Items that Make Up Merchandise Inventory

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What are items that are acquired by a distributor for the purpose of resale to a third party called?

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1. What do we call items that have been ordered by a business, but have not yet been received?

2. Which goods in transit are counted in the merchandise inventory of the buyer as soon as the items are shipped?

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About This Quiz & Worksheet

Test your ability to determine what items within a Merchandise Inventory are and how they are used in businesses today.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to assess your understanding of:

  • Items not yet received by a business
  • Reselling to third party
  • Goods in Consignment
  • Goods in transit that are counted in the merchandise inventory
  • Owning goods placed on consignment

Skills Practiced

Use this quiz/worksheet combo to practice these skills:

  • Information recall - access the knowledge you have gained regarding goods resold to a third party
  • Knowledge application - see if you can use your knowledge of distributors and goods to answer questions
  • Defining key concepts - ensure that you can accurately define main phrases, such as merchandise inventory and commission

Additional Learning

You should also read the lesson called Items that Make Up Merchandise Inventory. The lesson covers the following:

  • Define Merchandise Inventory
  • Differentiate FOB Shipping Point and FOB Destination
  • Identify when goods are considered Damaged and Obsolete Goods
  • Determine what items are within a Merchandise Inventory
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