MERCHANDISING TEST 4--IS CHAPTER 11 REVIEW

Question 1

MERCHANDISE&raquo_space;»

Answer 1

GOODS THAT ARE BOUGHT AND SOLD LIKE&raquo_space;»>CASKET–VAULTS–CLOTHING —URNS —REGISTRY BOOKS

Question 2

WHAT IS MERCHANDISE PLANNING&raquo_space;»

Answer 2

DEVELOPING A MERCHANDISE PLAN—-»»>ALSO KNOWN AS (SALES OBJECTIVES) OR (SALES PLAN)

Question 3

PLANNING ======

Answer 3

PROFIT

Question 4

PLAN COMPONENTS&raquo_space;>MERCHANDISE&raquo_space;»

Answer 4

SELECTION–COST AND PRICING–DISPLAY

Question 5

1. STEPS IN PLANNING

Answer 5

1. EVALUATE THE MARKET 2. EVALUATE SALES HISTORY 3. DETERMINE PRODUCT AVAILABILITY 4. CONSIDER SUPPLIER RECOMMENDATIONS 5. ESTABLISH PRODUCT AND SERVICE MIX

Question 6

VENDORS

Answer 6

PAYMENT TERM -AVAILABILITY OF PRODUCT–PRODUCT SUPPORT -QUALITY

Question 7

CASH DISCOUNT

Answer 7

REDUCTION IN PRICE FOR PAYMENT OF ACCOUNT WITHIN TIME LIMITS MADE BY SALES CONTRACT

Question 8

EXAMPLE&raquo_space;»»

Answer 8

CASKET COMPANY INVOICES YOU WITH THE FOLLOWING——TERMS 2/10 NET 30

Question 9

ABOVE MEANS FUNERAL HOME WILL

Answer 9

GET 2% DISCOUNT FROM CASKET COMPANY WITHIN 10 DAYS IF FH –DONT PAY THE INVOICE WITHIN 10 DAYS&raquo_space;»FULL PAYMENT IS DUE IN 30 DAYS

Question 10

QUANTITY DISCOUNT&raquo_space;»

Answer 10

REDUCTION IN BILL WHEN A MINIMUM QUANTITY OF MERCHANDISE IS BOUGHT—DISCOUNTS ON 1. CASKETS–2. EMBALMING FLUID

Question 11

REBATE

Answer 11

RETURN PART OF YUR PAYMENT

Question 12

METHOD TO DETERMINE MERCHANDISE PRICE

Answer 12

MARKUP–CONSUMER VALUE INDEX–MERCHANDISE VALUE RATION–FIXED MULTIPLE–GRADUATED RECOVERY

Question 13

MARK UP

Answer 13

DIFFERENCE BETW.. MERCHANDISE COST AND SELLING RETAIL PRICE

Question 14

RETAIL - WHOLESALE =

Answer 14

==MARK UP

Question 15

PROFIT MARGIN

Answer 15

RETAIL - WHOLESALE =

Question 16

CVI CONSUMER VALUE INDEX

Answer 16

WHOLESALE / RETAIL

Question 17

MVR–MERCHANDISE VALUE RATIO

Answer 17

LOOK AT EVERYTHING THAT THE FAMILY PAID YOU GOES TOWARD REPLACING THAT MERCHANDISE– EVERY DOLLAR FAMILY PAYS TO YOU GOES OUT TO REPLACE THAT MERCHANDISE

Question 18

SERVICE FEE PRICING–(OVERHEAD)

Answer 18

STAFF SERVICES-PAPERWORK–(SALARIES, OFFICE SUPPLIES,UTILITIES,) SUM OF THESE COST DIVIDED BY # OF SERVICES)

Question 19

MVR–

Answer 19

WHOLESALE COST / SERVICE AND MERCHANDISE

Question 20

FIXED MULTIPLE

Answer 20

CASKET COST IS MULTIPLIED BY A CONSTANT FACTOR (NUMBER)

Question 21

AVERAGE

Answer 21

SUM OF A GROUP OF NUMBERS DVIDED BY THE NUMBER OF UNITS

Question 22

MEAN

Answer 22

AVERAGE

Question 23

MODE

Answer 23

THAT APPEARS MOST FREQUENTLY

Question 24

QUARTILE

Answer 24

GROUPING CASKETS INTO FOUR

Question 25

RANGE

Answer 25

CASKET SOLD IN 2ND ..3RD QUARTILE

Question 26

MARK UP

Answer 26

HIGHER PRICE CASKETS ARE GIVEN A HIGHER MARK-UP

Question 27

DECLINING PRICE STRUCTURE

Answer 27

CVI GETS BETTER AS YOU GO UP—B/C THEY ARE GETTING MORE FOR THEIR MONEY B/C THEY ARE BEING CHARGED LESS AS THE PRICE GOES UP

Question 28

MODIFIED

Answer 28

LESSENS THE MARKUP—–CVI IMPROVES AND THE MARK -UP IS LESS (ENCOURAGE PEOPLE TO BUY MORE ) PG 148

Question 29

CASKETS ARE

Answer 29

DIVISION INTO FOUR GROUPS

Question 30

SALES FREQUENCY

Answer 30

OF XS SALES IN A GIVEN PRICE BRACKET OCCUR OVER A FIXED PERIOD OF TIME…

Question 31

ITEMIZATION

Answer 31

ALA CARTE —CHOOSING ITEMS SEPARATELY

Question 32

UNIT PRICING–IS A FORM OF PACKAGE PRICING

Answer 32

GROUPS TOGETHER SELECTED SERVICES/MERCHANDISE—1. UNIT PRICING 2. BI-UNIT PRICING 3.FUNCTIONAL PRICING—-FTC– STATES ANY PRICING METHOD ACCEPTABLE IF FAMILY RECIEVES AN ITEMIZED GENERAL PRICE LIST…