Accounting Ch 9 Review

What is a merchandising business that sells to those who use or consume the goods?

• retail merchandising business

• sales merchandising business

• wholesale merchandising business

What is a merchandising business that buys or sells merchandise primarily to other merchandising businesses?

• retail merchandising business

• sales merchandising business

• wholesale merchandising business

What is each unit of ownership in a corporation?

• articles of incorporation

• capital stock

• controlling account

• share of stock

What is an organization with the legal rights of a person which many persons or other corporations may own?

• charter

• corporation

• stockholder

• vendor

Who is the owner of one or more shares of stock?

• charter

• corporation

• stockholder

• vendor

What is a legal document that identifies basic characteristics of a corporation?

• articles of incorporation

• charter

• corporation

• share of stock

What is an account in a general ledger that summarizes all accounts in a subsidiary ledger?

• capital account

• controlling account

• general account

• subsidiary account

What is the retail price listed in a catalog or on an Internet site called?

• list price

• wholesale price

• MSRP

• Everyday price

A ________________ is a reduction in the list price granted to a merchandising business.

• List price

• Trade discount

• Net price

• Cash discount

An agreement between a buyer and a seller about payment for merchandise is called:

• Due date

• Terms of sale

• n/30