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BA120 Unit 2 Terminology Exam

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Savings that result from early payment by taking advantage of discounts offered by the seller; discount is not taken on freight or taxes. Cash Discount
Two or more trade discounts that are applied to the balance remaining after the previous discount is taken. Often called a series discount. Chain Discount
100% less the stated percent. Complement
Credit days are counted from date of invoice. Has no relationship to the discount period. Credit Period
Maturity date, or when the note will be repaid. Due Dates
Last day from date of invoice when customer can take cash discount. End of Credit Period
Determine how freight will be paid. Freight Terms
Document recording purchase and sales transactions. Invoice
Suggested retail price paid by customers. List Price
When multiplied times the list price, this rate or factor produces the actual cost to the buyer. Rate is found by taking the complement of each term in the discount and multiplying them together. Net Price Equivalent Rate
Calculated by decrease in price over original amount. Percent Decrease
Calculated by increase in price over original amount. Percent Increase
Stands for hundredths. Percent’s
Amount or part that results from multiplying the base times the rate. Not expressed as a percent; it is expressed as a number. Portion
Percent that is multiplied times the base that indicates what part of the base we are trying to compare to. Rate is not a whole number. Rate
Used in calculating the cash discount period; begins the day that the goods are received. Receipt of Goods (ROG)
Criteria on invoice showing when cash discounts are available, such as rate and time period. Terms of the Sale
Cash discount is available within the discount period. Full amount due by end of credit period if discount is missed. Ordinary Dating
List price less amount of trade discount. The net price is before any cash discount. Net Price
Cash discount period begins at the end of the month invoice is dated. After the 25th discount period, one additional month results. End of Month (EOM)

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