Business of Retail - Chapter 4 The Retail Profit Model

Front

The Goodwill Thrift Store decided to end all of their prices in .97, a few cents less than the round number. This is an example of

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Psychological Pricing

Front

______is the amount of money that comes into a retail business minus expenses.

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Profit

Front

What is Courtney's gross profit if she sells 25 bags of oranges at $12 per bag and her cost of goods sold per bag is $7?

Back

$125

Front

Which of the following would you categorize as the COGs if operating a taco truck? Cost of the meat, shells, and cheese, Cost of the permit to operate the food truck, Gas and maintenance costs, Your salary

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Cost of the meat, shells, and cheese

Front

The "S" in MSRP stands for ____________.

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Suggested

Front

What should Jim take into consideration when setting a retail price for his online shop?

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The cost of products, website service fees, competitor's prices, and the money you want to make on each item.

Front

What will happen to Macey's gross profit if she marks down summer apparel to make room for fall items?

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Gross profit goes down

Front

If a store's revenue is $3,050 and its cost of goods sold (COGS) is $1110, what is the business's gross profit?

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$1940

Front

A store pays for a schoolbag $12 and sells it for $18. What is the lowest they can mark down the backpack if they want to still make $3 in profit?

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16.7%

Front

Sam's surf shop sold 11 surf boards over the weekend. Each surf board cost $26.00. What's the revenue for the surf boards?

Back

$286