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86 Cards in this Set

  • Front
  • Back
WHAT DOES AN INCOME STATEMENT TELL YOU
REVENUES AND EXPENSES
WHAT DOES A BALANCE SHEE TELL YOU
WHAT YOU HAVE - ASSETS AND LIABILTIES
WHAT ARE YOU DOING WHEN COMPUTING GROSS PROFIT MARGIN AND NET PROFIT MARGIN
TURNING PROFIT INTO A PERCENTAGE
HOW DO YOU COMPUTE GROSS PROFIT
NET SALES - COST OF GOODS SOLD
COMPUTE GROSS PROFIT MARGIN
GROSS PROFIT / NET SALES
COMPUTE NET PROFIT MARGIN
NET PROFIT ( BEFORE TAXES) / NET SALES
wHAT DOES ASSET TURNOVER TELL YOU
HOW EFFCIENT YOUR ASSETS ARE - THE HIGHER THE NUMBER THE MORE EFFCIENT YOUR ASSEST ARE
COMPUTE ASSET TURNOVER
NET SALES / TOTAL ASSETS
WHAT DOES YOUR RETURN ON ASSETS TELL YOU
WHAT KIND OF PROFIT ARE YOU GETTING FROM THE ASSETS
COMPUTE RETURN ON ASSETS
NET PROFIT / TURNOVER OF ASSETS
WITH FINACIAL LEVERAGE WHAT DO YOU WANT
A LOWER NUMBER BECAUSE IT IS IDEAL
COMPUTE FINACIAL LEVERAGE
TOTAL ASSETS / NET WORTH
COMPUTE NET WORTH OR OWNERS EQUITY
ASSETS - LIABILTIES
WHAT DOES FACTOR MEAN
SELLS ACCOUNTS TO SOMEONE ELSE
COMPUTE RETURN ON NET WORTH
NET PROFIT / NET WORTH
WHAT DOES RETURN ON NET WORTH MEAN
OF THE MONEY I HAVE INVESTED THIS IS WHAT I GET BACK
WHAT DOES CURRENT RATION TELL YOU
ABILITY TO PAY BILLS
COMPUTE CURRENT RATIO
CURRENT ASSETS / CURRENT LIABILITES
WHAT IS A CURRENT ASSET
it is an asset that you can TURN INTO CASH IN A SHORT TIME LIKE A YEAR
WHAT IS CURRENT LIABILITES
IT IS A LIABILTY RHAT YOU HAVE TO PAY IN A SHORT PERIOD OF TIME LIKE A YEAR
COMPUTE QUICK RATIO
CURRENT ASSETS - INVENTORY / CURRENT LIABILTY
COMPUTE COLLECTION PERIOD
ACCOUNTS RECIEVABLE / NET SALES THEN TIMES ANSWER NY 365 TO GET NUMBER OF DAYS
WHAT DOES THE COLLECTION PERIOD DUE
IT TELL WHAT PERCENT OF SALES IS ACCOUNT RECIEVABLE
WHEN YOU TIMES THE PERCENTAGE ANSWER FROM THE COLLECTION PERIOD BY 365 WHAT DOES IT DO
TELLS YOU HOW MANY DAYS IT TAKES TO COLLECT YOUR MONEY
WHAT IS MERCHANDISING
ACTIVITIES INVOLVED IN ACQUIREING GOODS AND OR SERVICES AND MAKING THEM AVAILABLE FOR SALE AT THE RIGHT TIME, RIGHT PLACE, RIGHT PRICE, AND RIGHT QUANTITIES
WHAT ARE THE STEPS IN DEVLOPING A MERCHANDISE PLAN
ESTABLISH A BUYING ORGANIZATIONAL STRUCTURE AND DEVLOPING THE MERCHANDISE STARTAEGY
WHAT ARE THE SIX TYPES OF THE BUYING ORGANIZATIONAL STRUCTURE
FORMOAL BUYING ORGANIZATION, INFORMAL, CENTRALIZED, DECENTRALIZED, INSIDE BUYING ORGANIZTION, AND OUTSIDE BUYING ORGANIZATION
