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GLOSSARY COMPETENCY 5.00 Develop the skills necessary for selling fashion. OBJECTIVE 5.03 Perform various mathematical calculations in retail sales. Cash sale: A transaction in which the customer pays for the purchase with cash or check. Change fund: Coins and currency designated for use in opening the register for a given day’s activity. Cost: The amount a retailer pays the supplier for an item for resale. Denominator: The top number in a mathematical expression written as a fraction. Employee discount: A set reduction in retail price given to an employee at the time of a sales transaction. Extension: The result of multiplying the number of units by the cost per unit. Final selling price: The price at which merchandise ultimately sells after all markups and/or markdowns are taken. Gross profit: Sales revenue minus cost of merchandise sold. Gross sales: Total revenue from sales before considering returns, allowances, or adjustments. Initial markup: The difference between merchandise cost and the selling price originally placed on the merchandise. Keystone markup: A markup that is equal to the cost of the merchandise. Keystoning: Doubling the cost of the merchandise to arrive at the retail price. Maintained markup: The difference between the total cost of the merchandise and its final selling price. Markdown: A strategy used to stimulate sales, dispose of slow moving/discontinued merchandise, meet competitors’ prices, and increase customer traffic. Markup: An amount added to the cost of goods to reach a selling price. Net profit: Gross profit minus total operating expenses. Fashion Merchandising E-63 Net sales: The revenue generated from sales minus sales returns and allowances. Numerator: The bottom number in a mathematical expression written as a fraction. Retail price: The sum of cost plus markup; the price the customer pays for the merchandise. Sales income: The revenue generated from sales minus sales returns and allowances. Sales tax: A government fee, usually a percentage of the total sale, which is added to the retail price of goods and paid by the final user. Till: The cash drawer of a cash register. Fashion Merchandising E-64