1.

UGRD-ACTG6153-2222S
2. Prelim Quiz 1

QUIZ

Prelim Quiz 1
Started on Tuesday, 7 March 2023, 10:34 AM
State Finished
Completed on Tuesday, 7 March 2023, 10:42 AM
Time taken 7 mins 20 secs
Marks 8.00/10.00
Grade 80.00 out of 100.00
Question 1
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Question text
Following are selected purchase transactions of Mr. Cruz, a merchandiser, during  April of the
current year:
 
April 8  Purchased merchandise from ABC Textile Corporation worth P 100,000, FOB Destination.
Freight reported is P 15,000. Terms of payment: 2/10, n/30.
 
April 10  Returned defective merchandise purchased on the 8th, P 10,000.
 
April 17 Paid ABC Textile Corporation.
 
April 20 Purchased merchandise worth P 50,000 from RST Trading. Cebu City. Transportation- in
is P 5,000. Terms: FOB shipping point; Terms of payment: n/30. The shipment arrived at the  Port
of Manila, A
 
April 25  Merchandise purchased from XYZ Clothing Co., P 80,000, FOB shipping point. Freight
charges, P 6,500, Terms of payment: n/30. Shipment arrived at the Port of Manila on May 2.
The freight that will be paid by the buyer is
Select one:

a.
P5,000

b.
P11,500

c.
P26,500

d.
P21,500
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Question 2
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Question text
______is a business involving buying goods and selling it in its original form.

Select one:

a.
Freight in or transportation in

b.
Merchandising

c.
Cost of goods sold or cost of sales

d.
Merchandiser or trader

Question 3
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Question text
The merchandise inventory ______is the ratio of cost of goods sold to average merchandise
inventory.

Select one:

a.
Sales discount

b.
Turnover

c.
Merchandise Inventory

d.
Cost of goods sold or cost of sales

Question 4
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Question text
On March 1, 2017, Mr. A bought 10 units of cell phones with a listed price of P 10,000 each, less
2%, 4%, for resale. Terms of payment: 2/10, n/30. The total trade discount to Mr. A. is

Select one:

a.
P2, 000

b.
P19,616

c.
P3, 920

d.
P5,920
Question 5
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Question text
It is a business combining raw materials, labor and overhead to produce finished goods to sell.

Select one:

a.
Merchandising

b.
Service Concern

c.
Buy and Sell

d.
Manufacturing

Question 6
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Question text
Excess of net sales over cost of goods sold

Select one:

a.
Freight-in

b.
Gross Profit

c.
Merchandising

d.
Sales
Question 7
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Question text
The following items can be found in the income statement of a merchandising firm except

Select one:

a.
Net Sales

b.
Trade Discount

c.
Purchase Discount

d.
Freight-out

Question 8
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Question text
Buy and Sell business

Select one:

a.
Freight-in

b.
Gross Profit

c.
Sales

d.
Merchandising
Question 9
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Question text
If merchandise sells his goods on credit, his operating cycle will be a little longer than when he
sells them on ____basis.

Select one:

a.
Periodic

b.
Merchandise Inventory

c.
Cash

d.
Sales discount

Question 10
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Question text
Discount received by the merchandiser for paying on time

Select one:

a.
Freight-in

b.
Trade discount

c.
Periodic Inventory System

d.
Purchase Discoun