WorksheetsBusiness (Trade) Documents
Total questions: 40
Worksheet time: 21mins
Identify the business document.
Invoice
Debit note
Credit note
Receipt
What is a cash discount?
Given to customers who buy in bulk
Given to customers for paying their debts promptly
The price at which the trade usually sells the product
The invoice received by a customer for a credit purchase made
What is a trade discount?
Given to customers who buy in bulk
Given to customers for paying their debts promptly
The price at which the trade usually sells the product
The invoice received by a customer for a credit purchase made
A business has a received an invoice of $63 for purchases made. On the invoice, it is said that the business will received a 2% cash discount if the invoice is paid for by the 31st of August 2020.
How much will the business pay in total if payment is made by the 29th of August 2020?
$63
$1.26
$61.74
$64.74
What is a debit note?
A document issued by a business to the supplier when the goods received are unsuitable.
A document issued by a business to a customer when goods are returned to the business because they are unsuitable.
A document issued to all customers still owing money to the business.
A document issued by a business when making a credit sale.
What is a credit note?
A document issued by a business to the supplier when the goods received are unsuitable.
A document issued by a business to a customer when goods are returned to the business because they are unsuitable.
A document issued to all customers still owing money to the business.
A document issued by a business when making a credit sale.
How will this debit note affect Mr. Johnson's payment in the future?
It will increase by $90
It will increase by $94.50
It will decrease by $90
It will decrease by $94.50
State the rate of trade discount mentioned in the note.
5%
10%
2%
None
What business document is this?
Credit note
Bank statement
Statement of account
Receipt
What business document is this?
Receipt
Bank statement
Paying-in slip
Cheque
The following business document has the acronym COD on it, this means:
There is to be a cop on duty
The customer has to make a call on delivery
The customer has to make a call on delivery
The customer has to pay cash on delivery
Business documents can create clear permanent records of transactions that took place. This can be termed:
Audits
Paper-trail
Receipts
Financial statements
Sent from the buyer to the sell, this document asks 'what goods are available from the potential seller?'
Advice note
Delivery note
Letter of inquiry
Confirmation note
Received from the seller, stating the price for goods and services usually after a request is made by the potential buyer.
Advice note
Delivery note
Quotation
Confirmation note
Acknowledges that the order can be completed and delivered at a certain date.
Advice note
Delivery note
Quotation
Confirmation note
May be sent when the goods have been dispatched so that the customer knows when to expect delivery
Advice note
Delivery note
Quotation
Confirmation note
Sent from a buyer to a supplier with a request for an order.
Requisition
Letter of Inquiry
Invoice
Purchase Order
An internal business document to inform various departments of the need for supplies
Requisition
Letter of Inquiry
Invoice
Purchase Order
Ms. Bruno wants to order markers from the Fable Castle Factory. Which document should be used?
Requisition
Letter of Inquiry
Invoice
Purchase Order
A special type of invoice used for advance payments when buyer and seller are unfamiliar with each other.
Debit note
Credit note
Note of trust
Pro forma Invoice
Invoice
These are documents sent to the buyer with details of goods sold
Requisition
Letter of Inquiry
Invoice
Purchase Order
Sent from the seller to the buyer indicating the buyer’s outstanding balance has been debited or increased.
Debit note
Credit note
Note of trust
Pro forma Invoice
Invoice
Sent from the seller to the buyer indicating the buyer’s outstanding balance has been credited or decreased.
Debit note
Credit note
Note of trust
Pro forma Invoice
Invoice
Sent from the seller to the buyer when the buyer was previously undercharged
Debit note
Credit note
Note of trust
Pro forma Invoice
Invoice
Sent from the seller to the buyer when the buyer was given a discount that was too high.
Debit note
Credit note
Note of trust
Pro forma Invoice
Invoice
Sent from the seller to the buyer when the buyer was previously overcharged
Debit note
Credit note
Note of trust
Return inwards note
Discount coupon
Multiple Answers: Select all the options that pertain to the 'statement of account'.
Shows the amount owed at the beginning of the period
Shows additional deliveries made during the period with invoice number
Shows payments received during the month
Shows amount owed at the end of the month
Used where two companies trade regularly and shows details of transaction occurring over a specific period
Balance Sheet
Credit Note
Debit Note
Statement of Account
Bank Book
What does C.W.O stand for?
(a)
What is VAT?
(a)
A Letter of enquiry is received by the...
Buyer
Seller
In a bank statement, if the business has money in its bank account, it will appear as a _______ balance.
debit
credit
Business documents can create clear permanent records of transactions that took place. This can be termed:
Audits
Paper-trail
Receipts
Financial statements
What does CWO stand for?
(a)
What does E&OE stand for/ mean?
(a)
------------------ is a booklet which briefly describes the goods stocked by the seller.
(a)
----------------- is an acknowledgement of a debt
(a)
7. What is the purpose of printing ‘E. and O.E.’ on an invoice?
A. To enable mistakes to be corrected later by the supplier
B. To ensure that the customer does not alter the figures
C. To give details of cash and trade discounts
D. To show that the supplier has made an error
What does F.O.B stand for?
(a)
What does C.I.F stand for?
(a)