WHAT IS A FORMAL BUYING ORGANIZATION
BUYING IS A DISTINCT RETAIL TASK WITH A SEPERATE DEPARTMENT
WHAT IS A INFORMAL BUYING ORGANIZATION
BUYING IS DONE BY THE REALATED DEPARTMENT OR AREA
WHAT IS A CENTRALIZED BUYING ORGANIZATION
BUYING DECISONS ORIGINATE FROM ONE OFFICE
WHAT IS A DECENTRALIZED BUYING ORGANIZATION
EACH INDIVIDUAL UNIT HAS THE PRIMARY BUYING RESPONIBILTY
WHAT IS AN INSIDE BUYING ORGANIZATION
BUYING IS STAFFED BY THE RETAILER'S OWN PERSONNEL
WHAT IS AN OUTSIDE BUYING ORGANIZATION
EXTERNAK BUYING ORGANIZATION IS HIRED (CONTRACTED )
WHAT ARE THE STAGES IN A PRODUCT LIFE CYCLE
INTRODUCTION, GROWTH, MATURITY, AND DECLINE
WHAT ARE THE STPES IN DEVELOPING THE MERCHANDISING STRATEGY
DETERMIN THE TYPES OF MERCHANDISE, DETERMINE THE DEGREE AND TYPES OF ASSORTMENTS , WHAT BRANDS ARE STOCKED, AND WHEN IS MERCHANDISE ORDERED/ STOCKED
WHAT ARE THE DIFFERENT TYPES OD MERCHANDISE
STAPLE, FASHION, AND FAD
WHAT IS A STAPLE
MERCHANDISE THAT HAS A REALTIVLY CONTINOUS DEMAND PATTERN
WHAT IS A FASHION
MERCHANDISE THAT TENDS TO BE MORE CYCLICAL ( SEASONAL)
WHAT IS A FAD
MERCHNADISE THAT HAS RAPID SALES OVER A SHORT PERIOD OF TIME
WHAT ARE THE DIFFERENT DEGREE AND TYPES OF ASSORTMENTS
WIDTH, DEPTH, AND CONSISTENCY
WHAT IS WIDTH
THE NUMBER OF DIIFERENT MERCHANDISE CATEGORIES CARRIED BY A RETAILER
WHAT IS DEPTH
THE NUMBER OF ITEMS WITH A MERCHANDISE CATEGORY CARRIED BY THE RETAILER
WHAT IS CONSISTENCY
THE DEGREE TO WHICH THE VARIOUS ACTEGORIES ARE RELATED
what are the different kinds of brands
NATIONAL, PRIVATE LABEL, AND GENERIC
WHAT IS A NATIONAL BRAND
IT IS A MANUFACTURES BRAND THAT IS DEVLOPED AND OWNED BY THE PRODUCER OF THE PRODUCT
WHAT IS A PRIVATE LABEL BRAND
IT IS A DEALER OR STORE BRAND THAT IS DEVLOPED AND OWNED BY THE WHOLESALER OR RETAILER IE. WAL-MART, KENMORE, CRAFTSMAN
WHAT IS A GENERIC BRAND
BRAND THAT HAS NO PRODUCER OR RETAILER BRANDING
WHAT IS ORDER CYCLE LEAD TIME
THE TIME FROM WHEN A MERCHANDISE IS ORDERED TO THE TIME IT IS RECIEVED BY THE RETAILER
WHAT ARE THE STEPS IN IMPLEMENTING A MERCHANDISE PLAN
GATHER INFORMATION ABOUT CONSUMER DEMAND , DETERMINE THE SOURCE OF THE MERHCNADISE, EVALUATE THE MERCHANDISE, NEGOTIATE AND CONCLUDE THE PURCHASE, RECEIEV AND STOCK THE MERCHANDISE, REORDER THE MERCHANDISE, AND REVERSE LOGISTICS
WHAT ARE THE SOURCES TO GATHER INFORMATION ABOUT CONSUMER DEMAND
CONSUMER BEHAVIOR/RESEARCH, WANT SLIPS,AND VENDOR SUPPLIED INFORMATION,
