Match the Term to the Appropriate Definition

question 173

Multiple Choice

Match the term to the appropriate definition.There are more definitions than terms.
-Goods Available for Sale

• A)A ratio indicating the percentage of profit earned on each dollar of sales,after considering the cost of products sold.
• B)A sales price reduction given to customers for prompt payment of their account balance.
• C)Presents important subtotals,such as gross profit,to help distinguish core operating results from other,less significant items that affect net income.
• D)Expresses the relationship between inventory on hand,purchased,and sold;shown as either BI + P - EI = CGS or BI + P - CGS = EI.
• E)Refunds and price reductions given to customers after goods have been sold and found unsatisfactory.
• F)A cash discount received for prompt payment of a purchase on account.
• G)The cost of inventory lost to theft,fraud,and error.
• H)Net sales minus cost of goods sold.It is a subtotal,not an account.
• I)A reduction in the cost of inventory purchases associated with unsatisfactory goods.
• J)The sum of beginning inventory and purchases for the period.

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Definitions:

International Harvester

International Harvester was a company specializing in agricultural machinery, construction equipment, and vehicles, known for its tractors and trucks.

Clayton Act

A U.S. antitrust law, enacted in 1914, aimed at preventing anticompetitive practices in their incipiency and protecting trade and commerce against unlawful restraint and monopoly.

Antitrust Violations

Activities that reduce or prevent competition, deemed illegal under antitrust laws designed to promote fair competition.

Sherman Act

A landmark federal statute in the field of United States antitrust law passed by Congress in 1890 to preserve free and unfettered competition as the rule of trade.