Terminology 1
An internal order form sent to the purchasing department from another department so purchasing knows what supplies to buy is called a ___ ____
Purchase Requisition
A record of the sales transaction showing the quantity of each item sold with its individual price, any added charges or discounts, the total price, and the payment terms is also called the _____
Invoice
A payment term that may appear on an invoice that states that the net is due at the end of the month in which the invoice is dated is referred to as this term _____
n/EOM
The amount of profit left over (if any) after expenses have been paid is called the __ __
Net Profit
The markdown expressed as a percent or a fraction is called the ___ ___
Markdown Rate
The result of multiplying the complements of the discounts in a series discount; a faster way to calculate the net price and the discount amount than the chain method is ccalled the ___ ___ ___
Net Price Equivalent
The buyer must pay freight charges to the carrier before taking delivery is called ___ ___
Freight Collect
The buyer will require the seller to prepay the shipping charges to the carrier is referred to as __ ___
Prepaid Freight
The difference between the original selling price of the merchandise and the reduced selling price is the ____ ____
Markdown Amount
The expenses incurred by a business, such as rent, utilities, salaries, insurance, supplies, advertising, and so on is called the ___ ___
Operating Expenses
The price the seller charges the customer is called the ___ ___
Net Price
Used to identify the point at which the buyer takes ownership and responsibility for the goods, the point at which the shipper is free of responsibility for the shipment; also called _____ ______ ______
Free On Board
A document issued by a buyer to a vendor listing products or services wanted is called a __ ___
Purchase Order
The selling price once marked down; discounted sale price is called the ___ ___
Reduced Price
A percentage of the original selling price by which the selling price is reduced is called the ____
Markdown
A payment term that may appear on an invoice that states that the net is due 30 days after the receipt of goods rather than the invoice date is referred to as this term___ ____
n/30 ROG
Suggested retail price, the price that the manufacturer suggests be charged to retail customers is called the ___ ____
List Price
Document listing each item received and is prepared by the person or department that receives the order when the merchandise arrives. It may be a copy of the purchase order is called a ___ ___
Receiving Report
The difference between the cost and the selling price; gross profit is called the ______
Markup
The ___ ___ is also called retail price; it is what the customer pays
Selling Price
The date an invoice was issued is also called the ___ ____
Invoice Date
Businesses that purchase raw materials and/or parts to make finished products and sell their products to wholesalers, or other sales intermediaries are called ________
Manufacturers
Markup expressed as a percentage is called the __ __
Markup Rate
Markup expressed in dollars is called the ___ ___
Markup Amount
What the retailer pays to the manufacturer is called the ___
Cost