WHAT ARE WANT SLIPS
REQUESTS BY CUSTOMERS FOR SPECIFIC MERCHANDISE OR BRANDS
WHAT ARE THE FACTORS TO CONSIDER WHEN DETERMINGIN THE SOURCE OF MERCHANDISE
VENDOR PRICES, RELIABILTY, ORDER PROCESSING TIME, DEGREE OF EXCLUSIVNESS, RETURN POLICIES, CREDIT TERMS AND BILLING PROCEDURES, ADVERTISING SUPPORT, AND WARRENTIES
WHAT ARE THE WAYS TO EVALUATE THE MERCHANDISE
INSPECTING, SMAPLING, AND DESCRIPTION
WHAT IS INSPECTING
EVERY SINGLE ITME IS EXAMINED
WHAT IS SAMPLING
REPRESENTIVE ITMES FROM EACH BATCH OF MERCHANDISE IS EXAMINED
WHAT IS DESRIPTION
NO ITEMS ARE EXAMINED AS THE MERCHANDISE IS BOUGHT SIMPLY BY WRITTEN WORD OR PICTORIAL REPRENSETATION
WHAT ARE THE DIFFERENT WAYS TO NEGOTIATE AND CONCLUDE THE PURCHASE
FOB ORIGIN, FOB DESTINATION, AND CONSIGNMENT
WHAT IS FOB ORIGIN
RETAILER TAKES TITLE TO GOODS AS THEY LEAVE THE MANUFACTUR'S SHIPPING POINT. NORMALLY OCCURS WHEN RETAILER PROVIDES HIS OWN TRANSPORTATION
FOB DESTINATION
RETALIER TAKES TITLE UPON RECIEPT OF GOODS
WHAT IS CONSIGNMENT
RETAILER DOES NOT ASSUMER TITLE AS THE VENDOR OWNS THE GOODS UNTIL THEY ARE SOLD AND THEN THE RETAILER REMITS PAYMENT TO THE VENDOR IE- MAGAZINE RACKS, GREETING CARD RACKS, JEWELRY
WHAT IS REVERSE LOGISTICS
PLANNING A CHANNEL FOR RETURNING MERCHANDISE TO THE SUPPLIER/ VENDOR
WHAT IS FLOOR READY MERCHANDISE
REFERS TO ITMES THAT ARE RECIVED AT THE STORE IN CONDITION TO BE PUT ON DISPLAY WITHOUT ANY PREPERATION BY RETAIL WORKERS
WHAT IS VENDOR MANAGED MERCHANDISE
IT IS WHEN RETAILERS COUNT ON KEY SUPPLIERS TO PARTICIPATE IN THEIR INVENTORY MANAGMENT PROGRAMS
WHAT IS INVENTORY SKRINKAGE
RETAIL SALES LOST DUE TO EMPLOYEE THEFT, CUSTOMER SHOPLIFITNG, VENDOR FRUAD, AND ADMINSTRATIVE ERRORS.
WHAT ARE WAYS RETAILERS CAN DETER EMPLOYEE THEFT
USE HONESTY TESTS , LOCK UP TRASH, VERFIY THROUGH CAMERAS IF ALL SALES ARE BEING RUNG UP, CENTRALLY CONTROL ALL EXTERIOR DOORS, DIVIDE RESPOSIBILITIES, HAVE TRAINING PROGRAMS, INVESTIGATE ALL KNOWN LOSSES AND FIRE OFFENDERS IMMEDTATLY
WHAT ARE WAYS TO DETER SHOPPER THEFT WHEN STORE IS OPEN
USE UNIFORMED GAURDS, SET UP CAMERAS AND MIRRORS, USE ELCETRONIC ARTICLE SURVALIENCE, DEVELOP COMPREHENSIVE TRAINING PROGRAMS, INSPECT PACKAGES BROUGHT INTO THE STORE, ATTACH ESPENSIVE CLOTHING TOGETHER, LIMIT ENTRANC AND EXITS TO STORES
WHAT ARE WAYST TO DETER EMPLOYYE SHOOPER THEFT WHEN CLOSED
