Lesson 10 Quiz

Each member of a partnership is called

• partner

• vendor

• customer

• wholesale

The amount added to the cost of merchandise to establish the selling price is called

• markup

• price

• sales

• cost

A journal amount column that is not headed with an account title is called

• general amount column

• special amount column

• non-special amount column

• non-general amount column

A business that buys and resells merchandise to retail merchandising businesses is called

• wholesale merchandising business

• vendor

• special business

• partnership

A business from which merchandise is purchased or supplies or other assets are bought is called

• vendor

• customer

• purchase business

• special business

A business in which two or more persons combine their assets and skills is called

• partnership

• partner

• merchandising business

• retail business

Goods that a merchandising business purchases to sell are called

• merchandise

• markups

• vendors

• purchases

The price a business pays for goods it purchases to sell is called

• cost of merchandise

• markup

• vendor

• cost of sales

A business that purchases and sells goods is called

• merchandising business

• retail business

• wholesale business

• special business

A journal amount column headed with an account title is called

• special amount column

• general amount column

• non-special amount column

• non-general amount column