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
, 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
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
, 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
