Jake Owns and Operates a Small Store That Sells Relatively

question 75

Multiple Choice

Jake owns and operates a small store that sells relatively few items. His store is open 24 hours a day, and most of his customers live very close to the store. Jake owns a

• A) supermarket.
• B) discount store.
• C) specialty store.
• D) convenience store.
• E) single-line retail store.

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Definitions:

Perpetual

Continuing indefinitely without a predetermined end in the context of perpetual inventory systems that continually update to reflect buying and selling activities.

Credit Period

The amount of time the buyer is allowed in which to pay the seller.

Merchandise

Goods that are bought and sold in business transactions.

Invoice

The bill that the seller sends to the buyer.