Practice Test

Q1) Which of the following is true? Show Answer

Q2) Trade discount is allowed on the ___ Show Answer

Q3) A person who draws the bill is called the _____ Show Answer

Q4) ________ is the sum due on the present worth Show Answer

Q5) True discount is the interest on the _____ Show Answer

Q6) Banker's discount is called as_________ Show Answer

Q7) Banker's discount is always higher than ______ Show Answer

Q8) If an agent charges at 9% on the sale value. Then for the sale value of Rs 20,000, the agent will get a commission of Rs ____ Show Answer

Q9) A home was sold through an agent for Rs 12 lakh. he charged 5% commission to both buyer and seller., what is the total amount paid by the buyer? Show Answer

Q10) A salesman get fixed monthly salary of Rs 5,000 and 4% commission on sale over Rs 15,000. If his total sale for the particular month is Rs 30,000, then what is his total earning? Show Answer

Q11) If an agent receive Rs 2,000 as commission on a sale of Rs 25,000, then what is his rate of commission? Show Answer

Q12) A person gets 5% trade discount and 8% cash discount on a purchase of heaters worth Rs 6,000, what is the net payable amount of the heater for the person? Show Answer

Q13) A book seller is given 10% trade discount on a list price of Rs 5,000. What is the Invoice price? Show Answer

Q14) A trader allows a 2% discount on a article marked at Rs 2,500. if cost price of the article is Rs 2150, then profit gained by the trader is Show Answer

Q15) For the cash sale of Rs 9,000 commission of 5% is allowed and for the credit sale of Rs 15,700 commission of 7% is allowed. What is ratio of total commission to the credit commission? Show Answer

Q16) If the sum due of a bill 9 months hence is Rs 5,600 at 8% p.a what is the present worth? Show Answer

Q17) What is the true discount on a present worth of Rs 7,700 due 7 months at 12% p.a? Show Answer

Q18) A bill drawn on 2nd February 2006 for 4 months was discounted on 3rd March 2006. What is the legal due date? Show Answer

Q19) A bill of 5,000 drawn on1st January 2009 for 9 months was discounted on 10th April 2009. Then the number of days from the date of discounting to the legal due date are? Show Answer

Q20) What is the banker's discount on a bill of Rs 6230 due 5 months at 51/2 % p.a. Show Answer

Q21) A banker's discount calculated for 2 years is 21 times his gain. Then the rate of interest is. Show Answer

Q22) If the banker's discount for the bill is Rs 540 for 5 months at 5% p.a then what is the amount of the bill? Show Answer

Q23) The difference between true discount and banker's discount on a bill is Rs 210 for 7 month at 6% p.a what is the true discount? Show Answer

Q24) If the banker's discount for the bill drawn on 12th November 2009 for 5month at 3% p.a was Rs 150, then on which day the bill was discounted? Show Answer

Q25) An agent charges 5% commission and earns Rs 26,250 on the sale of L.C.D's If price of a one L.C.D is Rs 15,000 then number of L.C.D's sold by him? Show Answer

Q26) An agent who gives guarantee to his principal that the party will pay the sale price of goods is called Show Answer

Q27) An agent who is given the possession of goods to be sold is known as Show Answer

Q28) The date on which the period of the bill expires is called Show Answer

Q29) The payment date after adding 3 days of grace period is known as Show Answer

Q30) The sum due is also called as Show Answer

Q31) P is the abbreviation of Show Answer

Q32) Banker’s gain is simple interest on Show Answer

Q33) The marked price is also called as Show Answer

Q34) When only one discount is given then Show Answer

Q35) The difference between face value and present worth is called Show Answer

Q36) Broker is an agent who gives a guarantee to seller that the buyer will pay the sale price of goods. Show Answer

Q37) Cash discount is allowed on list price. Show Answer

Q38) Trade discount is allowed on catalogue price. Show Answer

Q39) The buyer is legally allowed 6 days grace period. Show Answer

Q40) The date on which the period of the bill expires is called the nominal due date. Show Answer

Q41) The difference between the banker’s discount and true discount is called sum due. Show Answer

Q42) The banker’s discount is always lower than the true discount. Show Answer

Q43) The bankers discount is also called as commercial discount. Show Answer

Q44) In general cash discount is more than trade discount. Show Answer

Q45) A person can get both, trade discount and cash discount. Show Answer

Q46) Trade discount calculated on ________. Show Answer

Q47) Cash discount is calculated on _______. Show Answer

Q48) Bankers discount is calculated on _________. Show Answer

Q49) Bankers gain is calculated on ________. Show Answer

Q50) True discount is calculated on _______. Show Answer

Q51) Banker’s gain (B.G) = _______. Show Answer

Q52) If the date of discount is 25th January 2020 and legal due date is 14th June 2020 then the number of unexpired days = ________. Show Answer

Q53) If the date of discount is 29th March 2018 and unexpired days = 159 days. Find the legal due date is _______.
Show Answer

Q54) If the legal due date is 25th June 2019 and unexpired days = 100 days then the discounting date is ________. Show Answer

Q55) If the legal due date is 1st March 2020 then the nominal due date is ________. Show Answer