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31 Cards in this Set
- Front
- Back
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the total amount of goods a buis. has
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inventory
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policy specifying the amount to purchase of a product & when to purchase it
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purchasing policy
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a system usally compermized that links a store to suppliers so that new invetory can be perchesed autoly as sales are made
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just in time inventory
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a # that indicates that new product should be purchased when inventory falls below a certain level
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reorder point
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The money a business loses due to broken,
damaged, expired, or stolen inventory. |
shrinkage
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This is credit offered to you by suppliers.
The supplier’s payment terms allow you to pay for the goods after you receive them |
Trade Credit
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A supplier’s requirement on when to be paid.
These are typically expressed in an abbreviated fashion |
payment terms
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The percentage of the loan amount that
you must pay in interest each year |
Interest Rate
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The general term for any amount owed to
someone else |
Liability
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The amount a business owes to its suppliers
at any point in time. This is shown as a liability on the company’s balance sheet. |
Accounts Payable
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Revenue is the money you collect for
things you sell. Other names for revenue include Sales and Dollar Sales. |
Revenue
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The Income Statement shows your
revenue and expenses for a given period of time and the difference between them- -your profi t. This statement, also known as the P&L (Profi t & Loss), is the most frequently used fi nancial statement. It’s your main scorecard over any period--a week, a quarter, a year. When businesspeople refer to the “bottom line,” they mean the bottom line of this statement, profit |
Income Statement
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The Balance Sheet shows what you own
(assets) and what you owe to others (liabilities). The difference, the worth of your company is called Equity. Your Assets always balance with your Liabilities Plus Equity |
Balance Sheet
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The amount of goods created by
producers and offered for sale in a marketplace. |
Supply
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The amount of goods customers want
to buy. |
Demand
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When two dynamic values become or stay
equal to each other. |
Equilibrium
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The money a business loses due to broken,
damaged, expired, or stolen inventory. |
Shrinkage
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Taking items from a retail establishment
without paying for them. |
Shoplifting
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Products stolen by shoplifters. The value
of these items is recorded on the Income Statement under Cost of Goods Sold. |
Stolen Goods
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A count of all the items in a business.
This is used to determine if items are missing as a result of shoplifting or other causes |
Physical Inventory
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An attempt to make an unprofi table
business profi table again. |
turnaround
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A mixture of different types of promotion.
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Promotional Mix
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Method used to deliver advertising messages
to the public, such as TV or radio |
Media
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The number of people who will see or
hear an advertisement. |
Reach
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Cost to reach one thousand people
through a particular media. Typically abbreviated CPM. |
Cost per Thousand
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A time period in which a business’
advertisement is played one or more times each day. |
Rotation
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The exterior of a store generally facing the
street including signage and windows |
Storefront
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The combination of content (offers) and
artwork that makes an ad effective with customers. |
sales promotion
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A product priced at or below cost in order
to draw customers into a store. The intent is that customers will purchase other items that are priced to make a profi t. |
loss leader
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The steps taken to collect marketing
information required to make intelligent business decisions. |
market research
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A series of questions asked to a selected
group of people |
survey
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