A Mechanic Needs Two 3/8" Bolts That Cost 20 Cents

question 5

Multiple Choice

A mechanic needs two 3/8" bolts that cost 20 cents each and two nuts that cost 15 cents each. If a discount of 33 1/3% is allowed, what is the cost of the parts? Express the answer to the nearest cent.

• A) 43
• B) 45
• C) 47
• D) 49

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Definitions:

Normal Balance

Normal Balance is the side (debit or credit) where increases to the account are recorded, depending on the account type.

Permanent/Temporary

Describes accounts in financial reporting; permanent accounts show ongoing financial status, while temporary accounts track revenues, expenses, and dividends over a specific period.

Normal Balance

The side (debit or credit) of an account that increases its balance, reflecting the account's role in the accounting equation.

Financial Statement

A formal record of the financial activities and position of a business, individual, or other entity, detailing assets, liabilities, revenue, and expenses over a specific period.