Retail Profit Model Test-5

Flashcard
•
Business
•
12th Grade
•
Hard
Wayground Content
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37 questions
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1.
FLASHCARD QUESTION
Front
Explain the concept of psychological pricing with an example.
Back
Psychological pricing is a strategy that uses odd numbers, such as $9.99, to make the price seem lower and more appealing to consumers.
2.
FLASHCARD QUESTION
Front
What are the components included in the cost of goods sold? Options: Operating expenses, Direct costs of producing the goods, Indirect costs of producing the goods, Sales revenue
Back
Direct costs of producing the goods
3.
FLASHCARD QUESTION
Front
What is the formula to calculate gross profit margin?
Back
(Gross Profit / Revenue) * 100
4.
FLASHCARD QUESTION
Front
Why is gross profit margin important for a retail business?
Back
It shows the efficiency of the business in generating profit.
5.
FLASHCARD QUESTION
Front
What are operating expenses in the context of a retail business?
Back
Costs associated with running the day-to-day operations of the business
6.
FLASHCARD QUESTION
Front
Choose the option with the examples of operating expenses in a retail business.
Back
Rent, utilities, salaries, insurance, marketing, maintenance costs
7.
FLASHCARD QUESTION
Front
How is net profit calculated?
Back
By subtracting total expenses from total revenue.
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