Select the term in the blank space beside the definition that it most closely matches. Credit period 1. Time period in which a cash discount is available. 2. Time period that can pass before a customer's full payment is due. 3. Inventory is updated for purchases and sales of inventory only at the end of a period. 4. Ownership of goods is transferred when the seller delivers goods to the carrier. 5. Difference between net sales and the cost of goods sold. 6. Seller's description of a cash discount granted to buyers in return for early payment. 7. Inventory is updated for each purchase and each sale of inventory 8. Ownership of goods is transferred when delivered to the buyer's place of business. Discount period FOB destination FOB shipping point