Chapter 7 Vocab Word Scramble
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Term | Definition |
ea. | each |
doz. | dozen |
gro. | gross (144 items) |
gr gro. | great gross (12 gross) |
qt. | quart |
gal. | gallon (4 quarts) |
bbl. | barrel |
cL | centiliter |
L | liter |
in. | inch |
ft. | foot |
yd. | yard |
mm | millimeter |
cm | centimeter |
m | meter |
km | kilometer |
ct. | crate |
drm. | drum |
cs. | case |
pr. | pair |
C | Roman numeral for 100 |
M | Roman numeral for 1000 |
cwt. | per hundred weight |
cpm. | cost per thousand |
lb. | pound |
oz. | ounce |
g | gram |
kg | kilogram |
ROG | receipt of goods |
ex. or x | extra dating |
FOB | free on board |
EOM | end of month |
COD | cash on delivery |
FAS | free alongside ship |
Free on board (FOB) shipping point | Buyer pays for shipping costs. Ownership of goods passes to the purchaser prior to the shipment |
FOB destination | Seller pays the shipping charge and retains ownership until goods reach the destination |
Cash on delivery (COD) | Payment for goods is made at the time of delivery |
Free alongside ship (FAS) | Goods are delivered to the dock with all freight charges to that point paid by the seller |
Net Cost | List price ‒ Trade discount |
series or chain discount | a combination of two or more discounts |
What does 20/10 mean? | a series discount of 20% followed by an additional discount of 10% |
complement of a discount | difference of 1 and the discount i.e. 1 ‒ Discount |
Net cost equivalent | product of complements of discounts |
Net Cost After Discount | List Price * Net Cost Equivalent |
Discount Amount | Original Price ‒ Net Cost after discount |
Single Discount Equivalent | Compliment of the Net cost equivalent (100% ‒ Net Cost Equivalent %) |
What does 10/30/20 mean? | a series/chain discount of 10% followed by an additional discount of 30% which is then followed by a third discount of 20% |
Net Cost | (List Price ‒ Trade Discount) ‒ Cash Discount |
Give an example of Ordinary Dating Method | 2/10, n/30 or 2/10, net 30 |
What does 2/10, n/30 mean? | a 2% discount applies if invoice is paid within 10 days; full invoice must be paid within 30 days |
Total Amount Due | Amount Due + Shipping & Insurance |
Amount Due | Invoice Amount ‒ Cash Discount |
An invoice is dated Oct 21 AS OF Nov 1 from which of these 2 dates are the terms calculated? | terms are calculated using the AS OF date Nov 1 |
prox | proximo (same as EOM end-of-month) |
What does 3/10 EOM mean? | a 3% discount applies if invoice is paid by the 10th of the month that follows the sale NOTE: IF INVOICE DATE IS THE 26TH OR LATER, ADD AN EXTRA MONTH |
What does 3/10 prox. mean? | a 3% discount applies if invoice is paid by the 10th of the month that follows the sale NOTE: IF INVOICE DATE IS THE 26TH OR LATER, ADD AN EXTRA MONTH |
What does 2/10 ROG mean? | a 2% discount applies if invoice is paid within 10 days of receiving goods |
What is the common business practice if no net payment due date is given? | If no net payment due date is given/listed on an invoice, it is common business practice to allow 20 days after the last discount date as the net payment date |
What does 2/10-50 ex. mean? | the 2% discount typically offered if invoice is paid within 10 days will be extended for an extra 50 days. i.e. a 2% discount applies if invoice is paid within 60 days (10 days standard + 50 days extra) |
What does 3/10-30 x. mean? | the 3% discount typically offered if invoice is paid within 10 days will be extended for an extra 30 days. i.e. a 3% discount applies if invoice is paid within 40 days (10 days standard + 30 days extra) |
Balance Due | Invoice Amount ‒ Credit Given |
Cash Discount Earned | Credit Given ‒ Partial Payment |
Created by:
rizekm
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