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1. Question 1 of 21

   1. Question

   1. Describe in your own words the difference between income and receipts.

   • This response will be reviewed and graded after submission.
2. Question 2 of 21

   2. Question

   2. Describe in your own words the difference between expenditure and payments

   • This response will be reviewed and graded after submission.
3. Question 3 of 21

   3. Question

   3. Describe in your own words the difference between the concepts gross and net.

   • This response will be reviewed and graded after submission.
4. Question 4 of 21

   4. Question

   4. Describe in your own words the concept gross profit.

   • This response will be reviewed and graded after submission.
5. Question 5 of 21

   5. Question

   5. Describe in your own words the concept net profit.

   • This response will be reviewed and graded after submission.
6. Question 6 of 21

   6. Question

   6. A general dealer buys and sells mealie meal. Let us assume he buys a 50 kg bag of mealie meal for R124.00 and sells it at R155.00

   • True
   • False
7. Question 7 of 21

   7. Question

   7. The owner of the business asks you to assist him to calculate the net profit of the business. The following information is known.

   Purchases                    235 700

   Operating cost             32 750

   Sales                             287 425

   There was no opening or closing stock at the beginning or end of the period. Calculate the net profit of the business.
8. Question 8 of 21

   8. Question

   8. A general dealer buys and sells mealie meal. The business buys a 5 kg bag of mealie meal for R13.60 and sells it at R15.50, less 5% discount allowed. Calculate the net selling price
9. Question 9 of 21

   9. Question

   9. A general dealer buys and sells mealie meal. The business buys a 10 kg bag of mealie meal for R27.20 and received a discount of R2.72 per bag. Calculate the net purchases price.
10. Question 10 of 21

    10. Question

    10. A general dealer buys and sells mealie meal. The business buys a 50 kg bag of mealie meal for R136.00 and received a discount of R13.60 per bag. The selling price of a 50 kg bag of mealie meal is R155.00, and a discount of 10% is allowed on the selling price.

    The dealer bought 50 bags of mealie meal, sold 46 bags of which 6 bags were returned by a customer for a cash refund.  Calculate the net sales of the business.
11. Question 11 of 21

    11. Question

    11. A general dealer buys and sells mealie meal. The business buys a 50 kg bag of mealie meal for R136.00 and received a discount of R13.60 per bag. The selling price of a 50 kg bag of mealie meal is R155.00, and a discount of 10% is allowed on the selling price.

    The dealer bought 50 bags of mealie meal and returned 2 damaged bags to the supplier, sold 46 bags of which 6 bags were returned by a customer for a cash refund.  Calculate the net purchases of the business.
12. Question 12 of 21

    12. Question

    12. A general dealer buys and sells mealie meal. The business buys a 50 kg bag of mealie meal for R136.00 and receives a discount of R13.60 per bag. The selling price of a 50 kg bag of mealie meal is R155.00.

    The dealer bought 50 bags of mealie meal and returned 2 damaged bag to the supplier, sold 46 bags of which 6 bags were returned by a customer who received a cash refund.  The dealer also paid a transport company R1.75 per bag transportation cost for transporting the mealie meal from the supplier to his business.

    Calculate the cost price of a 50 kg bag of mealie meal.
13. Question 13 of 21

    13. Question

    13. Describe in your own words the difference between Mark-up and Gross profit.

    • This response will be awarded full points automatically, but it will be reviewed and possibly adjusted after submission.
14. Question 14 of 21

    14. Question

    14. A business buys a bag of mealie meal for R135.00. It is the business’s pricing policy to add 25% profit to the cost price of all products. Calculate the gross selling price.

     
15. Question 15 of 21

    15. Question

    15. The cost price of a bag of mealie meal is R165.00, while it is sold for R185.00. Calculate the mark-up % used in calculating the selling price.

     
16. Question 16 of 21

    16. Question

    16. A bag of mealie meal is sold for R105.75 on which a gross profit of R21.15 is generated. No discount was allowed. Calculate the mark-up % used in calculating the selling price.
17. Question 17 of 21

    17. Question

    17. A business manager wishes to determine the mark-up percentage the business must use in realising a gross profit percentage of 25.00% on the sale of mealie meal. No discount will be allowed on the sale of the mealie meal. Calculate the mark-up % used in calculating the selling price.
18. Question 18 of 21

    18. Question

    18. The cost price of a bag of mealie meal is R97.27, while it is sold for R136.18. Calculate the gross profit on the transaction.
19. Question 19 of 21

    19. Question

    19. A business sells a 17.50 kg bag of mealie meal at R132.75, and the cost price was R106.20. No discount was allowed. Calculate the gross profit % on this transaction
20. Question 20 of 21

    20. Question

    20. A business uses a mark-up percentage of 40% on all products.  Calculate the gross profit % which the business will be able to realise if no discount is allowed.

     
21. Question 21 of 21

    21. Question

    21. A general dealer consists of four departments with different mark-up policies for each department. The following information is available:

    Department	Mark-up %	Sales
    Liquor	17.50%	95 739.75
    Groceries	22.50%	141 732.37
    Hardware	40.00%	83 162.17
    Sportswear	60.00%	54 815.71
    		375 450.00

    Calculate the average gross profit of the general dealer.