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Question 1 of 21
1. Question
 Describe in your own words the difference between income and receipts.

This response will be reviewed and graded after submission.

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.


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.


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.


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.


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

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.

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 
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. 
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.

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.

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.

Question 13 of 21
13. Question
13. Describe in your own words the difference between Markup and Gross profit.

This response will be awarded full points automatically, but it will be reviewed and possibly adjusted after submission.


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. 
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 markup % used in calculating the selling price. 
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 markup % used in calculating the selling price. 
Question 17 of 21
17. Question
17. A business manager wishes to determine the markup 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 markup % used in calculating the selling price. 
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. 
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 
Question 20 of 21
20. Question
20. A business uses a markup percentage of 40% on all products. Calculate the gross profit % which the business will be able to realise if no discount is allowed.

Question 21 of 21
21. Question
21. A general dealer consists of four departments with different markup policies for each department. The following information is available:
Department
Markup %
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.