unit 5: costs associated w/ buying & selling Flashcards
1
Q
transaction
A
process of buying or selling something
2
Q
value added tax (VAT)
A
sales tax imposed on every stage of production
3
Q
sales tax
A
tax paid by consumers when buying a good/service
4
Q
inventory
A
goods for resale
5
Q
commission
A
money earned from the sale of something
6
Q
shrinkage costs
A
loss of inventory due to factors like employee theft
7
Q
stock take
A
making a detailed record of total inventories
8
Q
ecommerce
A
retail transactions conducted online
9
Q
mcommerce
A
transactions made online using mobile phone
