?

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Q 57Q 57

The Alpaca Wool Shoppe bought 150 scarves for $4150.00; 50 scarves were sold at a markup of 175% of cost and 30 scarves at a markup of 125% of cost; 40 of the scarves were sold during a clearance sale for $35.50 each and the remaining Scarves were disposed of at 15% below cost.Assume all scarves had the same cost.
a)What was the markup realized on the purchase?
b)What was the percent markup realized based on cost?
c)What was the gross profit realized based on selling price?

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Q 58Q 58

The Nursery bought 800 plants auctioned off en bloc for $5550.00 This means that each plant has the same cost.On inspection,the plants were classified as normal quality,seconds,and substandard.The 420 normal quality plants were sold at a markup of 85% of cost,the 290 plants classified as seconds were sold at a markup of 21% of cost,and the plants classified as substandard were sold at 83% of their cost.
a)What was the unit price at which each of the three classifications was sold?
b)If overhead is 23% of cost,what was the amount of profit realized on the purchase?
c)What was the average rate of markup based on the selling price at which the plants were sold?

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Q 59Q 59

A dealer bought personal computers for $2250.00 less 41%,31%.They were sold for $1585.00.
a)What was the markup as a percent of cost?
b)What was the markup as a percent of selling price?

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Q 60Q 60

An appliance store sells electric kettles at a markup of 23.6% of the selling price.The store's margin on a particular model is $7.78.
a)For how much does the store sell the kettles?
b)What was the cost of kettles to the store?
c)What is the percent markup based on cost?

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Q 61Q 61

Sheldan Services sells oil at a markup of 46% of the selling price.If Sheldan paid $1.99 per litre of oil,
a)what is the selling price per litre?
b)what is the rate of markup based on cost?

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Q 62Q 62

Chris's Photographic Supplies sells a Minolta camera for $551.83.The markup is 72% of cost.
a)How much does the store pay for this camera?
b)What is the rate of markup based on selling price?

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Q 63Q 63

A skateboard costing $16.23 was marked up to realize gross profit of 50% of the selling price.
a)What was the selling price?
b)What was the gross profit as a percent of cost?

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Q 64Q 64

Sean's Hardware Supplies sells a snowblower for $750.99.The markup is 70% of cost.
a)How much does the store pay for this snowblower?
b)What is the rate of markup based on selling price?

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Q 65Q 65

A bike shop reduces the price of a bike for quick sale from $455.00 to $395.00.Compute the markdown correct to the

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Q 66Q 66

Dave and Lance buy pants for $32.75 less 12.75%,18%.The pants are priced at a regular selling price to cover expenses of 35% of selling price and a profit of 32% of selling price.For a special weekend sale,shirts were marked down 15%.
a)What was the operating profit or loss on the pants sold during the weekend sale?
b)What rate of markup was realized based on the sale price?

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Q 67Q 67

An item that cost the dealer $2331.00 less 14%,12.25% carries a price tag at a markup of 70% based on cost.For quick sale the item was reduced 30%.What was the sale price?

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Q 68Q 68

The regular selling price of merchandise sold in a store includes a margin of 62% based on selling price.During a sale,an item which cost the store $231.25 was marked down 47%.For how much was the item sold?

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Q 69Q 69

A furniture store sold a bed regularly priced for $990.00 for $720.00.The bed was originally purchased for $600.00 less 40%.The store's overhead is 25% of the regular selling price.
a)Calculate the rate of markdown at which the bed was sold.
b)Calculate the operating profit or loss at the sale price.

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Q 70Q 70

A bed and bedding store sold a futon regularly priced for $330.00 for $240.00.The futon was originally purchased for $200.00 less 60%.The store's overhead is 25% of the regular selling price.
a)Calculate the rate of markdown at which the futon was sold.
b)Calculate the operating profit or loss at the sale price.

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Q 71Q 71

A retailer buys an appliance for resale at $2123.00 less 27%,20%.The store marks the merchandise to cover expenses of 23% of the regular selling price and a net profit of 12.9% of the regular selling price.During a clearance sale,the appliance is sold at a markdown of 22%.What is the operating profit or loss?

