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Quiz BM4

This document contains instructions and problems for a business math test. It includes 5 problems dealing with calculating payment deadlines and cash discounts for various invoice amounts and payment terms. Students are asked to find payment deadlines, discount amounts, and net payment amounts due for invoices with terms including 2/10 n/30, 3/10 2/15 n/60, 3/10 2/15 n/60, and others. A separate answer sheet is provided for students to show their work.

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Jomar Villena
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1K views2 pages

Quiz BM4

This document contains instructions and problems for a business math test. It includes 5 problems dealing with calculating payment deadlines and cash discounts for various invoice amounts and payment terms. Students are asked to find payment deadlines, discount amounts, and net payment amounts due for invoices with terms including 2/10 n/30, 3/10 2/15 n/60, 3/10 2/15 n/60, and others. A separate answer sheet is provided for students to show their work.

Uploaded by

Jomar Villena
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ASIAN INSTITUTE OF SCIENCE AND TECHNOLOGY BALIWAG

BUSINESS MATH
MR. JOMAR V. VILLENA, CPA

NAME:
SECTION:

GENEREL INSTRUCTIONS: NO ERASURES. USE THE ANSWER SHEET PROVIDED.

PROBLEM 1: For the following invoices whose term of payment is 2/10; n/30, find:

1. Deadline for the discount period


2. Deadline for the credit period
A. Invoice Date: November 9
B. Invoice Date: August 12

PROBLEM 2: For the following invoices whose term of payment is 3/10, 2/15; n/60, Find:

1. Deadline for the 3% discount period


2. Deadline for the 2% discount period
3. Deadline for the 60-day credit period
A. Invoice Date: April 12
B. Invoice Date: July 29

PROBLEM 3: Find the cash discount and net amount due if the following invoices are paid within the discount
period. Use a separate sheet for your computations.

Net Invoice Price Terms of Payment Cash Discount Net Amount Due
1. 3265 3/10 ; n/30
2. 1342.50 2/15; n/30
3. 985 3/5 ; n/30
4. 266.50 1/10 ; n/30
5. 839.75 3/30 ; n/90

PROBLEM 4: Find the cash discount and net amount due if the following invoices are paid within the discount
period. Use a separate sheet for your computations.

Net Invoice Price Invoice Date Terms of Payment Cash Discount Net Amount
Payment Date Due
1. 1675 Jan 15 3/10 ; n/30 Jan 28
2. 645 Feb 25 2/15; n/30 March 6
3. 895 March 12 3/5 ; n/30 April 26
4. 785 April 22 1/10 ; n/30 May 7
5. 576 May 28 3/30 ; n/90 June 12

PROBLEM 5: JD Enterprises purchased veterinary supplies from RL Commercial. The total invoice price of the
supplies bought amounted to 25,856. The term of payment written on the invoices 3/10 , 2/15 and n/60. The
invoice date is March 15.

A. Find the deadline for the 3% discount.


B. Find the deadline for the 2% discount.
C. Find the deadline for the credit period.
D. How much will JD Enterprises pay if it pays within the 3% discount period?
E. How much will JD Enterprises pay if it pays within the 2% discount period?

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ASIAN INSTITUTE OF SCIENCE AND TECHNOLOGY BALIWAG
BUSINESS MATH
MR. JOMAR V. VILLENA, CPA

NAME:
SECTION:

ANSWERSHEET

Page 2 of 2

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