Chapter 18 Math for Retail Sales

Chapter 18 – Math for Retail Sales

Objectives 18.1 3 general functions of a cash register – are recording sales, storing cash and sales documents and providing receipts. 2 most important rules of safeguarding cash at the register – are always close the drawer between transactions and lock the register if you leave. Sales checks should always contain (as a minimum) – a date of sale, items purchased and the purchase price.

Terms 18.1  Sales transaction – is a process of recording a sale and presenting the customer with roof of payment.  Universal Product Code (UPC) – consists of a series of vertical bars and a row of numbers.  Universal Vendor Marketing (UVM) Code – appears as a series of numbers across the top of a price tag.  Till – is the cash drawer of a cash register.  Opening cash fund – consist of the coins and cash designated for the register for a given day’s business.

Objectives 18.2 6 Types of Sales Transactions:  Cash  Debit card  Credit card  Layaway/Will Call  On Approval  COD Perform the math computations to fill out a sales check.

Terms 18.2  Cash sale – is a transaction in which a customer uses cash or a check.  Debit Card – is a purchase with an ATM card.  Floor limit – is the maximum amount that a customer can charge without getting special authorization.  Layaway – merchandise is removed from stock and stored until customer pays for it.  On-Approval sale – is an extension of special privilege to special customers.  Cash on delivery (COD) sale – customer pays for merchandise when delivered.  Return – merchandise is brought back and customer is refunded their money.  Exchange – merchandise returned to be replaces by other merchandise.  Allowance – is a partial return of the sale price for merchandise that a customer has kept. This is typical for damaged merchandise received by customer.