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Q 72Q 72

A retail store realizes a gross profit of $62.67 if it sells an article at a margin of 32% of the selling price.
a)What is the regular selling price?
b)What is the cost?
c)What is the rate of markup based on cost?
d)If overhead is 21% of cost,what is the break-even price?
e)If the article is sold at a markdown of 25%,what is the operating profit or loss?

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Q 73Q 73

A retailer paid $59.23 for a set of utensils.Overhead is 14% of the regular selling price and profit is 11% of the regular selling price.During a clearance sale,the set was sold at a markdown of 17%.What was the operating profit or loss on the sale?

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Q 74Q 74

A retailer buys a computer for resale at $500.00 less 35%,10%.The store marks the merchandise to cover expenses of 15% of the regular selling price and a net profit of 24% of the regular selling price.During a clearance sale,the appliance is sold at a markdown of 25%.What is the operating profit or loss?

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Q 75Q 75

Bargain City bought desks for $175.00 less 29%,21%,13%.The store's overhead is 65% of cost and normal profit is 27% of cost.
a)What is the regular selling price of the desks?
b)At what price can the desks be put on sale so that the store incurs an operating loss of no more than 30% of the overhead?
c)What is the maximum rate of markdown at which the desks can be offered for sale in part b)?

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Q 76Q 76

An answering machine cost a dealer $220.00 less 31.5%,7%.It is regularly priced at $212.00.The dealer's overhead is 17% of the regular selling price and the answering machine was cleared out for $175.45.
a)What is the regular markup based on selling price?
b)What was the rate of markdown at which the answering machine was sold?
c)What was the operating profit or loss?
d)What rate of markup based on cost was realized?

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Q 77Q 77

A natural gas oven cost a retailer $420.00 less 37%,22%,3.75%.It carries a regular selling price on its price tag at a markup of 65% of the regular selling price.During the end-of-season sale,the barbecue is marked down 42%.
a)What is the end-of-season sale price?
b)What rate of markup based on cost will be realized during the sale?

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Q 78Q 78

The Camping Store buys sleeping bags for $54.10 less 12% for buying more than 50 sleeping bags.The store operates on a margin of 51% of the sale price and advertises that all merchandise is sold at a discount of 25% of the regular selling price.What is the regular selling price of the sleeping bags?

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Q 79Q 79

A value-oriented store buys video recorders for $230.75 less 42%,11.5%.Expenses are 65% of normal selling price and the required profit is 13% of normal selling price.All merchandise is marked so that the store can advertise a discount of 55%,while still maintaining its regular margin.During the annual clearance sale,the price of the unsold item is marked down 70%.What operating profit or loss is made by the store on items sold during the sale?

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Q 80Q 80

Murray's Pro Shop purchased sets of golf clubs for $710.00 less 22%,17%,and 19%.Expenses are 19% of the regular selling price and the required profit is 19% of the regular selling price.The store decided to change the regular selling price so that it could offer a 47% discount without affecting its margin.At the end of the season,the unsold sets were advertised at a discount of 60%.What operating profit or loss was realized on the sets sold at the end of the season?

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Q 81Q 81

RV World sells a make of motor home for $66 725.This regular selling price covers overhead of 12% of cost and a normal profit of 30% of cost.The cruisers were marked with a new regular selling price so that the company can offer a 25% discount while still maintaining its regular gross profit.At the end of the summer season,the motor home was marked down.The company made 20% of its usual profit and reduced the usual commission paid to the sales personnel by 27%.The normal commission accounts for 45% of the normal overhead.What was the rate of markdown?

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Q 82Q 82

Mike's Suits and Accessories purchased men's shoes for $97.00 less 25.6%.The store operates at a normal gross profit of 25% of regular selling price.The owner marks all merchandise with new regular selling prices so that the store can offer a 20% discount.What is the new regular selling price?

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Q 83Q 83

For Your Eyes Only Company bought plasma screen TV sets for $11 585 less 4.5%,3.2%.Overhead is 19% of regular selling price and required profit is 31% of regular selling price.The gas plasma TV sets were marked at a new regular selling price so that the store was able to advertise a discount of 10% while still maintaining its margin.To clear the inventory,the remaining TV sets were marked down 15%.
What operating profit or loss is realized at the clearance price?

