Generally, the revenue account for a merchandising business is entitled

a.	Sales
b.	Net Sales
c.	Gross Sales
d.	Gross Profit

What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?

a.	gross profit
b.	income from operations
c.	net income
d.	gross sales

Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as

a.	selling expenses
b.	general expenses
c.	other expenses
d.	administrative expenses

Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?

a.	selling expense
b.	miscellaneous expense
c.	administrative expense
d.	other expense

The inventory system employing accounting records that continuously disclose the amount of inventory is called

a.	retail
b.	periodic
c.	physical
d.	perpetual