A firm offers credit terms of 3/15, net 20 to its customers, which means the firm allows its customers to:
A. take a 15 percent discount on the invoice price if payment is made on or before Day 20 of the billing cycle; after that, only a 3 percent discount will be available.
B. take a 20 percent discount on the invoice price if payment is made on or before Day 15 of the billing cycle; after that, only a 3 percent discount will be available.
C. take a 3 percent discount on the invoice price if payment is made on or before Day 15 of the billing cycle; otherwise, the entire bill is due by Day 20.
D. take a 15 percent discount on the invoice price if payment is made on or before Day 3 of the billing cycle; otherwise, the entire bill is due by Day 20.
E. take a 20 percent discount on the invoice price if payment is made on or before Day 3 of the billing cycle; otherwise, the entire bill is due by Day 15.
Answer: C
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The person to whom bailed goods are to be delivered is called the bail:
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