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Q 84Q 84

Eastside Pawn Shop bought items for $241.00 less 13%,20%,11.5%.The store's overhead is 36% of regular selling price and the profit required is 47% of regular selling price.
a)What is the break-even price?
b)What is the maximum rate of markdown that the store can offer to break even?
c)What is the realized rate of markup based on cost if the items are sold at the break-even price?

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Q 85Q 85

Deep Discount Audio buys home theatre systems for $3 895 less 29%,15%.Expenses are 30% of the regular selling price and the required profit is 41% of the regular selling price.All merchandise is marked with a new regular selling price so that the store can advertise a discount of 35% while still maintaining its regular markup.During the annual clearance sale,the new regular selling price of unsold items is marked down 40%.What operating profit or loss does the store make on items sold during the sale?

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Q 86Q 86

Home System Alarms buys wireless alarm systems for $4000.00 less 30%,10%.Expenses are 25% of the regular selling price and the required profit is 20% of the regular selling price.All merchandise is marked with a new regular selling price so that the store can advertise a discount of 40% while still maintaining its regular markup.During the annual clearance sale,the new regular selling price of unsold items is marked down 25%.What operating profit or loss does the store make on items sold during the sale?

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Q 87Q 87

Christine Auto Sales and Service has an end of season sale on luxury cars.The original price was $67 998.00.The first discount is 10% and the second discount is 14%.Calculate the final price of the cars.
A)$52 630.45
B)$51 678.48
C)$61 198.20
D)$58 478.28
E)$66 630.45

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Q 88Q 88

Determine the equivalent single rate of discount for the following series of discounts: 15%,12.5%,8%.
A)35.5%
B)68.425%
C)31.575%
D)0.68425%
E)0.31575%

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Multiple Choice

Q 89Q 89

Determine the equivalent single rate of discount for the following series of discounts.Discount of 17.25%,14.7% and 16.37%.
A)40.969%
B)42.838%
C)41.223%
D)41.162%
E)43.084%

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Multiple Choice

Q 90Q 90

Determine the equivalent single rate of discount for the following series of discounts.Discount of 20%,15% and 5%.
A)35.4%
B)66.0%
C)2.85%
D)83.85%
E)28.5%

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Multiple Choice

Q 91Q 91

A store has an end of season sale on snow blowers.The original price was $679.98.The first discount is 10% and the second discount is 14%.What is the final sale price of the snow blowers?
A)$526.30
B)$517.54
C)$541.01
D)$540.86
E)$529.40

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Multiple Choice

Q 92Q 92

The net price of an article is $79.84.What is the list price if a discount of 23% was allowed?
A)$116.09
B)$102.52
C)$103.69
D)$64.91
E)$117.41

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Multiple Choice

Q 93Q 93

The net price of an article is $125.46.What is the list price if a discount of 38% was allowed?
A)$200.90
B)$204.13
C)$202.35
D)$90.91
E)$738.00

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Multiple Choice

Q 94Q 94

The net price of a tennis racket is $79.99.What is the list price if a discount of 35% was allowed?
A)27.00
B)51.99
C)123.06
D)228.54
E)51.06

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Multiple Choice

Q 95Q 95

Ward's Jewellers sells engagement rings for $2350.00 each less 20%.Its competitors across town offer the same ring for $2390.00 less 19%,12%.What additional rate of discount must Ward's offer to meet the competitor's price?
A)15.830%
B)9.384%
C)10.900%
D)8.236%
E)9.486%

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Multiple Choice

Q 96Q 96

Lumber King sells 2x4 studs for $3.15 each less 15%.Its competitors across town offer the same stud for $3.55 less 22%,18%.What additional rate of discount must Lumber King offer to meet the competitor's price?
A)16.392%
B)15.198%
C)14.188%
D)16.232%
E)13.023%

