Select the term in the blank space beside the definition that it most closely matches. 1. Refers to credit terms where goods in transit are owned by the seller. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Inventory is updated for each purchase and each sale of inventory. 4. Atype of business that earns income by buying and selling merchandise. 5. A current asset that includes the cost to buy goods and make them ready for sale. 6. Refers to credit terms where goods in transit are owned by the buyer 7. Time period in which a cash discount is available, 8. Seller's description of a cash discount granted to buyers in return for early payment