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Exam 3 (Written Portion)

20 points possible Version 2 Name________________________________________ Show all work to receive credit on each problem. If no work is provided, no

credit can be given. Label the answers.

1. (3 pts) A tablet notebook sells for \$384. Find the dollar markup and the

cost of the tablet, if it is marked up 200% on cost. 2. (3 pts) An i-clicker is marked up \$48 by a book store. Calculate the cost

and the selling price of the i-clicker, if it is marked up 60% on selling

price. 3. On April 2, you purchased 8 cartons of Jelly Belly jelly beans; each carton

contains 24 bags of candy. The list price per carton is \$24. You also

purchased 12 cartons of Cadbury Cr?me Eggs; each carton contains 48

eggs individually wrapped for resale. The list price per carton is \$16.

You are offered a 20/15 chain discount and cash terms of 3/10 EOM.

(a) (2 pts) Fill in the purchase invoice below.

Quantit

y Item Description Unit List Unit Net Subtotal Amount Due \$ (b)(1 pt) What is the last day of the discount period?

(c) (1 pt) What is the last day of the credit period?

(d)(2 pt) If you pay your bill on May 5, what is the amount due? Math with Business Applications

Exam 3 (Written Portion)

20 points possible Version 2 4. (3 pts) The Cadbury Cr?me Eggs you purchased in #3 always fly off the

shelves; in the past, you have always sold out of them by Easter.

Assuming this is true, find the selling price for the Cadbury Cr?me Eggs

in your store. In the candy section, you markup 80% on selling price.

Remember to pass along the savings of the cash discount to your

customers. 5. retailer purchases flashlights for \$8 apiece, after a 50% trade discount

and a 5% cash discount were applied. The retailer marks up everything

in the hardware section by 125% of cost for operating expenses and

another 75% of cost for profit.

(a) (1 pts) What was the unit net price of the flashlight? (b)(1 pts) What was the unit list price of the flashlight? (c) (1 pts) What is the retailer?s target selling price? (d)(1 pts) Assume that the flashlight is sold during a 25% off sale. What

is the sale price? Math with Business Applications

Exam 3 (Written Portion)

20 points possible Version 2 (e) (1 pts) Profit is the difference between sales, inventory costs and

operating expenses. Did the retailer make a profit or a loss on the

flashlight? Calculate the profit/loss on the sale price of the flashlight. 6. Create a sample promissory note: The Example is as follows:

Promissory Note

For value received, XYZ Corporation promises to pay \$50,000 to ABC Bank

on March 1, 2017 along with interest of 6% interest due at the time of

payment. This agreement is dated November 14, 2016.

Signed XYZ Corporation On December 15, a payment of \$10,000 will be made to ABC Bank.

Interest accrued to date: 50,000(.06)(31/360) = \$258.33

Adjusted balance due on Dec 15: 50,000 + 258.33 = \$50,258.33

Balance Due after Payment: 50258.33 - 10,000 = \$40,258.33

On February 1, 2017, a payment of \$15,000 will be made.

Interest accrued to date: 40258.33(.06)(48/360) = \$322.07

Adjusted balance due on Feb 1: 40258.33 + 322.07 = \$40,580.40

Balance Due after Payment: 40580.40 - 15000 = \$25,580.40

On the promissory note's due date, March 1, the final payment is due.

Interest accrued to date: 25,580.40(.06)(28/360) = \$119.38

Adjusted balance due on Mar 1: 25580.40 + 119.38 = \$25,699.78

Balance due after final payment: 25,699.78 - 25,699.78 = \$0

Balance paid in full! Then, give a payment schedule involving a minimum of three payments: two

partial payments and a final payment. Apply the U.S. Rule.

For full credit, you must: Math with Business Applications

Exam 3 (Written Portion)

20 points possible Version 2 State the face value, interest rate and maturity date of the short-term (less than one

year) note, along with a proposed partial payment schedule.

Show all of your work for each of the two partial payments, including the calculation

of interest due and adjusted principal balance.

Calculate the note's final payment due on the maturity date.

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