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Chapter 7 Vocab

Mathematics of Buying

TermDefinition
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