Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 14, Section 3

1.	A transaction in which money comes in to a business is referred to as a
		sale
		payable
		cash allowance
		cash receipt

2.	A levy imposed by most states on the retail sales price of goods and services is a
		sales discount
		sales tax
		sales allowance
		retail tax

3.	When a customer pays on account the accounts affected are
		Sales and Cash Receipts
		Sales and Cash in Bank
		Accounts Receivable and Sales
		Cash in Bank and Accounts Receivable

4.	A merchandise discount is calculated by
		adding the discount rate to the amount of the sale
		dividing the amount of the sale by the discount rate
		multiplying the amount of the sale by the discount rate
		adding the discount rate to the amount of the sale

5.	Visa, Mastercard and Discover Card are also known as
		bankcards
		retail cards
		bank sales
		process sales

6.	The amount a customer can deduct from the amount owed for purchased merchandise if payment is made within a specified time is called a
		credit sale
		sales discount
		merchandise discount
		credit memorandum

7.	If a company sold for cash a file cabinet it was no longer using the accounts affected would be
		Cash in Bank and Sales
		Accounts Receivable and Sales
		Cash in Bank and Office Furniture
		Accounts Receivable and Office Furniture

8.	When a business receives full payment for the merchandise at the time of the sale, it is called a
		cash discount
		sale on account
		cash sale
		cash register

9.	The accounts affected in a bankcard sale are
		Cash in Bank, Sales, and Sales Tax Payable
		Accounts Receivable, Sales, and Sales Tax Payable
		Accounts Payable, Sales, and Sales Tax Payable
		Cash in Bank, Sales Discount, and Accounts Receivable