Business of Retail Ch 4

Business of Retail Ch 4

Assessment

Flashcard

Mathematics

9th - 12th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is gross profit?

Back

Gross profit is the difference between revenue and the cost of goods sold (COGS).

2.

FLASHCARD QUESTION

Front

How do you calculate gross profit?

Back

Gross Profit = Revenue - Cost of Goods Sold (COGS).

3.

FLASHCARD QUESTION

Front

What factors should be considered when setting a retail price?

Back

Consider customers’ price preferences, costs of products, website service fees, competitor's prices, and desired profit.

4.

FLASHCARD QUESTION

Front

What is net profit?

Back

Net profit is the difference between revenue and all expenses, including COGS and operating expenses.

5.

FLASHCARD QUESTION

Front

How do you calculate net profit?

Back

Net Profit = Revenue - Total Expenses (including COGS and operating expenses).

6.

FLASHCARD QUESTION

Front

What is a markdown?

Back

A markdown is a reduction in the selling price of a product.

7.

FLASHCARD QUESTION

Front

If a store pays $12 for a schoolbag and wants to make a $3 profit, what is the minimum selling price?

Back

Minimum Selling Price = Cost + Desired Profit = $12 + $3 = $15.

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