Business Jargon
June 24, 2008 3:57 pm Craft Professionals, Glossaries
| Accounts Payable: | money you owe for goods or services received |
| Accounts Receivable: | money owed to your business for goods or services delivered |
| Back Order: | items not shipped in an order may be sent at a later date to buyer |
| Break-Even: | point where business is not making or losing money; total revenue equals total expenses |
| Budget: | financial plan to control spending |
| CCD: | Certified Craft Designer |
| COD Account: | Cash or check on delivery, payment is due upon receipt from a common carrier |
| Common Carrier: | Transportation service or company that will deliver supplies; example is UPS |
| Consumer: | end user |
| Cost of Good Sold: | direct cost to business owner of items that will in turn be sold to consumer |
| CPD: | Certified Professional Demonstrator |
| Dealer Minimum: | also called minimum order; lowest quantity of an item/items that must be purchased or the lowest dollar amount that must be spent to place an order with a supplier |
| Distributor: | middleman that markets and sells to retailers |
| Gross Price: | price of product before discounts, deductions, or allowances |
| Invoice: | itemized statement from supplier/vendor stating charges for merchandise |
| Manufacturer: | business that makes product(s) from raw materials |
| Net Price: | actual price paid for products/supplies after deductions, discounts, allowances are subtracted. |
| Open Account: | credit extended to a business for a specific billing period |
| Purchase Order: | record of agreement made with supplier from buyer |
| Retailer: | business that sells directly to the consumer |
| Stock Keeping Unit (SKU): | unit assigned to an product/item usually designated with bar code for inventory control |
| Terms of Sale: | the conditions concerning who can purchase goods and payment of purchase. |
| Trade Association: | an organization of businesses in the same line of work promoting common interests |
| Trade Publication: | printed material intended for trade only consumption |
| Trade Show: | a gathering of individuals and business in a common industry to display, educate, and sell products/services to other members within the common industry |
| Sales Representative: | person who sells a product(s) usually in a specific geographic area for a commission; company reps work for a specific manufacturer/distributor and independents rep more than one line |
| Wholesaler: | business that sells to others for resale |
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