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Multiple Choice

Q 97Q 97

Lumber Queen sells 4x8 sheets of drywall for $8.00 each less 14%.Its competitors across town offer the same drywall for $12.00 less 30%,20%.What additional rate of discount must Lumber King offer to meet the competitor's price?
A)2.33%
B)25%
C)36%
D)23%
E)233%

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Multiple Choice

Q 98Q 98

A fierce price war has broken-out over gas.Super-Save offered pre-price war gas at 73.9 cents per litre with 5% Super-Save discount.Cooperative gas was 75.9 cents per litre and they offered a 3%,10% discount.What additional discount must Super-Save offer to beat their competitor's price by 2%?
A)-79.325%
B)89.513%
C)31.889%
D)7.506%
E)8.105%

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Multiple Choice

Q 99Q 99

What amount must be paid to settle an invoice of $1200.00 dated November 28,terms 3/10,n/30 if the invoice is paid on December 3?
A)$1200.00
B)$1236.00
C)$1080.00
D)$1164.00
E)$964.00

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Multiple Choice

Q 100Q 100

The following invoice was received for 30 shrubs at $3.50 each and 10 raspberry plants at $1.50 each.Terms 4/10,1/30,n/60.If the invoice was dated May 20 and it was paid on May 30 what was the amount of the payment?
A)$115.20
B)$99.75
C)$10.93
D)$126.00
E)$199.50

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Multiple Choice

Q 101Q 101

An invoice dated on September 30 was received on October 2.It was for 4 pairs of in-line skates at $125.00 each and two pairs of gel roller blades at $110.50 each.The terms of the invoice were 5/10,2/30,n/60.What is the invoice payment amount on October 27?
A)$707.58
B)$708.58
C)$705.58
D)$706.85
E)$706.58

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Multiple Choice

Q 102Q 102

An invoice dated on March 31 was received on April 2.It was for 30 training manuals at $25.00 each and four posters at $40.00 each.The terms of the invoice were 5/10,2/30,n/60.What is the invoice payment amount on April 3?
A)891.80
B)910.00
C)750.50
D)864.50
E)64.50

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Multiple Choice

Q 103Q 103

A wine merchant buys a case of wine for a listed price of $144.00 less 27% from a wine distributor.Overhead is 37% of cost and profit is 51% of cost.For how much should the item be retailed?
A)$159.78
B)$75.80
C)$211.35
D)$197.62
E)none of the above

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Multiple Choice

Q 104Q 104

Wayne's Pet Supplies sells dog food for $84.50 per 10-kg bag.The markup is 62% of cost.How much does the store pay for this bag of dog food?
A)$485.53
B)$224.74
C)$222.37
D)$114.19
E)$52.16

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Multiple Choice

Q 105Q 105

A data storage device that cost $20.25 was sold for $79.99.Calculate the rate of mark-up based on cost price.
A)74.68%
B)25.32%
C)395.01%
D)295.01%
E)75.32%

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Multiple Choice

Q 106Q 106

An article that costs $542.50 was marked up to reflect 30% of the selling price.Calculate the selling price.
A)$162.75
B)$705.25
C)$775.00
D)$379.75
E)$335.00

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Multiple Choice

Q 107Q 107

Fred's Electric Supplies sells an electric women's shaver for $112.83.The markup is 39% of cost.How much does the store pay for this electric razor?
A)$184.97
B)$58.46
C)$88.37
D)$152.40
E)$81.17

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Multiple Choice

Q 108Q 108

A calculator that cost $48.50 was sold for $65.96.Calculate the rate of mark-up based on cost price.
A)64%
B)36%
C)17.46%
D)26.47%
E)73.53%

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Multiple Choice

Q 109Q 109

A cheese merchant buys a case of cheese for a listed price of $96.00 less 16.5% from a cheese distributor.Overhead is 17% of cost and profit is 61% of cost.For how much should the item be retailed?
A)$149.10
B)$102.55
C)$144.22
D)$132.45
E)$142.69

