Terms of 3/10,n/30 Means That a Customer Is Allowed a 3

question 64

True/False

Terms of 3/10,n/30 means that a customer is allowed a 3% discount if he or she pays within 10 days of the invoice date.

---

Definitions:

Check Register

A record book used to keep track of all the checks issued, deposits made, and current balance in a checking account.

Bank Statement

A summary of financial transactions that have occurred over a given period on a bank account.

Service Charge

A fee collected for services provided, often added to a bill in restaurants, hotels, or other service industries.

Interest

The cost of borrowing money or the return earned on an investment, expressed as a percentage of the principal.