Business of Retail Ch 4

Front

What does the 'S' in MSRP stand for?

Back

Suggested

Front

Calculate the revenue if Sam’s Surf Shop sold 11 surf boards at $26.00 each.

Back

$286

Front

What is the difference between revenue and all expenses called?

Back

Net profit

Front

If a business has a gross profit of $100 and revenue of $500, what is the profit margin percentage?

Back

20%

Front

What are considered the Cost of Goods Sold (COGS) for a taco truck?

Back

Cost of the meat, shells, and cheese.

Front

Define MSRP.

Back

Manufacturer's Suggested Retail Price, the price recommended by the manufacturer for retail sale.

Front

What is revenue?

Back

The total amount of money generated from sales before any expenses are deducted.

Front

What is gross profit?

Back

Revenue minus the cost of goods sold.

Front

What is profit margin?

Back

The percentage of revenue that exceeds the costs of goods sold.

Front

How do you calculate profit margin percentage?

Back

(Gross Profit / Revenue) x 100.