Exercise $5-8$ Merchandising terms LO$1,2,3$

Select the term in the dropdown list beside the definition that it most closely matches:

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$1.$ An agreement that ownership of goods is transferred at the buyer's place of business.

$2.$

The time period in which a cash discount is available.

$3.$

The difference between net sales and the cost of goods sold.

$4.$ A reduction in a receivable or payable that is granted if it is paid within the discount period

$5.$ A purchaser's description of an early payment discount received from a supplier of goods.

$6.$ An agreement that ownership of goods is transferred at the seller's place of business.

$7.$ A reduction below a list or catalogue price that is negotiated in setting the selling price of goods.

$8.$ A seller's description of a cash discount granted to customers in return for early payment.

$9.$

The time period that can pass before a customer's payment is due.

$10.$

The goods that a company owns and expects to sell to its customers.

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