Match the Terms with the Definitions

question 71

Multiple Choice

Match the terms with the definitions.
-A statement of account issued by a bank to each depositor once a month.

• A)restrictive endorsement
• B)bank reconciliation
• C)bank statement
• D)blank endorsement
• E)canceled checks
• F)petty cash fund
• G)payee
• H)check
• I)check stub
• J)petty cash payments record
• K)NSF checks
• L)deposit ticket
• M)deposits in transit
• N)drawee
• O)drawer
• P)electronic funds transfer
• Q)endorsement
• R)magnetic ink character recognition code

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Definitions:

Variable Costs

Expenses that vary directly with the level of production or sales volume.

Production

Use of resources, such as people and machinery, to convert materials into finished goods and services.

Inflexible

Lacking the ability to adapt or change according to different situations, conditions, or demands; rigid in approach or structure.

Skimming Pricing

A pricing strategy where a new product is priced high initially to maximize profits from customers willing to pay more, before lowering the price over time.