In Relation to Discount Terms, What Does 5/7, N/30 Mean

question 49

Multiple Choice

In relation to discount terms, what does 5/7, n/30 mean?

• A) Invoice due on 5^th July or 30^th November.
• B) 50% discount if paid with 7 days, otherwise 30% discount.
• C) 50% discount, November 30th
• D) 5% discount to be deducted from the invoice price if payment is made within 7 days or the full amount is due within 30 days of the invoice date.

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Definitions:

Limited Liability Partnerships

A form of partnership in which some or all partners have limited liabilities, protecting individual partners' personal assets from business debts and liabilities.

Professionals

Individuals who have specific qualifications and expertise in a particular field or industry, often bound by certain ethical standards.

Partnership Agreement

A contract between partners in a business that outlines the terms of the partnership, including roles, responsibilities, and profit sharing.

Provisions

Supplies of food, drink, or equipment, especially for a journey, or conditions stated in a legal document.