5. How do you determine the profit on the sale of an inventory product? A. While profit can be earned on services, it can't be earned on inventory. B. Find the difference between the item's original cost and its sales price. C. Your profit is what you sell the item for. D. Add the sales price and the item's original cost. 6. What account is debited when a purchase order is created? A. Accounts Payable B. Accounts Receivable C. No account is debited. D. Cost of Goods Sold 7. What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase order? A. Open Purchase Order List B. Purchases by Vendor Detail C. Purchases by Product/Service Detail D. Expenses by Vendor Summary 8. What account is collected sales tax held in? A. Sales Tax Expense B. Tax Income C. Collected Tax Expense D. Sales Tax Payable Liability 9. The sales tax in Clara's area has changed. What should she do? A. Set up a new sales tax rate. B. Calculate the difference and send any funds due to the appropriate authority. C. Close out the current Sales Tax Payable Liability account. D. Edit the existing tax rate to reflect the change