A Company Makes a Purchase of $2,000 of Inventory, Subject

question 176

Multiple Choice

A company makes a purchase of $2,000 of inventory, subject to credit terms of 3/10 n/45 and returns $500 of inventory prior to payment. What is the amount of the payment assuming payment is made within the discount period?

• A)$1,500
• B)$1,455
• C)$1,440
• D)$1,560

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Definitions:

Rules-Based Systems

Software that asks questions and responds based on preprogrammed algorithms. Early attempts at expert systems were rules based.

Personal Ethics

An individual's moral principles and values that govern their behaviors and decision-making processes.

Culture and Religion

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group, often intertwined with belief systems and faith traditions.

Crowdfunding

The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the internet.