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Multiple Choice

Q 110Q 110

A dollar store bought 1000 pair of socks auctioned off en bloc for $2000.00.This means that each pair of socks has the same cost.On inspection,the socks were classified as normal quality,seconds,and substandard.The 600 normal quality socks were sold at a markup of 90% of cost,the 300 pair of socks classified as seconds were sold at a markup of 30% of cost,and the socks classified as substandard were sold at 60% of their cost.What was the unit price at which each of the three classifications was sold?
A)$3.80,$2.60,$1.20
B)$3.80,$2.60,$3.20
C)$3.80,$3.20,$2.60
D)$3.80,$1.20,$2.60
E)$3.80,$1.20,$1.20

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Multiple Choice

Q 111Q 111

The Amusement Park bought 1200 t-shirts auctioned off en bloc for $6600.00.This means that each t-shirt has the same cost.On inspection,the t-shirts were classified as normal quality,seconds,and substandard.The 640 normal quality t-shirts were sold at a markup of 95% of cost,the 330 t-shirts classified as seconds were sold at a markup of 35% of cost,and the t-shirts classified as substandard were sold at 47% of their cost.What was the unit price at which each of the three classifications was sold?
A)$10.73,$7.43,$2.59
B)$10.73,$1.93,$2.59
C)$10.73,$7.43,$8.09
D)$9.75,$7.43,$2.59
E)$10.73,$2.59,$1.93

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Multiple Choice

Q 112Q 112

The Paintball Park bought 100 paint ball guns auctioned off en bloc for $7889.00.This means that each gun has the same cost.On inspection,the guns were classified as high quality,medium,and low quality.The 70 high quality guns were sold at a markup of 135% of cost,the 22 guns classified as medium were sold at a markup of 36% of cost,and the guns classified as low quality were sold at 73% of their cost.What was the unit price at which each of the three classifications was sold?
A)$185.39,$107.29,$57.59
B)$106.50,$107.29,$57.59
C)$185.39,$102.56,$57.59
D)$185.39,$107.29,$136.48
E)$107.50,$106.29,$57.59

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Multiple Choice

Q 113Q 113

The Llama Wool Shoppe bought 225 wool overcoats for $16 875; 75 overcoats were sold at a markup of 160% of cost and 100 overcoats at a markup of 115% of cost; 20 of the overcoats were sold during a clearance sale for $130.00 each and the remaining overcoats were disposed of at 11% below cost.Assume all overcoats had the same cost.What was the markup realized on the purchase?
A)$18 477.50
B)$18 677.50
C)$18 758.75
D)$18 215.00
E)$18 555.00

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Multiple Choice

Q 114Q 114

The Sheepskin Shoppe bought 375 sheepskin coats for $75 000; 115 coats were sold at a markup of 210% of cost and 95 coats at a markup of 145% of cost; 25 of the coats were sold during a clearance sale for $260.00 each and the remaining coats were disposed of at 14% below cost.What was the gross profit based on selling price?
A)89.154%
B)18.451%
C)49.47%
D)86.546%
E)18.154%

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Multiple Choice

Q 115Q 115

A gas hedge trimmer cost a retailer $218.00 less 37%,22%,3.75%.It carries a regular selling price on its price tag at a markup of 82% of the regular selling price.During the end-of-season sale,the hedge trimmer is marked down 21%.What is the end-of-season sale price?
A)$78.11
B)$150.83
C)$51.55
D)$452.54
E)$71.55

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Multiple Choice

Q 116Q 116

A power ice auger cost a retailer $327.00 less 13%,17%,2.25%.It carries a regular selling price on its price tag at a markup of 94% of the regular selling price.During the end-of-season sale,the power ice auger is marked down 30%.What is the end-of-season sale price?
A)$2 692.78
B)$915.30
C)$403.23
D)$914.99
E)$803.23

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Multiple Choice

Q 117Q 117

A gas generator cost a retailer $400.00 less 20%,17%,3%.It carries a regular selling price on its price tag at a markup of 90% of the regular selling price.During the end-of-season sale,the gas generator is marked down 40%.What is the end-of-season sale price?
A)$1030.53
B)$400.75
C)$458.01
D)$1545.79
E)545.79

