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Marketing Chapter 16 Review
Terms in this set (15)
A written record of a sales transaction that includes such information as the date of the transaction, the items purchased, the purchase prices, sales tax, and the total amount due. (like a receipt)
Removing merchandise from stock and keeping it in a separate storage area until the customer pays for it. (will-call)
An agreement permitting a customer to take merchandise home for further consideration.
Cash-On-Delivery (COD) Sale
A transaction that occurs when a customer pays for merchandise at the time of delivery.
A percentage fee places by the government on the sale of goods and services. Rates differ from state to state.
A partial return of the sale price for merchandise that the customer has kept. Usually given when there is a defect in the merchandise.
Delivery charges are generally exempt from sales tax, so these are added after the sales tax has been calculated.
Universal Product Code (UPC)
A combination bar code and number used to identify a product and manufacturer.
Combines a cash register with a computer, making it possible to capture information about the transaction at the time of the sale, then apply it to different functions.
The cash drawer of a cash register.
Opening Cash Fund
The coins and currency, or bills, designated for the register for a given day's business.
Purchase Order (PO)
A legal contract between the buyer and the supplier. It lists the quantity, price, and description of the products ordered, along with the terms of payment and delivery.
An itemized list of goods that includes prices, terms of sales, total, taxes and fees, and amount due.
Terms for Delivery
Final delivery arrangement made between the buy and the seller.
FOB (free on board)
this leaves title and ownership of goods with the seller until they reach their destination for delivery.
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