Chapter 16 Using Math in Sales Vocabulary – Flashcards
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Purchase Order (PO)
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A legal contract between a buyer and a supplier to purchase a specified number of products at a specified price.
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Allowance
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A partial return of the sale price for merchandise that the customer has kept.
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Sales Check
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Is a written record of sales transaction that includes such information
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Layaway
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Is removing merchandise from stock and keeping it in a separate storage area unit the customer pays for the item.
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On-Approval Sales
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An agreement allowing the customer to bring the merchandise (usually clothing) home for further consideration.
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Cash-on-Delivery (COD) Sale
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A type of transaction that customer pays for the merchandise at the time of delivery.
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Sales Tax
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A percentage fee placed by the government on the sale of goods and services.
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Universal Product Code (UPC)
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A combination bar code and number used to identify a product and manufacturer.
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Point-of-Sale System
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It's a process of combining a cash register with a computer, making it possible to capture information about the transaction at the time of sale, then applying it to different functions.
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Till
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The cash drawer of a cash register.
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Opening Cash Fund
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A limited amount of money for the cash register provided by a manager or other designated person at the beginning of each business day.
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Invoice
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An itemized list of goods that includes prices, terms of sales, total, taxes and fees, and amount due.
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Terms for Delivery
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The final delivery arrangement between the buyer and seller.
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Free-on-Board (FOB)
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The price for goods includes delivery at the seller's expense to a specified point and no further.
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Credit Card Sales
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Sales that come from a credit card company paying for a good or service before
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Dating Terms
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Practice in seasonal industries (specially those with long lead times) where manufacturers ship goods well in advance of the actual delivery dates (for example, in September instead of November for Christmas stock).
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Exchange
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Replacing one item for another item
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Terms of Sale
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What is agreed upon when you complete a sale. It's the additional information required when making a sale.
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Typical Cash Register Arrangement
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The till normally has ten compartments—five in the back and five in the front. Bills are usually kept in the back compartments of the drawer (with checks on the far left, and other bills in descending order: $20s, $10s, $5s, and $1s), and coins in the front compartments (also in descending order, half-dollars on the far left, then quarters, dimes, nickels, and pennies).
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EPC
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Earnings per Click. Unfortunately, the very abbreviation is misleading.
