When a Buyer Receives an Invoice for $100 with Terms

question 80

Multiple Choice

When a buyer receives an invoice for $100 with terms of "2/15 net 30" he can expect to pay:

• A) $100 if he pays anytime in the first 30 days.
• B) less than $100 if he pays during the first 15 days.
• C) $100 if he pays anytime during the first fifteen days.
• D) more than $100 if he pays from day fifteen through day thirty.
• E) the full $100 if he waits more than 30 days to pay.

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Definitions:

Assessed Values

Assessed values are the valuation of property, usually by a public tax assessor, for the purpose of determining property taxes.

Mill Rate

The amount of tax payable per dollar of the assessed value of a property.

Current Assessment

An evaluation or estimation of the present status, value, or condition of something.

Percentage

A fraction or ratio expressed as a part of 100, used to denote a proportion of a whole.