Mathematics of Buying
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each of the black spaces below before clicking
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| ea. | each
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| doz. | dozen
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| gro. | gross (144 items)
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| gr gro. | great gross (12 gross)
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| qt. | quart
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| gal. | gallon (4 quarts)
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| bbl. | barrel
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| cL | centiliter
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| L | liter
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| in. | inch
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| ft. | foot
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| yd. | yard
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| mm | millimeter
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| cm | centimeter
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| m | meter
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| km | kilometer
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| ct. | crate
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| drm. | drum
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| cs. | case
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| pr. | pair
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| C | Roman numeral for 100
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| M | Roman numeral for 1000
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| cwt. | per hundred weight
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| cpm. | cost per thousand
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| lb. | pound
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| oz. | ounce
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| g | gram
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| kg | kilogram
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| ROG | receipt of goods
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| ex. or x | extra dating
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| FOB | free on board
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| EOM | end of month
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| COD | cash on delivery
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| FAS | free alongside ship
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| Free on board (FOB) shipping point | Buyer pays for shipping costs.
Ownership of goods passes to the purchaser prior to the shipment
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| FOB destination | Seller pays the shipping charge and retains ownership until goods reach the destination
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| Cash on delivery (COD) | Payment for goods is made at the time of delivery
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| Free alongside ship (FAS) | Goods are delivered to the dock with all freight charges to that point paid by the seller
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| Net Cost | List price ‒ Trade discount
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| series or chain discount | a combination of two or more discounts
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| What does 20/10 mean? | a series discount of 20% followed by an additional discount of 10%
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| complement of a discount | difference of 1 and the discount
i.e. 1 ‒ Discount
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| Net cost equivalent | product of complements of discounts
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| Net Cost After Discount | List Price * Net Cost Equivalent
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| Discount Amount | Original Price ‒ Net Cost after discount
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| Single Discount Equivalent | Compliment of the Net cost equivalent
(100% ‒ Net Cost Equivalent %)
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| What does 10/30/20 mean? | a series/chain discount of 10% followed by an additional discount of 30% which is then followed by a third discount of 20%
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| Net Cost | (List Price ‒ Trade Discount) ‒ Cash Discount
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| Give an example of Ordinary Dating Method | 2/10, n/30
or 2/10, net 30
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| What does 2/10, n/30 mean? | a 2% discount applies if invoice is paid within 10 days; full invoice must be paid within 30 days
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| Total Amount Due | Amount Due + Shipping & Insurance
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| Amount Due | Invoice Amount ‒ Cash Discount
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| An invoice is dated Oct 21 AS OF Nov 1 from which of these 2 dates are the terms calculated? | terms are calculated using the AS OF date Nov 1
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| prox | proximo
(same as EOM end-of-month)
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| What does 3/10 EOM mean? | a 3% discount applies if invoice is paid by the 10th of the month that follows the sale
NOTE: IF INVOICE DATE IS THE 26TH OR LATER, ADD AN EXTRA MONTH
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| What does 3/10 prox. mean? | a 3% discount applies if invoice is paid by the 10th of the month that follows the sale
NOTE: IF INVOICE DATE IS THE 26TH OR LATER, ADD AN EXTRA MONTH
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| What does 2/10 ROG mean? | a 2% discount applies if invoice is paid within 10 days of receiving goods
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| What is the common business practice if no net payment due date is given? | If no net payment due date is given/listed on an invoice, it is common business practice to allow 20 days after the last discount date as the net payment date
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| What does 2/10-50 ex. mean? | the 2% discount typically offered if invoice is paid within 10 days will be extended for an extra 50 days. i.e. a 2% discount applies if invoice is paid within 60 days (10 days standard + 50 days extra)
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| What does 3/10-30 x. mean? | the 3% discount typically offered if invoice is paid within 10 days will be extended for an extra 30 days. i.e. a 3% discount applies if invoice is paid within 40 days (10 days standard + 30 days extra)
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| Balance Due | Invoice Amount ‒ Credit Given
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| Cash Discount Earned | Credit Given ‒ Partial Payment
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Created by:
rizekm
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