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