Ch 10 test

Question 1

a person or business to whom merchandise or services are sold

Answer 1

customer

Question 2

a tax on a sale of merchandise or services

Answer 2

sales tax

Question 3

a special journal used to record only sales of merchandise on account

Answer 3

sales journal

Question 4

a sale in which cash is received for the total amount of the sale at the time of the transaction

Answer 4

cash sale

Question 5

a sale in which a credit card is used for the total amount of the sale at the time of the transaction

Answer 5

credit card sale

Question 6

a computer used to collect, store, and report all the information of a sales transaction

Answer 6

point of sale terminal

Question 7

the report that summarizes the cash and credit card sales of a point of sale terminal

Answer 7

terminal summary

Question 8

a report of credit card sales produced by a point of sale terminal

Answer 8

batch report

Question 9

the process of preparing a batch report of credit card sales from a point of sale terminal

Answer 9

batching out

Question 10

a special journal used to record only cash receipt transactions

Answer 10

cash receipts journal

Question 11

a cash discount on sales taken by a customer

Answer 11

sales discount

Question 12

credit allowed a customer for part go the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable

Answer 12

sales return

Question 13

credit allowed a customer for part of the sales price of returned merchandise resulting in a decrease in the vendor’s accounts receivable

Answer 13

sales allowance