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Acct. Vocab. Ch.10
Vocabulary Chapter 10
| Question | Answer |
|---|---|
| partnership | a business in which two or more persons combine their assets and skills |
| partner | how each member of a partneship is called |
| merchandising business | a business that purchases and sells goods |
| retail merchandising business | a merchandising bussiness that sells to those who use or consume the goods |
| merchandise | goods that a merchandising business purchases to sell |
| wholesale merchandising business | a business that buys and resells merchandise to retail merchandising business |
| cost of merchandise | the price a business pays for goods it purchases to sell |
| markup | the amount added to the cost of merchandise to establish the selling price |
| vendor | a business from which merchandise is purchased or supplies or other assets are bought |
| purchase invoice | an invoice used as a resource document for recording a purchase on account transaction |
| terms of sale | an agreement between a buyer and a seller about payment for merchandise |
Created by:
otakugirl29
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