Chapter 9: Ellie Owens Exam Questions
and Answers Goods that a business purchases to sell. - Correct Answers ✅Merchandise A business that purchases and resells goods. - Correct Answers ✅Merchandising Business A merchandising business that sells to those who use or consume the goods. - Correct Answers ✅Retail Merchandising Business A business that buys and resells merchandise primarily to other merchandising businesses. - Correct Answers ✅Wholesale Merchandising Business An organization with the legal rights of a person which many persons or other corporations may own. - Correct Answers ✅Corporation The assets or other financial resources available to a business. - Correct Answers ✅Capital A unit of ownership in a corporation. - Correct Answers ✅Share of Stock The owner of one or more share of stock. - Correct Answers ✅Stockholder 1 / 2
Chapter 9: Ellie Owens Exam Questions
and Answers The total shares of ownership in a corporation. - Correct Answers ✅Capital Stock A legal document that identifies basic characteristics of a corporation, which is a part of the application submitted to a state to become a corporation. - Correct Answers ✅Articles of Incorporation A state approves the formation of a corporation by issuing a charter, the legal right for a business to conduct operation as a corporation. - Correct Answers ✅Charter A business from which merchandise, supplies, or other assets are purchased. - Correct Answers ✅Vendor A ledger that is summarized in a single general ledger account. Accountants often refer to a subsidiary ledger as a sub-ledger. - Correct Answers ✅Subsidiary Ledger The subsidiary ledger containing vendor accounts. - Correct Answers ✅Accounts Payable Ledger An account in a general ledger that summarizes all accounts in a subsidiary ledger. - Correct Answers ✅Controlling Account
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