13-17

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1 point

Sales slip is a tax levied by a city or state on the retail sale of merchandise.

True

False

1 point

Federal unemployment tax is a federal tax used for state and federal administrative expenses of the unemployment program.

True

False

1 point

Credit memorandum is a terms that set out the time allowed for payment for a sale on account.

True

False

1 point

Wholesaler is a business that sells to retailers.

True

False

1 point

A T-Account is a ledger that contains all accounts needed to prepare financial statements

True

False

1 point

Working capital is the amount of total current assets less total current liabilities.

True

False

1 point

Sales allowance is any merchandise returned for credit or cash refund.

True

False

1 point

State unemployment tax is a state tax used to pay benefits to unemployed workers.

True

False

1 point

Gross margin is net income after federal income tax as a percent of net sales.

True

False

10.

1 point

A journal is planning, recording, analyzing, and interpreting financial information.

True

False

11.

1 point

Cash sale is a business that sells to retailers.

True

False

12.

1 point

Current ratio is a ratio that measures the relationship of current assets to current liabilities.

True

False

13.

1 point

Merchandise are goods bought for resale to customers.

True

False

14.

1 point

Sales return is any merchandise returned for credit or cash refund.

True

False

15.

1 point

A account is a record summarizing all the information pertaining to a single item in the accounting equation.

True

False

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