The Expression "3/10,n/30" Means That a Business Must Pay 3

question 17

True/False

The expression "3/10,n/30" means that a business must pay 3 percent of the total invoice amount in 10 days,with the remainder due in 30 days.

---

Definitions:

Absorption Costing

A calculation technique in which the cost of a product is determined by including all costs associated with manufacturing, including direct materials, direct labor, as well as variable and fixed overhead costs.

Cost-plus Pricing

A pricing strategy where a fixed percentage is added to the total cost of producing a product to determine its selling price.

Return on Investment

A measure of performance that evaluates the efficiency or profitability of an investment relative to its cost.

Selling Price

The amount of money a buyer pays to purchase a product or service.