CONDUCT A HROUGH BULDING CHECK AT NIGHT, LOCK ALL EXITS, UTILIZE BUGULAR ALARM TRAPS, PLACE VAULAUBLES IN A SAFE, INSTALL SHATTERPROFF GLASS, MAKE SURE EXTERIOR LIGHTING IS ADEQUETE , PERIODICALLY TEST BURGUAR ALARMS
WHAT IS MARKUP PRICINGS
RETAILER SETS PRICE BY ADDING MERCHANDISE UNIT COST, EXPENSES, AND DESIRED PROFIT
WHAT IS A MARKUP
DIFFERENCE BETWEEN MERCHANDSIE COST AND SELLING PRICE
WHAT IS HOROZONTAL PRICE FIXING
AGREEMENT AMONG MANUFACTURS, WHOLESALERS,OR RETAILERS TO SET PRICES
VERTICAL PRICE FIXING
AGREEMENT BETWEEN MANUFACTURS, WHOLESALERS, OR RETIALERS TO SET PRICES
ROBISON PACTMAN ACT
BARS MANUFACTURS AND OR WHOLEALSERS FROM DISCRIMINATING PRICE OR PURCHASE TERMS IN SELLING TO INDIVIDAUL RETAILERS FRO PRODUCTS OF LIKE QUALITY
WHAT ARE THE EXCEPTIONS OF THE ROBISON PACTMAN ACT
PRODUCST ARE PHYSICALLY DIFFERENT, RETAILERS ARE NOT COMPEITITORS, COMPTITITON IS NOT INJURED, AND PRICE DIFFERENCES ARE DUE TO DIFFERENT COST STRUCTURES
MINIMUM PRICE LAWS
PREVENTS RETAILERS FROM SELLING CERTAIN ITEMS FOR LESS THAN THEIR COST PLUS A CERTAIN FIXIED MARKUP
WHAT ARE EXCEPTIONS TO MINIMUM PRICE LAWS
CLOSE-OUTS, DISCONTINUED ITEMS, AND PERISHABLE ITEMS
WHAT IS ALABAMA'S MINIMUM PRICE LAW
5 %
WHAT IS PREDETORY PRICING
(ILLEGAL) LARGE RETAILERS ( WAL- MART) SELLING MERCHANDISE AT VERY LOW PRICES TO REDUCE COMPITITON AND THEREFORE DRIVING OUT SMALL RETAILERS
WHAT IS UNIT PRICING LAWS
REQUIRES RETAILER TO PRICE ITEMS NOT ONLY BY ITEM BUT BY PER UNIT OF MEASURE IE. CEREAL $3.50 FOR A 24 OZ BOX $.149 PER OZ
ITEM PRICE REMOVAL
PRICE IS PUT ON THE SHELF OR A SIGN BUT NOT ON THE ITEM
BAIT AND SWITCH ADVERTISING
(ILLEGAL) RETAILER LURES CUSTOMERS BY ADVERTISING AN EXTREMLY LOW PRICE ON AN ITEM AND THEN IS TOLD THE ITEM IS SOLD OUT OR IS OF INFERIOR QUALITY AND ATTEMPTS TO SELL THE CUSTOMER A HIGHER PRICED ITEM
CUSTOMARY PRICEING
RETAILER SETS UP PRICES FOR GOODS AND SERVICES AND SEEKS TO MAINTAIN THEM FOR EXTENDED PERIODS OF TIME
EDLP(EVERYDAY LOW PRICING)
RETAILER ATTEMPTS TO SELL GOODS/SERVICES AT CONSISTENTLY LOW PRICES THROUGHOUT THE SELLING SEASON OR CONTINOUSLY
VARIABLE PRICING
RETAILER ALTERS PRICE TO CONINCIDE WITH FLUNCTIATONS IN COST OR CONSUMER DEMAND
I.E GAS
ODD PRICING
RETAIL PRICES ARE SET AT LEVELS BELOW EVEN DOLLAR VALUES
WHAT IS AN EXMAPLE OF ODD PRICING
5.99, 1.99
WHAT IS BUNDLED PRICING
RETALIER COMBINES SEVERAL ITEMS AND DEVELOPS ONE BASIC PRICE IE. DIGITAL CMAERA, CASE, AND BATTERY CHARGER FOR $499