Nature of Merchandising Business

Nature of Merchandising Business

10th - 12th Grade

18 Qs

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Nature of Merchandising Business

Nature of Merchandising Business

Assessment

Quiz

Other

10th - 12th Grade

Medium

Created by

J Snave

Used 3+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What account does a merchandising business use for Revenue?

Fees Earned

Commissions

Revenue

Sales

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What accounts would be used for a seller to journalize a Sales Transaction?

Cash Debit; Sales Credit

Sales Debit, Merchandise Inventory Credit

Cost of Merchandise Sold Debit; Merchandise Inventory Credit

Costs of Merchandise Sold Debit; Sales Credit

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Mastercard or Visa is considered a Sales Transaction for the Seller.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Seller will have a journal entry for Sales on Account:

Accounts Receivable Dr; Sales Credit

Accounts Receiveable Dr; Sales Cr; COMS Dr; Merch. Inv. Cr.

Cash Dr; Sales Cr; COMS Dr; Merch. Inv. Cr.

Accounts Receivable Dr; Sales Cr; Merch. Inv. Cr.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit Terms 3/10 means what?

Must be paid in 3 days at the earliest; 10 days at the latest.

3% discount in 30 days

3% discount in 10 days

None of the Above

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The Seller records all credit cards expense every single time one is used.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Seller issues a ___________ to the buyer for returns.

Credit Memo

Invoice

Debit Memo

Discount

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