Match the Terms with the Descriptions Related to Merchandise Sales

question 34

Multiple Choice

Match the terms with the descriptions related to merchandise sales and purchases.
-The seller is responsible for the cost of delivering the merchandise to the buyer.

• A)Transportation-in
• B)Perpetual inventory system
• C)Net purchasesd.
• D)FOB Destination
• E)Cost of goods available for sale
• F)Periodic inventory system
• G)FOB Shipping point
• H)Delivery expense

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Definitions:

Good

A tangible product or item that satisfies some human want or need.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at a given price.

Tax Revenue

Income that is gained by governments through taxation, used to fund public services and government obligations.