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Multiple Choice

Q 118Q 118

Barmby's Aquarium Supplies purchased sets of aquariums for $315.00 less 10%,12%.Expenses are 21% of the regular selling price and the required profit is 42% of the regular selling price.The store decided to change the regular selling price so that it could offer a 20% discount without affecting its margin.During the Christmas season,the unsold sets were advertised at a discount of 40%.What operating profit or loss was realized on the sets sold during the Christmas season?
A)$112.83
B)$114.62
C)$112.11
D)$110.85
E)$123.49

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Multiple Choice

Q 119Q 119

Duckworth's Bird Supplies purchased sets of cages for $160.00 less 9%,14%.Expenses are 17% of the regular selling price and the required profit is 55% of the regular selling price.The store decided to change the regular selling price so that it could offer a 25% discount without affecting its margin.During the Christmas season,the unsold sets were advertised at a discount of 25%.What operating profit or loss was realized on the sets sold during the Christmas season?
A)$22.11
B)$245.96
C)$138.06
D)$216.72
E)$238.06

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Multiple Choice

Q 120Q 120

Canadian Tire lists a lawn mower at $449 less 20%.What is the net price of the lawn mower?
A)$89.80
B)$359.20
C)$360
D)$449
E)$409.50

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Multiple Choice

Q 121Q 121

At Lowe's,each contractor receives 5% discount for his purchases.A contractor building a deck for a customer pays $7144.89 for the material he bought.What is the list price of the material?
A)$142 897.80
B)$357.24
C)$6787.65
D)$7502.13
E)$7520.94

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Multiple Choice

Q 122Q 122

At Lowe's,each contractor receives 5% discount for his purchases.A contractor buys a saw which is listed at $149 less 10%.What is the actual price paid by the contractor?
A)$134.10
B)$141.55
C)$127.40
D)$128.68
E)$129

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Multiple Choice

Free

Essay

Q 124Q 124

An invoice for $1121.45 with terms 2/10,n/30 is dated March 7.The contractor received it on March 14.What payment will settle the invoice,if the contractor pays it the next day?
A)$1121.45
B)$1009.31
C)$22.43
D)$1099.02
E)$1119.45

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Multiple Choice

Q 125Q 125

Alia keeps his savings of $5000 in a current account at TD Bank for 3 years in order to avoid paying any banking fee.The rate of return for the current account is 0%.Mandated discount rate in Ontario is 2.5%.What is the worth of Alia's money in 3 years?

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Essay

Q 126Q 126

An invoice for $1121.45 with terms 2/10,n/30 is dated March 7.The contractor received it on March 14.What payment will settle the invoice if the contractor pays it March 20?
A)$1121.45
B)$1009.31
C)$22.43
D)$1099.02
E)$1119.45

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Multiple Choice

Q 127Q 127

HON received an invoice from its supplier on May 9 for $32 479.87 dated May 7 with terms 3/10,1/20,n/60.HON pays $15,000 on May 11,$10 000 on May 13 and $2000 on May 21.What balance is still owed after May 30?

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Essay

Q 128Q 128

OPG received an invoice from its supplier on May 9 for $32 479.87 dated May 7 with terms 3/10,1/20,n/60.OPG always makes full payment on the first working day 25

^{th}of a given month.What payment will settle the account?Free

Essay

Q 129Q 129

Alpha computing is importing mother boards at a unit cost of $178.Alpha estimates that operating expenses per unit are 35% of cost.What should the selling price be if the desired operating profit per unit is 30% of the cost?
A)$115.70
B)$240.30
C)$231.40
D)$293.70
E)$178

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Multiple Choice

Q 130Q 130

Sears is adding a new line of John Deere lawn mowers.The cost of each such lawn mower is $321.00 with an operating cost of adding this line is estimated to be 40% of the cost of each unit.If Sears matches the competition's retail price of $649 on each lawn mower,what will be the operating profit per unit?
A)$328
B)$199.60
C)$128.40
D)$259.60
E)$61.40

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Multiple Choice

Q 131Q 131

The cost of a TV to Leons is $377.00.If Leons wants a 30% rate of markup on the selling price,determine the markup
A)$538.57
B)$161.57
C)$113.10
D)$490.10
E)$879.67

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Multiple Choice

Q 132Q 132

Kalotyre sells Bridgestone tires at $141.67 each.They purchase the tires from the factory for $103.11 each.Overhead expenses are 20% of the selling price.Determine the rate of markup on the selling price and the cost price?

