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Disbursing Clerk 1 & C - Military manual for administrative purposes
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Assignment 4: 63 - 70
4-51. When trade-inn are involved, the discount taken will be on which of the  following  amounts? 1. The  net  contract  price 2. The gross contract price 3. The  net  contract  price  less taxes  and  freight 4. The gross contract price less taxes  and  freight 4-52. Discounts will be computed on any amount  approved  for  payment  without regard for all except which of the following   conditions? 1. Offsets  for  liquidated  damages 2. Offsets for duplicate payments 3. Transportation charges for items priced on an f.o.b basis 4. Offsets for interest on advance payments 4-53. A discount is considered cost effective when the savings are equal to at least what amount? 1. $15 2. $20 3. $25 4. $50 4-54. A discount that has a rate which is less than the rate at which the Treasury  can  borrow  money  but involves more than $100 will be accepted. 1. True 2. False 4-55. When is the official Treasury rate for  borrowing  funds  published? 1. January and July 2. October  and  April 3. Quarterly 4. Annually in October 4-56. When there is a question as to whether a discount should be taken, which  of  the  following  actions should  the  disbursing  officer  take? 1. Take  the  discount 2. Do not take the discount 3. Contact  the  vendor  for clarification 4. Return  the  voucher  to  the preparing officer for resolution 4-57. A  dealer’s  bill  offers  a  discount of "5% 15 days net 30,” the invoice date is 12 December end is received on 17 December. What is the annual percentage  rate  for  this  discount (rounded to a whole number)? 1. 7 2. 8 3. 9 4. 10 4-58. When  a  vendor  protests  a  discount taken that cannot be refunded by the  disbursing  officer,  to  which  of the following agencies is the claim forwarded  for  settlement? 1. The servicing FIPC 2. DFAS-CL 3. Treasury 4. GAO 4-59. Which  of  the  following  officers  is responsible  for  making  sure  bills involving  discounts  are  paid promptly? 1. Receiving 2. Preparing 3. Disbursing 4. All of the above 4-60. When a discount is lost, the bill should be paid using which of the following  provisions? 1. Immediately  upon  discovery 2. Within 3 business days of discovery 3. With other bills not offering a discount 4. By the end of the month 4-61. A  record  of  discounts  lost  because of  circumstances  beyond  the  Navy’s control will not be maintained. 1. True 2. False 4-62. A discount of $750 was lost on a dealer’s bill that was in the disbursing  office. The lost discount  would  not  be  considered the  fault  of  the  disbursing  officer unless  the  voucher  was  received  at least how many working days before the  expiration  date? 1. 1 2. 2 3. 3 4. 4 28

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