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14 Cards in this Set
- Front
- Back
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Sales tax
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A government fee, usually a percentage of the total sale
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Total due from the customer (formulas)
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Subtotal of purchase X Sales tax rate = Total sales tax
Subtotal of purchase + Total sales tax = amount due from the customer |
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Extension
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The result of multiplying the number of units by the cost per unit
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Gross profit
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Sales revenue minus cost of merchandise sold
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Gross sales
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Total revenue from sales before considering returns, allowances, or adjusments
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Markup
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An amount added to the cost of goods to reach a selling price
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Net profit
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Gross profit minus total opeating expenses
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Net Sales
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The revenue generated form sales minus sales returns and allowances
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Retail Price
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The price the customer pays for the merchandise
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Sales income
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The revenue generated from sales minus sales returns and allowances
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Retail Price (Formula)
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Retail Price (RP) = Cost (C) + Markup (MU)
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Cost (Formula)
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Cost (C) = Retail Price (RP) - Markup (MU)
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Markup (Formula)
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Markup (MU) = Retail Price (RP) - cost (C)
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Markdown (Formula)
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Markdown (MD) - Retail Price (RP) X Markdown percentage
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