Chapter 4 Quiz

Chapter 4 Quiz

10th - 12th Grade

10 Qs

quiz-placeholder

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Chapter 4 Quiz

Chapter 4 Quiz

Assessment

Quiz

Life Skills

10th - 12th Grade

Medium

Created by

Nicole Johnson

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A journal used to record only one type of transaction

cash journal

sales journal

special journal

contra account

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A deduction that a vendor allows on the invoice amount to encourage prompt payment

purchase invoice

cash discount

trade discount

cash payment

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A special journal used to record all payments of cash

purchase journal

credit card journal

cash journal

sales journal

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A transaction in which the purchased merchandise is to be paid for at a later time

purchase journal

contra account

sales journal

purchase on account

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The person or business from which goods or services are purchased

merchandise

vendor

purchase return

trade discount

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A credit given to the business to refund the purchase price of returned merchandise

purchase return

sales discount

sales return

purchase discount

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The price paid by a business for goods it purchases to resell

vendor

merchandising business

cost of merchandise

trade discount

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