Buying and selling operations use a sequence of documents, mainly for information, proof, or payment. Letter of enquiry: sent by […]

When a price quotation is sent, a number of specified commercial terms indicate who bears delivery-related costs. LOCO (spot price): […]

Terms of Cash Payment Cash payment can normally be deferred for up to two weeks. When the seller doesn’t want […]

Payment can be made before or after purchase using physical cash, cheques, bills of exchange, promissory notes, money orders, post […]

Recording Stock When goods are handed to the store keeper, they are recorded and signed on a stock, tally, or […]

What is Credit? Credit is an arrangement by which a buyer can take possession of something now and pay for […]

Credit sales (extended credit/deferred payment): the customer becomes owner of the goods immediately after signing an agreement to pay at […]

What is a Middleman? Trade involves many intermediaries between the producer and consumer. A middleman is a person who buys […]

The Wholesaler A wholesaler is a trader who buys in bulk from the manufacturer and sells to the retailer in […]

Department Store A retail business with many departments, each run separately by an experienced manager but all under one roof, […]