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Marketing Math

Marketing Math . Chapter 16. Functions of a cash register. Record sales Store cash and sales documents Provide receipts. Information entered into cash registers. Manual key entry – using the register keys Electronic wand entry – wand is moved across the price tag data (UPC)

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Marketing Math

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  1. Marketing Math Chapter 16

  2. Functions of a cash register • Record sales • Store cash and sales documents • Provide receipts

  3. Information entered into cash registers • Manual key entry – using the register keys • Electronic wand entry – wand is moved across the price tag data (UPC) • Optical scanning – items are placed across the scanner which reads the bar code

  4. Universal Product Code (UPC) • Series of vertical black and white lines and a row of numbers • Universal Vendor Marketing code (UVM) has a series of numbers across top of price tag

  5. Information received from UPC and UVM codes • Update inventory records • Automatically reorder items in short supply • Store customer information • Financial statements • Sales trends • Sales personnel productivity reports

  6. Cash drawer • Cash drawer of a register is the till

  7. Opening cash drawer • Consists of coins and currency • First thing when receiving the cash drawer is to count it

  8. Steps when making change? • Announce the amount of the sale • Announce the amount they give you (out of $20) • Place the money on the cash register ledge • Silently count change and get out of till • Count back the change

  9. Preventing cash register theft • Close drawer between transactions • Politely ignore interruptions when counting back change • Always lock cash register drawer when leave

  10. Counterfeit currency – what to look for??? • Genuine – has tiny red and blue fibers • Portrait of president is lifelike • Fine-line printing is clear and unbroken • Watermark can be seen on both sides of the paper

  11. Sales Checks • Stores with no automated cash registers use them • Written record of a sales transaction • Has date of transaction, items purchased and purchase price • (see page 277 in book)

  12. Cash Sales • Include cash or check • Procedures when accepting checks • Get photo Id (driver’s license) • Verify phone number/address match • Get two phone numbers • Computerized system to scan check

  13. Debit card sale • Amount of purchase is debited (subtracted) from customer’s bank – use card • PIN – personal identification number has to be used to get transaction completed • Advantages: business gets money sooner, customer not have to carry large amounts of cash or checks

  14. Credit card sales • You use credit card at businesses and you have a month to pay in full • You will be charged interest if not paid • Businesses have to pay a fee to accept credit cards

  15. Purchase orders • A legal contract between the buyer and the supplier • Lists the quantity, price, and description of the products ordered • Lists payment terms and delivery

  16. Invoice • The bill for the merchandise that was shipped to a business • Is supposed to be checked for accuracy

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