1. One way to defer a cash payment is by the use of a(n) ________________, because the bank must first secure approval from the company before the instrument is paid. 2. The terms of a $1,000 sale are...

1. One way to defer a cash payment is by the use of a(n) ________________, because the bank must first secure approval from the company before the instrument is paid.

2. The terms of a $1,000 sale are 3/20, net/40. If collection is received in 14 days, the amount received is $___________________ .

3. Partially completed merchandise at year-end is referred to as ___________________inventory.