Chapter 10 Vocabulary

Question 1

the amount a business receives from the sale of an item of merchandise

Answer 1

Selling Price

Question 2

the amount a business adds to the cost of merchandise to establish the selling price

Answer 2

Markup

Question 3

a subsidiary ledger containing all accounts for charge customers

Answer 3

Accounts Receivable Ledger

Question 4

a tax on a sale of merchandise or services

Answer 4

Sales Tax

Question 5

a special journal used to record only sale of merchandise on account

Answer 5

Sales Journal

Question 6

a sale in which the customer pays for the total amount of the sale at the time of the transaction

Answer 6

Cash Sale

Question 7

a specialized computer used to collect, store, and report all the information about a sales transaction

Answer 7

Point of Sale Terminal

Question 8

the report that summarizes the cash and credit card sales of a pint-of-sale terminal

Answer 8

Terminal Summary

Question 9

a report of credit card sales produced by a point-of-sale terminal

Answer 9

Batch Report

Question 10

the process of preparing a batch report from a point-of-sale terminal

Answer 10

Batching Out

Question 11

a special journal used to record only cash receipt transactions

Answer 11

Cash Receipts Journal

Question 12

a cash discount on a sale taken by the customer

Answer 12

Sale Discount

Question 13

a listing of customer accounts, account balances, and total amount due from all customers

Answer 13

Schedule of Accounts Receivable