QS 5-1 Applying merchandising terms LO C1 P1 Select the term in the blank space beside the definition that it most closely matches 1. Time period in which a cash discount is available 2 Refers to credit forms where goods in transit are owned by the 3. Refers to credit forms where goods in trans are owned by the buyer 4. Calculated as net sales minus cost of goods sold 5. A current asset that includes the cost to buy goods and make the ready for an 6. Purchaser's description of a cash discount received from a supplier of goods 7. Atype of business that eams income by buying and saling merchandise 8. Inventory is updated for purchases and sales of inventory only at the end of a period