This module discusses discounts given out to customers based on payment terms, such as 2/10, n/30. After reading this module about discounts, answer the following questions:

• What would the credit terms 3/15, n/45 stand for?
• Explain why it is important for a company to keep track of how much money in discounts is given out? What account is used to track discounts?
• From a business owner's point of view, what are the advantages of allowing discounts?
• From a business owner's point of view, what are the disadvantages of allowing discounts?

Include citations to all information found from the textbook, websites, or other references.