Business Jargon

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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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