INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 101

Short Answer

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
In the year after the Credit Card Act of 2009 was passed, there was a(n) [ increase | decrease ] in late payments.

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Definitions:

Periodic Inventory System

A method that relies on occasional physical counts of inventory to determine the ending inventory balance and the cost of goods sold.

Purchase Return

Occurs when a buyer returns merchandise to the seller for a refund or credit due to various reasons such as defects or dissatisfaction.

Merchandise Defective

Goods received or in inventory that do not meet the seller's or buyer's specifications and may need to be returned or discarded.