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Acct. Vocab. Ch.10

Vocabulary Chapter 10

QuestionAnswer
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