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Marketing Essentials Unit 5 Chapter 16
Using Math in Sales vocabulary.
Terms in this set (18)
Customer buys/purchases with cash.
Written record of a sales transaction that includes such information as the date of the transaction, items purchased, the purchase prices, sales tax, and the total amount due.
Removing merchandise on stock and keeping it in a separate storage are until the customer pays for it.
On Approval Sale
Agreement permitting a customer to take merchandise home for further consideration.
Cash on Delivery Sale (COD)
Transaction that occurs when a customer pays for merchandise at the time of delivery.
Percentage fee placed by the government on the sale of goods and services.
Partial return of the sale price for merchandise that the customer has kept.
Record all sales, store cash and sale documents, and provide receipts.
Universal Product Code (UPC)
Is a combination bar code and number used to identify a product and manufacturer.
Point of Sale System (POS)
Use computer data to update inventory records and reorder items.
Radio Frequency Identification (RFID)
Radio frequencies are used to read labels on products. Makes it easier to check out all items at once.
Is the cash drawer of a cash register.
Opening Cash Fund
A limited amount of money for the cash register.
Purchase Order (PO)
Legal contact between the buyer and supplier. Information includes item number, quantity, description, unit, unit cost, and total.
Is an itemized list of goods that includes prices, terms of sale, total, taxes and fees, and amount due.
When full amount must be paid and any special discounts. Written
(% discount)/(if payed in certain amount of days), net (days to pay whole amount). Ex. 2/10, net 30.
Terms of Delivery
Final delivery arrangement made between the buyer and seller.
Free on Board (FOB)
FOB destination leaves title and ownership of goods with the seller until they reach their destination.
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