Department Stores

question 281

Multiple Choice

Department stores:

• A) are basically a group of limited-line stores under one roof.
• B) are decreasing in number, average sales per store, and share of retail business.
• C) usually aim at customers seeking shopping products.
• D) are usually strong in customer service.
• E) All of these alternatives are true for department stores.

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Definitions:

Note Payable

A written promissory note in which the borrower agrees to pay back a specified sum to the lender at a future date, with interest.

Unearned Fees

Income received by a business for services that have yet to be performed or delivered, considered a liability until the service is completed.

Unearned Revenue

Money received by a company for goods or services that have yet to be provided to the customer.

Accrued Wages

Salaries or wages that have been earned by employees but have not yet been paid by the company.