ACRONYMS
LIFO
last in first out
reserved inventory to replenish when an item is sold out
what is reserve stock?
when an package comes in with defects
what are damages?
buying straight from a wholesaler and not a retailer
what is purchasing direct
Two ways you can pay with your card
What is debit or credit
FIFO
first in first out
all the items, goods, merchandise, and materials sold by a business for profit
what is inventory
a product or service that can be easily replaced with another by consumers
what is a substitute?
the names of the salaries you get before taxes and after
net and gross salary
example of purchasing direct
Going to buy clothes from a wholesaler instead of retailer
pos
point of sale
how many times a item is bought and replaced
what is retail stock turn
demand for a product or service exceeds the available supply
what is a shortage?
20% off $75
what is $60
The total is $78.99 and they hand you $100.99 the change is
$22
SKU
stock keeping unit
a unpaid balance that keeps getting added on + interest
what is a revolving charge
an order for a good or service that cannot be filled at the current time due to a lack of available supply
BO
when should you apply the discount during a customers transaction
in the end
$53.95
RFID
Radio Frequency Identification
keeps continual track of your inventory balances
what is perpetual inventory?
what might a sales person do to decrease the amount of $ taken during a robbery?
remove excess cash from the register
$35 taken off $250 what percentage is taken off?
the salary is $100,000 and commission is 6% of all gross sales. the gross sales were $12,000
$100,720