Select the term in the blank space beside the definition that it most closely matches 1. ventory is updated for purchases and sales of inventory only at the end of a period. 2. type of business that earns income by buying and selling merchandise 3. urchaser's description of a cash discount received from a supplier of goods. 4. current asset that includes the cost to buy goods and make them ready for sale. 5. Calculated as net sales minus cost of goods sold 6. Refers to credit terms where goods in transit are owned by the buyer 7 Refers to credit terms where goods in transit are owned by the seller 8. Time period in which a cash discount is available