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Mortuary Management 2 > Exam 2 Study Guide > Flashcards

Exam 2 Study Guide Flashcards

1
Q

The illumination resulting from the glow of a heated filament

A

Incandescent

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2
Q

When inventory is purchased which minimizes the total costs. the system employed is known as what?

A

Economic Order Quantity

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3
Q

Most sales objectives are based on what?

A

Sales History
Availability of products
Amount of profit

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4
Q

The funeral director’s ___________ is the ability to give a good presentation and answer questions presented to the family during the arrangement conference

A

Product Knowledge

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5
Q

When a supplier offers a reduction of the price given for payment of an account within the time limits established by the sales contract a ________ is given

A

Cash Discount

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6
Q

What is the alternative pricing group?

A

Low-, medium-, and high- priced units in one grouping

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7
Q

What do we need to do in the pre-selection room introduction?

A

Remain in compliance with the state and federal regulations
Give them GPL, CPL, Outer Burial Container Price List, and Facts About Funeral brochure
Provide the family with a subtotal of funeral home charges before they choose a casket

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8
Q

The purchasing, pricing, display and sale of the product is known as?

A

Merchandising

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9
Q

What are the 3 methods of casket grouping?

A

Consecutive
Material
Alternate

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10
Q

That group of caskets used when introducing the family to the display room

A

Demonstration Group

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11
Q

What is the Fixed Multiple equation?

A

Wholesale cost x Fixed Multiple = Selling Price

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12
Q

One total price for both services and merchandise

A

Unit Pricing

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13
Q

What is the equation for the CVI?

A

Wholesale Cost / Retail Price = CVI

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14
Q

What does CVI measure?

A

The value received for each dollar spent by the consumer

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15
Q

What does the CVI ensure?

A

Value progression

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16
Q

Priced by component part.
Professional services, transportation, facilities, merchandise, etc. etc.

A

Functional Pricing

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17
Q

A value in an ordered set of values which represents the midpoint, whereby there are an equal number of values above and below midpoint value

A

Median

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18
Q

Number that appears most frequently in a listing of numbers

A

Mode

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19
Q

What does the fixed multiple pricing entail?

A

No incentive to buy up
No improvement on CVI

20
Q

What’s the equation for Merchandise Value Ratio?

A

Wholesale Cost / Service AND Merchandise

21
Q

Price of service of caskets are listed separately

A

Bi Unit Pricing

22
Q

The caskets sold in the 2nd and 3rd quartile

A

Range

23
Q

Pricing structure where the markup varies
Higher priced caskets are given higher markup

A

Graduated Recovery

24
Q

What is the advantage to Graduated Recovery?

A

Makes lower cost available

25
Q

What are the disadvantages for Graduated Recovery?

A
  • Lower CVI
  • Low margin at low end
  • Best value is at low end
26
Q

The sum of a group of numbers divided by number of units

A

Mean

27
Q

Measures the profit of each casket for the funeral home

A

Gross Casket Profit (Profit Margin)

28
Q

Reflected illumination of an object defines ____________ lighting

A

Indirect

29
Q

Light shining directly on an object

A

Direct Lighting

30
Q

A style of presentation whereby the funeral director remains in the selection room with the family

A

Direct Selection Room Procedure

31
Q

What are advantages to direct selection room procedures?

A

Families will have the support of the Funeral Director
We can better meet their needs

32
Q

What are the disadvantages of the direct selection room procedure?

A

No privacy for family
Funeral Director may influence family’s choice
Nonverbal communication can help or harm
Funeral Director can misread needs of the family

33
Q

Casket presentation whereby the funeral director does not stay in the selection room

A

Indirect Selection Room Procedure

34
Q

What are the requirements for the indirect selection room procedure?

A

Adequate pre-counseling by the funeral director
Signage with complete information about each casket

35
Q

What are the advantages for the indirect selection room procedure?

A

Privacy for family
No funeral director influence
No nonverbal communication
No misinterpretation
Casket information can be studied

36
Q

What are disadvantages for the indirect selection room procedure?

A

Some families will see the funeral director as support
Funeral director can’t answer questions
Casket information may be misunderstood

37
Q

The illumination produced by a tubular electric discharge lamp; the fluorescence of phosphors coating the inside of a glass tube

A

Fluorescent Lighting

38
Q

The itemized list given to the families when first meeting

A

General Price List

39
Q

Number of units purchased to get a discount from the supplier

A

Economic Order Quantity

40
Q

Inverse relationship between markup and price of casket
Higher priced casket given a lower markup

A

Declining Price Structure

41
Q

What is the advantage of the declining price structure?

A

CVI improves on higher price caskets

42
Q

What are the disadvantages to the declining price structure?

A

Low end markup may be too aggressive
Encourages consumer to buy better merchandise

43
Q

1/4 of the total number

A

Quartile

44
Q

When the funeral director is not required to pay for the merchandise that will be displayed until it is sold is called

A

Consignment

45
Q

The number of times sales in a given price bracket occurs over a fixed period of time

A

Sales Frequency

46
Q

Merchandise for resale

A

Inventory

Mortuary Management 2 (13 decks)

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