Question 1

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-_____ Refund because of some deficiency in the company's product or service.

Accepted Answer

Sales allowances refer to a reduction in the selling price due to some deficiency in the product or service, effectively acting as a partial refund.

Question 2

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-_____ Sale on account to customers.

Accepted Answer

Out of the given options, credit sales is the only term that describes a sale made to a customer on credit or on account. Sales returns, sales allowances, sales discounts, and trade discounts all describe adjustments made to the original sale price, either as a result of returning merchandise, offering a price reduction, or giving a discount for a specific trade or customer.

Question 3

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-_____ Deducted from list price.

Accepted Answer

Trade discounts are reductions from the list price offered by sellers to buyers, often based on the quantity purchased or the buyer's status.

Question 4

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-_____ Offered to induce prompt payment.

Accepted Answer

Sales discounts are offered to customers as an incentive to pay their invoices promptly. This is typically done by offering them a percentage off the total invoice amount. The other options listed may also affect the total amount of the sale, but they do not specifically relate to inducing prompt payment.

Quiz 5: Receivables and Sales

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -_____ Refund because of some deficiency in the company's product or service.

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -_____ Sale on account to customers.

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -_____ Deducted from list price.

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -_____ Offered to induce prompt payment.