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multiple choice questions 31 all of the following are examples of the most common ty 4300055

 

Multiple Choice Questions

31.All of the following are examples of the most common types of credit sales, except  

A.closed-account credit cards.

B.business credit cards.

C.bank credit cards.

D.cards issued by credit card companies.

32.If Lacy's Department Store charges 8 percent sales tax, the amount of sales tax collected on a $225 sale would be  

A.$18.00.

B.$180.00.

C.$28.12.

D.$2.81.

33.Which of the following is not one of the three basic types of businesses?  

A.Service

B.Merchandising

C.International

D.Manufacturing

34.A credit policy that is too tight results in  

A.high level of losses at the expense of decreases in sales volume.

B.high level of losses at the expense of increases in sales volume.

C.low level of losses at the expense of decreases in sales volume.

D.low level of losses at the expense of increases in sales volume.

35.A credit policy that is too lenient results in  

A.increased sales volume accompanied by a low level of losses.

B.decreased sales volume accompanied by a low level of losses.

C.increased sales volume accompanied by a high level of losses.

D.decreased sales volume accompanied by a high level of losses.

36.A schedule of accounts receivable is prepared  

A.daily.

B.weekly.

C.monthly.

D.yearly.

37.___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed.  

A.Retailers

B.Wholesalers

C.Manufacturers

D.Distributors

38.All of the following are situations that can affect our customers' businesses that could cause their accounts receivable on our books to become uncollectible, except  

A.unexpected business developments.

B.efficient business practices.

C.errors of judgment.

D.incorrect financial data.

39.The Sales account is classified as  

A.a liability account.

B.an asset account.

C.a contra account.

D.a revenue account.

40.A firm that sells goods that it purchases for re-sale is a  

A.service business.

B.merchandising business.

C.manufacturing business.

D.non-profit business.

 

 

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