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Chapter 14 Vocab

Total questions: 22

Worksheet time: 11mins

Name
Class
Date
1.

retailer

a)

a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.

b)

Selling stuff in bulk to retail stores

c)

a tax on sales or on the receipts from sales.

d)

goods to be bought and sold.

2.

wholesaler

a)

a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.

b)

a person or company that sells goods in large quantities at low prices, typically to retailers.

c)

goods to be bought and sold.

d)

a tax on sales or on the receipts from sales.

3.

Merchandise

a)

a complete list of items such as property, goods in stock, or the contents of a building.

b)

goods to be bought and sold.

4.

inventory

a)

a complete list of items such as property, goods in stock, or the contents of a building.

b)

promote the sale of (goods), especially by their presentation in retail outlets.

5.

Sales

a)

a complete list of items such as property, goods in stock, or the contents of a building.

b)

promote the sale of (goods), especially by their presentation in retail outlets.

c)

the exchange of a commodity for money; the action of selling something.

6.

sale on account

a)

a statement showing the net result of a purchase or sale transaction made by one person on another's account or behalf with commission and all other charges included.

b)

a complete list of items such as property, goods in stock, or the contents of a building.

c)

goods to be bought and sold.

d)

a period during which a retailer sells goods at reduced prices.

7.

charge customer

a)

a complete list of items such as property, goods in stock, or the contents of a building.

b)

a customer's account with a creditor (such as a merchant) to which the purchase of goods is charged.

c)

the exchange of a commodity for money; the action of selling something.

d)

a statement showing the net result of a purchase or sale transaction made by one person on another's account or behalf with commission and all other charges included.

8.

credit card

a)

a period during which a retailer sells goods at reduced prices.

b)

a customer's account with a creditor (such as a merchant) to which the purchase of goods is charged.

c)

a sale on credit.

d)

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

9.

sales slip

a)

the exchange of a commodity for money; the action of selling something.

b)

a receipt for a purchase.

c)

a statement showing the net result of a purchase or sale transaction made by one person on another's account or behalf with commission and all other charges included

d)

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

10.

sales tax

a)

a tax on sales or on the receipts from sales.

b)

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

c)

a receipt for a purchase.

d)

a sale on credit.

11.

credit terms

a)

a statement showing the net result of a purchase or sale transaction made by one person on another's account or behalf with commission and all other charges included

b)

Credit terms are the payment terms mentioned on the invoice at the time of buying goods.

c)

a tax on sales or on the receipts from sales.

d)

promote the sale of (goods), especially by their presentation in retail outlets.

12.

accounts receivable subsidiary ledger

a)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit.

b)

goods to be bought and sold.

c)

promote the sale of (goods), especially by their presentation in retail outlets.

d)

Credit terms are the payment terms mentioned on the invoice at the time of buying goods.

13.

subsidiary ledger

a)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit.

b)

: a statement showing the net result of a purchase or sale transaction made by one person on another's account or behalf with commission and all other charges included

c)

Credit terms are the payment terms mentioned on the invoice at the time of buying goods.

d)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit.

14.

controlling account

a)

the payment terms mentioned on the invoice at the time of buying goods.

b)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit.

c)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit.

d)

an account which contains the debit and credit totals of other accounts, and is used to prepare financial statements.

15.

sales return

a)

merchandise sent back by a buyer to the seller.

b)

an account which contains the debit and credit totals of other accounts, and is used to prepare financial statements

c)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit

d)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit.

16.

sales allowance

a)

an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit

b)

an account which contains the debit and credit totals of other accounts, and is used to prepare financial statements

c)

a reduction in the price charged by a seller, due to a problem with the sold product or service

d)

merchandise sent back by a buyer to the seller

17.

credit memorandum

a)

given to a customer by a seller that provides goods and/or services.

b)

an account which contains the debit and credit totals of other accounts, and is used to prepare financial statements.

c)

merchandise sent back by a buyer to the seller

d)

a reduction in the price charged by a seller, due to a problem with the sold product or service

18.

Contra account

a)

merchandise sent back by a buyer to the seller

b)

a reduction in the price charged by a seller, due to a problem with the sold product or service

c)

given to a customer by a seller that provides goods and/or services.

d)

an account used in a general ledger to reduce the value of a related account

19.

cash receipt

a)

a printed acknowledgement of the amount of cash received during a transaction involving the transfer of cash or cash equivalent.

b)

a reduction in the price charged by a seller, due to a problem with the sold product or service

c)

given to a customer by a seller that provides goods and/or services

d)

an account used in a general ledger to reduce the value of a related account

20.

Cash Sale

a)

sales in which the payment obligation of the buyer is settled at once

b)

a printed acknowledgement of the amount of cash received during a transaction involving the transfer of cash or cash equivalent.

c)

goods to be bought and sold.

d)

a complete list of items such as property, goods in stock, or the contents of a building.

21.

cash discount

a)

goods to be bought and sold.

b)

an incentive that a seller offers to a buyer in return for paying a bill before the scheduled due date

c)

a complete list of items such as property, goods in stock, or the contents of a building.

d)

sales in which the payment obligation of the buyer is settled at once

22.

sales discount

a)

a complete list of items such as property, goods in stock, or the contents of a building.

b)

sales in which the payment obligation of the buyer is settled at once

c)

an incentive that a seller offers to a buyer in return for paying a bill before the scheduled due date

d)

provides customers of a business with a reduced rate on one or more of the products or services being offered