AC41 Lec Ch. 7-8 Merchandising Operations Quiz

AC41 Lec Ch. 7-8 Merchandising Operations Quiz

University

84 Qs

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AC41 Lec Ch. 7-8 Merchandising Operations Quiz

AC41 Lec Ch. 7-8 Merchandising Operations Quiz

Assessment

Quiz

Business

University

Medium

Created by

Ferdinand Llasos

Used 6+ times

FREE Resource

84 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Retailers and wholesalers are both considered merchandisers.
TRUE
FALSE

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The steps in the accounting cycle are different for a merchandising company than for a service company.
TRUE
FALSE

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Sales minus operating expenses equals gross profit.
TRUE
FALSE

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs.
TRUE
FALSE

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A periodic inventory system requires a detailed inventory record of inventory items.
TRUE
FALSE

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Freight terms of FOB Destination means that the seller pays the freight costs.
TRUE
FALSE

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Freight costs incurred by the seller on outgoing merchandise are an operating expense to the seller.
TRUE
FALSE

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