An Ad Sheet is a PDF file or document that offers an easy-to-digest outline of what you, as an online news publication, offer as ways for potential advertisers to advertise on your site.
The main purpose of an Ad Sheet is to make it as easy as possible for advertisers so they can advertise on your site and get you paid.
Ad Sheets can also include options for your paper in print or your yearbook. An Ad Sheet should include costs, timelines, and locations. For example, "$50 per ad per location per month".
To see a really great example of an Ad Sheet, look no further than Roseville High School's Eye of the Tiger advertising page here.