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Chapter 16 Vocab

AB
sales checka written record of a sales transaction that includes such information as the date of the transaction, the item purchased, the purchase price, sales tax, and the total amount due
layawayremoving merchandise from stock and keeping it in a separate storage area until the customer pays for it
on-approval salean agreement permitting a customer to take merchandise home for further consideration
cash-on-delivery salea transaction that occurs when a customer pays for merchandise at the time of delivery
sales taxa percentage fee placed by the government on the sale of goods and services
Universal Product Codea combination bar code and number used to identify a product and manufacturer
point-of-sale systemcombines a cash register with a computer, making it possible to capture inforamtion about the transaction at the time of the sale, then apply it to different functions
opening cash fundthe begining money in the cash register
Purchase Ordera legal contract between the buyer and the supplier
invoicean itemized list of goods that includes prices, terms of sales, total, taxes and fees, and amount due


Business Teacher
Prairie Heights High School

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