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Essay

Q 133Q 133

Kalotyre retails its Bridgestone tires at $141.67 each.They purchase the tires from the factory for $103.11 each.Overhead expenses are 20% of the selling price.Determine the operating profit per tire.
A)$38.56
B)$17.94
C)$10.23
D)$59.18
E)$73.98

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Multiple Choice

Q 134Q 134

National sports sets the selling price of the ice-hockey kit to include expected overhead expenses of 30% of the selling price and a desired profit of 50% of the selling price.Determine the selling price of the ice-hockey kit if it costs the store $79.81?

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Essay

Q 135Q 135

Fresh Co advertises to price match its competitors.This week Fresh Co sells grapes for $3.99 per pound.No Frills has sale on grapes and is selling at $2.69 per pound.Calculate the rate of markdown for Fresh Co for the grapes to price match competition.
A)43.8%
B)48.3%
C)32.6%
D)25.4%
E)0%

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Multiple Choice

Q 136Q 136

A piece of jewellery costing $150 was marked up by 40% of the selling price.During the stores silver jubilee sale,the selling price was reduced to $175.What was rate of markdown during the sale?
A)40%
B)16.7%
C)14.3%
D)30%
E)42.9%

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Multiple Choice

Q 137Q 137

Kia Soul is sold at an MRSP of $18 500.In May 2013,Kia offered two incentives to its customers.The first incentive was cash back of $2000 on the final sale price,which includes 13% HST.The other one was no HST MRSP.Which incentive resulted in lesser cost to the customer?

Free

Essay

Q 138Q 138

Cost of electricity to the grid is calculated in $ per MWh.On a typical day,the Darlington plant produces an average of 84 000 MWh.The OEB recently ruled that Darlington would receive $51 per MWh of electricity produced.The cost of fuel is $5 per MWh.Operations and maintenance costs are $37 per MWh.How much profit will the Darlington plant make in a year?

Free

Essay

Q 139Q 139

United Furniture purchased RF42 model refrigerators from Samsung for $2751 each in 2012.The store marked up the price by 30% of the regular selling price.The store's overheads were estimated to be 10% of the regular selling price of each refrigerator in 2012.Following Christmas,Samsung introduced a new model.In order to make space for the new model,United Furniture decided to sell the RF42 model refrigerators at a markdown of 25%.How much was the operating profit or loss on each refrigerator as a result of the sale?

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Essay

Q 140Q 140

United Furniture purchased RF42 model refrigerators from Samsung for $2751 each in 2012.The store marked up the price by 30% of the regular selling price.The store's overheads were estimated to be 10% of the regular selling price of each refrigerator in 2012.Following Christmas,Samsung introduced a new model.In order to make space for the new model,United Furniture decided to sell the RF42 model refrigerators at a markdown which results into a break-even.Calculate the markdown.

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Essay

Q 141Q 141

Kahn Motors purchased 2008 an off-lease Nissan Altima from the Nissan dealer for $9850 in 2012.Kahn Motors marked up the price by 20% of the regular selling price.After failing to sell it for 3 months,Kahn Motors decided to sell the car at a markdown of 15%.What is the final sale price of the car?
A)$12 312.50
B)$11 820
C)$10 047
D)$10 465.63
E)$10 368.42

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Multiple Choice

Q 142Q 142

Sonia receives an invoice for $981.50 dated September 30,with terms 5/10,2/20,n/60.She decides to pay it in full on October 25.What is the total amount paid to settle the account?
A)$981.50
B)$932.43
C)$961.87
D)$934.76
E)$962.25

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Multiple Choice

Q 143Q 143

Hasan receives an invoice for $103.50 dated September 30,with terms 5/10,2/30,n/60.He decides to pay it in full on October 25.What is the total amount paid to settle the account?
A)$103.50
B)$98.57
C)$100.40
D)$98.33
E)$101.43

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Multiple Choice