1. Sales Transactions Unit 5 - Using Math in Sales

2. Cash or Check Sales A transaction in which the customer pays with cash or check -Record the transaction on the register -Give the customer change and a receipt -Wrap the item and give to cusotmer Customer pays with check -Verify identity (ID, Drivers license)

3. Sales Checks A Written record of a sales transaction -Date of transaction -Items purchased -Price of items -Sales tax -Total amount due (also known as a receipt)

4. Debit Card Sales Advantages: -Flat rate for Merchants -Convenient for customers -Merchants prefer over check -Receive payment faster than checks -No chance of bouncing

5. Credit Card Sales Most Popular Cards: -Visa, Mastercard, American Express and Discover -Most frequently used method of payment for Internet transactions

6. Credit Card Costs to Merchants Fees to the bank or agencies that handle the transactions -Sliding scale that is a percentage of all sales -The more CC sales you have the smaller the percentage paid in fees

7. Layaway Sales Removing Merchandise from stock and keeping it in a separate storage area until the customer pays fcor it -Customer makes a deposit and agrees to pay for the merchandise within a certain time period, Customer receives the merchandise when the bill is fully paid.

8. On-Approval Sales An agreement that allows the customer to take the merchandise (usually clothing) home for further consideration -Some specialty stores allow this for their regular customers

9. Cash-on-Delivery Sales A sales transaction that occurs when a customer pays for merchandise at the time of delivery -Because the customer must be present COD sales are not common

10. Sales Tax Fee imposed by the government on the retail price of an item -Sales tax differs from state to state and are sometimes combined with local charges -Sales tax is a regressive tax -Government is never charged sales tax

11. Assignment Use your resources to define the following terms: ● Sales Check ● Layaway ● On-approval Sale ● Cash-on-delivery (COD) ● Sales Tax ● Allowance ● Universal Product Code (UPC) ● Point-of-Sale System (POS) ● opening cash Fund ● Purchase Order (PO) ● invoice ● Terms for delivery ● free-on-board (FOB)

12. Assignment Continued Use your resources to respond to the following questions: ● What are the six types of retail sales transactions?