What's the Biz?
A merchandising business that sells to those who use or consume the goods
What is a Retail Merchandising Business?
Each unit of ownership in a corporation
What is a Share of Stock?
The retail price listed in a catalog or on an Internet site
What is List Price?
A listing of vendor accounts, account balances, and the total amount due to all accounts payable?
What is schedule of accounts payable?
The maximum outstanding balance allowed to a customer by a vendor
What is a credit limit?
A business that buys and resells merchandise primarily to other merchandising businesses.
What is a wholesale merchandising business?
The owner of one or more shares of stock
What is a Stockholder?
A reduction in the list price granted to a merchandising business
What is a Trade Discount?
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise
What is perpetual inventory?
A deduction that a vendor allows on an invoice amount to encourage prompt payment.
What is a cash discount?
The amount you earn before taxes and deductions.
What is Gross Pay?
Assets or other financial resources available to a business
What is Capital?
An agreement between a buyer and a seller about payment for merchandise.
What is terms of Sale?
A merchandise inventory evaluated at the end of a fiscal period
What is Periodic Inventory?
A journal amount column that is not headed with an account title.
What is the general amount column ?
An organization with the legal rights of a person which many persons or other corporations may own
What is a Corporation?
Total shares of ownership in a corporation.
What is capital stock?
A form requesting the purchase of merchandise
What is a Requisition?
An account in a general ledger that summarizes all accounts in a subsidiary ledger
What is a Controlling Account?
A journal used to record only one kind of transaction
What is a special journal?
This indicates a business is legally formed as a corporation.
What is Inc.?
A legal document that identifies basic characteristics of a corporation.
what is Articles of Incorporation?
A form requesting that a vendor sell merchandise to a business
What is a Purchase Order?
An account that reduces a related account on a financial statement.
What is a contra account?
A state approves the formation of a corporation by issuing this.
What is a Charter?