Marketing Homework #1

Using Math in Sales

Vocabulary

 Allowance: partial return of a sale price for merchandise the costumer has kept, for
example if there is a defect.
 Area: a part of a structure having some specific characteristic or function.
 Automatically: in a mechanical manner, by a mechanism.
 Cash-on-delivery sale (COD): a transaction that occurs when a customer pays for
merchandise at the time of delivery.
 Concentrate: to direct one´s attention on something.
 Free-on-board (FOB): a delivery arrangement that means the price for goods includes
delivery at the seller´s experience to a specified point and no farther.
 Invoice: itemized list of good that includes prices, terms of sale, total taxes and fees, and
amount due.
 Layaway: removing merchandise from stock and keeping it in a separate area until the
customer pays for it.
 On-approval sale: an agreement that allows a customer to take merchandise home for
further consideration.
 Opening cash fund: a limited amount of money in the cash register at the beginning of
business.
 Overseas: in a foreign country.
 Point-of-sale system (POS): a combination of a cash register with a computer.
 Purchase order (PO): a legal contract between a buyer and seller that lists the quantity,
price and description of the products ordered, along with the terms of payment and
delivery.
 Sales check: a written record of a sales transaction that includes such information as the
date, items purchased, prices, sales tax, and total amount due.
 Sales tax: a percentage fee levied by the government on the sale of goods and services.
 Terms for delivery: the final delivery arrangement made between the buyer and the
seller.
 Till: the cash drawer of a cash register.
 Tradition: a specific practice of long standing.
 Transfer: to move from one place to another.
 Universal Product Code (UPC): a combination barcode and number used to identify a
product and manufacturer that must be on every item sold by the manufacturer.
Questionnaire
What are six types of retail sales transactions?
= Cash or Check sales, Debit Card sales, Credit Card sales, Layaway sales, On-approval sales,
Cash-on-delivery sales.
How would you describe sales checks to a new sales associate?
= a document that includes the date of transaction, items purchased and it prices, sales tax, and
the total amount due.
What is the arrangement of currency and coins in a cash register drawer?
= usually it has ten compartments, and bills are usually kept in the back of the drawer and the
coins in the front.
What is a Universal Product Code (UPC)?
= a combination barcode and number used to identify a product and manufacturer.
What are two rules for safeguarding money at the cash register?
= Emphasize physical security to those who handle cash and checks.
Restrict access to cash and checks to as few individuals as possible.
What terms for delivery would you use for an expensive gift for a friend?
= FOB destination
What is the difference between a purchase order and an invoice?
= The difference is that the PO is the first step, and then the invoice match with the PO.
How might you deal with a customer who does not have a receipt and wants to make a
return?
= Look to our legal contract we made with all the information of the product ordered.