Items purchased to sell are called what?

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Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

Items purchased to sell are called what?

Explanation:
Items bought to sell are goods. In business language, goods are the merchandise a store purchases with the plan to sell to customers. Those items become inventory, which is an asset because it has value and can be turned into cash when sold. This distinguishes them from services, which are intangible actions, and from liabilities, which are debts the business owes. So the term that fits is goods.

Items bought to sell are goods. In business language, goods are the merchandise a store purchases with the plan to sell to customers. Those items become inventory, which is an asset because it has value and can be turned into cash when sold. This distinguishes them from services, which are intangible actions, and from liabilities, which are debts the business owes. So the term that fits is goods.

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