Final Sales and Transactions Quiz

What is a cash discount on a sale taken by the customer called?

• Sales tax

• Selling price

• Sales discount

• Markup

What is the amount a business receives from the sale of an item of merchandise?

• Selling price

• Batch report

• Sales return

• Point-of-sale terminal

What is the process of preparing a batch report from a point-of-sale terminal?

• Batching out

• Posting out

• Scanning out

• Cashing out

Which journal is used to record only cash receipt transactions?

• Sales journal

• Cash receipts journal

• General journal

• Ledger journal

What is a report of credit card sales produced by a point-of-sale terminal?

• Receipt summary

• Batch report

• Sales log

• Payment register

What is a sale in which the customer pays for the total amount at the time of the transaction?

• Credit sale

• Deferred sale

• Cash sale

• Billed sale

What is a subsidiary ledger containing all accounts for charge customers?

• Accounts payable ledger

• Sales ledger

• Accounts receivable ledger

• Customer balance ledger

Which journal is used to record only sales of merchandise on account?

• Sales journal

• Purchases journal

• General journal

• Cash journal

What is a tax on a sale of merchandise or services?

• Federal tax

• Income tax

• Sales tax

• Property tax

What is the amount a business adds to the cost of merchandise to establish the selling price?

• Sales discount

• Margin

• Markup

• Add-on