Karteikarten
CHAPTER 7 & 8
Karten in diesem Stapel (41)
- 1cash discount.savings that results from early payment by taking advantage of discounts offered by the seller.
- 2chain discountstwo or more trade discounts that are applied to the balance remaining after the previous discount is taken
- 3complement100% less than the stated percent
- 4credit periodcredit days are counted from date of invoice
- 5discount periodamount of time to take advantage of a cash discount
- 6due datesmaturity date or when the note will be repaid
- 7end of credit periodlast day from date on invoice when customer can take cash discount
- 8end of month EOMcash discount. period. begins at the end of the. month invoice is dated after the 25th. discount. period one additional month. results
- 9FOB Destinationseller pays cost of freight in getting goods to buyer's location
- 10FOB shipping pointbuyer pays cost of freight in getting goods to his location
- 11freight termsdetermine how freight will be paid. most common freight terms. are FOOB shipping point and FOB destination.
- 12invoicedocument recording purchase and sales transaction
- 13list pricesuggested retail price paid by customers
- 14net pricelist price less amount of trade discount. the net price is before any cash discount
- 15Net Price Equivalent ratewhen multiplied times the list price, this rate or factor produces the. actual cost to the buyer rate is found by taking the complements of. each term in the. discount and multiplying them together
- 16ordinary datingcash discount is available within the discount period. full amount due by end of credit period if discount is missed
- 17receipt of goods ROGused in. calculating the cash discount period, begins the day that the goods are received
- 18series discounttwo or more trade discounts that are applied to the balance remaining after previous discount is taken
- 19single equivalent discount raterate or factor as a single discount that calculated the amount of the trade discount by multiplying the rate times the list price. This single equivalent discount replaces a series of chain discounts
- 20single trade discountcompany gives only one trade discount
- 21terms of salecriteria on invoice showing when cash discounts are available such as rate and time period
- 22trade discountreduction off original selling price not related to early payment.
- 23trade discount amountlist price is less than net price
- 24trade discount ratetrade discount amount given in percent
- 25breakeven pointpoint at which seller has covered all. expenses and costs and has made no profit or suffered a loss
- 26contribution margindifference between selling price and variable cost
- 27costprice retailers pay to manufacturer or supplier to bring merchandise into store
- 28dollar markdownOriginal selling price less than the reduction price. Markdown may be stated. as a percent of the original selling price
- 29dollar markupselling price is less cost difference is the amount of the markup. Markup is also expressed in percent
- 30fixed costscosts that do not change with increase or decrease in sales
- 31gross profitdifference between cost of bringing goods. into the store and selling price of the goods.
- 32margindifference between cost of bringing goods into store and selling price of goods
- 33markdownsreductions from original selling price caused by seasonal changes, special promotions
- 34markupamount retailers add to cost of goods to cover operating expenses and to make a profit
- 35Net profitgross profit - operating expenses
- 36operating expensesregular expenses of doing business
- 37percent markup on costdollar markup divided by the cost
- 38percent markup on selling pricedollar markup divided by the selling price
- 39perishablesgoods or services with a limited life
- 40selling pricecost + markup = selling price
- 41variable costscosts that do change in response to change in volume of sales
Informationen
- Beschreibung
- Chapter 7&8 key terms
- Erstellt von
- Madison Harston
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