WorksheetsCh.14 Quiz Pt. 2
Total questions: 27
Worksheet time: 16mins
Name
Class
Date
1.
A business that sells to the final user, the consumer.
a)
Wholesaler
b)
Retailer
c)
Manufacturer
d)
Distributor
2.
A business that sells to retailers.
a)
retailer
b)
charge customer
c)
wholesaler
d)
merchandise
3.
A customer to whom a sale on account is made.
a)
charge customer
b)
wholesaler
c)
merchandise
d)
retailer
4.
Goods bought to resell to customers.
a)
merchandise
b)
charge customer
c)
wholesaler
d)
retailer
5.
Items of merchandise the business has in stock.
a)
sales slip
b)
sales
c)
cash sale
d)
inventory
6.
Account used to record the amount of merchandise sold.
a)
cash sale
b)
sales slip
c)
sales
d)
inventory
7.
Transaction that occurs when a business receives full payment for the merchandise sold at the time of sale.
a)
cash sale
b)
inventory
c)
sales
d)
sales slip
8.
A form that lists the details of a sale.
a)
inventory
b)
sales slip
c)
sales
d)
cash sale
9.
Maintains a list in alphabetical order of the charge customers.
a)
contra account
b)
controlling account
c)
accounts receivable-subsidiary ledger
d)
credit memorandum
10.
Account whose balance decreases another account's balance.
a)
contra account
b)
controlling account
c)
accounts receivable-subsidiary ledger
d)
credit memorandum
11.
Accounts Receivable account which its balance must equal the total of the accounts receivable subsidiary ledger.
a)
contra account
b)
credit memorandum
c)
accounts receivable-subsidiary ledger
d)
controlling account
12.
Document prepared by the seller granting credit for damages or returned merchandise.
a)
credit memorandum
b)
accounts receivable-subsidiary ledger
c)
contra account
d)
controlling account
13.
A ledger with detailed data that is summarized in a controlling account in the general ledger.
a)
credit memorandum
b)
accounts receivable-subsidiary ledger
c)
subsidiary ledger
d)
controlling account
14.
Charge customer uses this to charge merchandise with.
a)
credit terms
b)
bankcard
c)
credit card
d)
cash discount
15.
Sets the time allowed for payment.
a)
credit card
b)
credit terms
c)
bankcard
d)
cash discount
16.
Credit card issued by a bank
a)
bankcard
b)
credit card
c)
credit terms
d)
cash discount
17.
Amount a customer may deduct if the payment for merchandise is made within a certain time.
a)
credit terms
b)
cash discount
c)
bankcard
d)
credit card
18.
The account merchandise inventory is classified in the chart of accounts as an asset.
a)
True
b)
False
19.
A sale on account is paid for in cash when the merchandise is sold.
a)
True
b)
False
20.
Sales taxes are not usually charged to government agencies.
a)
True
b)
False
21.
In a merchandising business, the most frequent type of transaction is the sale of merchandise.
a)
True
b)
False
22.
Two of the accounts used by merchandising businesses are merchandise inventory and professional fees.
a)
True
b)
False
23.
A (a) is evidence of a sales return or allowance.
24.
A (a) account balance equals a total of all the account balances in a related subsidiary ledger.
25.
A (a) account decreases the balance of its related account.
26.
A sale on account is recorded as a debit to (a) .
27.
A wholesaler sells to retailers; retailer sell to (a) .
100 %
