When Goods Are Sold to a Customer with Credit Terms

question 71

Multiple Choice

When goods are sold to a customer with credit terms of 2/15,n/30,the customer will:

• A)receive a 15% discount if they pay within 2 days.
• B)receive a 2% discount if they pay 15% of the amount due within 30 days.
• C)receive a 15% discount if they pay within 30 days.
• D)receive a 2% discount if they pay within 15 days.

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Definitions:

Created

Brought into existence; something made or produced by human or artistic effort.

Idealism

The metaphysical view that the mind and its ideas are the ultimate reality.

Existence

The state or fact of being, especially of being real, actual, or alive in any form or context.

Mind

The element of a person that enables them to be aware of the world and their experiences, to think, and to feel; the faculty of consciousness and thought.