Marketing MathMarketing Math

Chapter 16Chapter 16

Functions of a cash Functions of a cash registerregister Record salesRecord sales Store cash and sales Store cash and sales

documentsdocuments Provide receiptsProvide receipts

Information entered into Information entered into cash registerscash registers

Manual key entry – using the Manual key entry – using the register keysregister keys

Electronic wand entry – wand is Electronic wand entry – wand is moved across the price tag data moved across the price tag data (UPC)(UPC)

Optical scanning – items are Optical scanning – items are placed across the scanner placed across the scanner which reads the bar codewhich reads the bar code

Universal Product Code Universal Product Code (UPC)(UPC)

Series of vertical black and Series of vertical black and white lines and a row of white lines and a row of numbersnumbers

Universal Vendor Marketing Universal Vendor Marketing code (UVM) has a series of code (UVM) has a series of numbers across top of price tagnumbers across top of price tag

Information received from Information received from UPC and UVM codesUPC and UVM codes

Update inventory recordsUpdate inventory records Automatically reorder items in Automatically reorder items in

short supplyshort supply Store customer informationStore customer information Financial statementsFinancial statements Sales trendsSales trends Sales personnel productivity Sales personnel productivity

reportsreports

Cash drawerCash drawer

Cash drawer of a register is the Cash drawer of a register is the till till

Opening cash drawerOpening cash drawer

Consists of Consists of coins and currencycoins and currency First thing when receiving the First thing when receiving the

cash drawer is to cash drawer is to count itcount it

Steps when making change?Steps when making change?

Announce the amount of the Announce the amount of the salesale

Announce the amount they give Announce the amount they give you (out of $20)you (out of $20)

Place the money on the cash Place the money on the cash register ledgeregister ledge

Silently count change and get Silently count change and get out of tillout of till

Count back the change Count back the change

Preventing cash register theftPreventing cash register theft

Close drawer between Close drawer between transactionstransactions

Politely ignore interruptions Politely ignore interruptions when counting back changewhen counting back change

Always lock cash register Always lock cash register drawer when leavedrawer when leave

Counterfeit currency – what to Counterfeit currency – what to look for???look for???

Genuine – has tiny red and blue Genuine – has tiny red and blue fibersfibers

Portrait of president is lifelikePortrait of president is lifelike Fine-line printing is clear and Fine-line printing is clear and

unbrokenunbroken Watermark can be seen on both Watermark can be seen on both

sides of the papersides of the paper

Sales ChecksSales Checks

Stores with no automated cash Stores with no automated cash registers use themregisters use them

Written record of a sales Written record of a sales transactiontransaction Has date of transaction, items Has date of transaction, items

purchased and purchase pricepurchased and purchase price (see page 277 in book)(see page 277 in book)

Cash Sales Cash Sales

Include cash or check Include cash or check Procedures when accepting Procedures when accepting

checkschecks Get photo Id (driver’s license)Get photo Id (driver’s license) Verify phone number/address Verify phone number/address

matchmatch Get two phone numbersGet two phone numbers Computerized system to scan Computerized system to scan

checkcheck

Debit card saleDebit card sale

Amount of purchase is debited Amount of purchase is debited (subtracted) from customer’s bank – (subtracted) from customer’s bank – use carduse card

PIN – personal identification number PIN – personal identification number has to be used to get transaction has to be used to get transaction completedcompleted

Advantages: business gets money Advantages: business gets money sooner, customer not have to carry sooner, customer not have to carry large amounts of cash or checkslarge amounts of cash or checks

Credit card salesCredit card sales

You use credit card at You use credit card at businesses and you have a businesses and you have a month to pay in full month to pay in full

You will be charged interest if You will be charged interest if not paidnot paid

Businesses have to pay a fee to Businesses have to pay a fee to accept credit cardsaccept credit cards

Purchase ordersPurchase orders

A legal contract between the A legal contract between the buyer and the supplierbuyer and the supplier

Lists the quantity, price, and Lists the quantity, price, and description of the products description of the products orderedordered

Lists payment terms and Lists payment terms and deliverydelivery

Invoice Invoice

The bill for the merchandise that The bill for the merchandise that was shipped to a businesswas shipped to a business

Is supposed to be checked for Is supposed to be checked for accuracyaccuracy