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Chapter10 voca
chapter 10 vocabulary
Question | Answer |
---|---|
Partnership | a buisness in which two or more people combine their assets and skills |
Partner | each member of a partnership |
Merchandising business | a buisness that purchases and sells goods |
Retail merchandising business | a business that sells to those who use or consume the goods |
Merchandise | goods that a merchandising buisness 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 source document for recording a purchase on account trasnaction |
Terms of sale | an agreement between a buyer and a seller about payment for merchandise |