RETAIL - PRE-FINALS QUIZ

It is the planning and control of the buying and selling of goods and services to help the retailer realize its objectives.

• Merchandising

• Merchandise budget

• Gross margin

It is a plan of projected sales for an upcoming season, when and how much merchandise is to be purchased, and what markups and reductions will likely occur.

• Merchandising

• Merchandise budget

• Gross margin

It is the difference between net sales and cost of goods sold.

• Merchandising

• Merchandise budget

• Gross margin

It is a financial statement that provides a summary of the sales expenses for a given time period, usually a month, quarter, season, or year.

• Income Statement

• Gross Sales

• Net Sales

• Cost of Goods Sold

It is the cost of merchandise that has been sold during the period.

• Income Statement

• Gross Sales

• Net Sales

• Cost of Goods Sold

It is the gross sales less returns and allowances.

• Income Statement

• Gross Sales

• Net Sales

• Cost of Goods Sold

It includes income or expense items that the firm incurs which are not in the course of its normal retail operation.

• Operating Expenses

• Operating Profit

• Other Income or Expenses

• Net Profit

It is gross margin less operating expenses.

• Operating Expenses

• Operating Profit

• Other Income or Expenses

• Net Profit

It is operating profit plus or minus other income or expenses.

• Operating Expenses

• Operating Profit

• Other Income or Expenses

• Net Profit

It identifies and quantifies all of the firm’s assets and liabilities at a particular point in time.

• Statement of Cash Flow

• Balance Sheet