Terms of sale Flashcards
COD
Cash on delivery
Cwo
Cash with order
Ex works
Cost of delivery is not included
Carriage paid
You must pay for Delivery
Trade discount
If someone works in the trade
If money is paid on time or early
Remittance advice slip
Is a pre printed document attached to a statement that is printed by the buyer when the amount paid is owed. It shows the amount owed and due and is a reference
Credit note
Is a document sent by the debtor to the seller that shows a reduction in the amount owed by the buyer
Debit note
Is issued by the the sellar if of the customer was was uncharged for any goods given to him
Delivery note
A delivery docket is a document sent by a the seller to the buyer that list the goods that have been delivered to them
Invoice
Is a document sent by the seller to the buyer giving details on quantity, quality, number of description and price of goods and details of carriage.
Debtor
Someone who owes you money
Creditor
Someone you owe money
Vat
Value added tax
Net
Final Amount you pay after tax and discounts
Gross
Profit without tax or deductions
Asset
A useful person or thing good for business
Liability
Being responsible for something causes you difficulty
Effective purchasing
Getting different quotations from a number of suppliers checking price , quality and when available.
Credit worthiness
If a person will pay back
How to check credit worthiness
Trade reference, bank reference, from previous sellers and Stubbs gazette (a magazines that names customers who do not pay back debt or bills)
E+oe
Errors and omissions accepted
