Calculating Final Results Quiz - Fashion Merchandising

What is Cost of Goods Sold (COGS)?

• A.

  The amount of money a store generates.

• B.

  A section of the operating statement that indicates the dollar amount spent on goods that have been sold to customers during the period.

• C.

  A section of the operating statement that can be omitted from the overall calculations.

• D.

  The amount of money projected to be made.

What is the process of planning and controlling operating expenses?

• A.

  Control revenue

• B.

  Expense management

• C.

  Planning expense

• D.

  None of the above

What is it called when a service or products cost remains the same regardless of sales volume?

• A.

  Fixed cost

• B.

  Standard volume

• C.

  Accessories

• D.

  All of the above

What is another term used for gross profit?

• A.

  gross

• B.

  profit

• C.

  gross margin

• D.

  profit margin

What is a keystone markup?

• A.

  The doubling of the cost to arrive at the retail price.

• B.

  The initial mark-up pricing.

• C.

  The amount of money spent to create a selling list.

• D.

  None of the above.

The number of results deducting expenses from the gross margin figure; also called operating profit or loss.

• A.

  Profit margin

• B.

  Expense

• C.

  Calculation

• D.

  Net profit

What is an example of odd figure pricing?

• A.

  3.25

• B.

  9.98

• C.

  10.00

• D.

  25.25

What is an alternate term of "income statement"?

• A.

  Revenue documentary

• B.

  Income plan

• C.

  Estate Planning

• D.

  Operating statement

Return on Sales is also known as

• A.

  Profit margin

• B.

  Returns

• C.

  Included revenue

• D.

  None of the above

Expenses that decrease or increase with the volume of sales is...

• A.

  Final Cost

• B.

  Added ammenities

• C.

  Inclusive sales report

• D.

  Variable cost