chapter ten terms
Terms
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- merchandising business
- a business that purchases and sells goods
- markup
- the amount added to the cost of merchandise to establish the selling price
- terms of sale
- an agreement between a buyer and a seller about payment for merchandise
- retail merchandising business
- merchandising business that sells to those who use or comsume the goods
- partnership
- a business in which two or more persons combine their assets and skills
- purchase invoice
- an invoice used as a source document for recording a pirchase on account transaction
- cost of merchandise
- the price a business pays for goods it purchases to sell
- vendor
- a business from which merchandise is purchased or supplies or other assets are brought
- partner
- each member of the partnership
- merchandise
- goods that a merchandising business purchase to sell
- whole sale merchandise
- business that buys and resells merchandise to retail merchandising business