_____ is the planning and control of the buying and selling of goods and services, to help the retailer realize its objectives.
a. Retailing
b. Retail reduction analysis
c. Merchandising
d. Forecasting
e. Store management
Answer: C
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Retailing Chapter 8
- An excess of physical inventory over book inventory is usually caused by:
- Fashion Barn's total cost valuation of inventory is $120,000 and its total retail valuation is $300,000. The adjusted retail book inventory figure has been determined to be $250,000. Using the retail method of inventory valuation, what would be Fashion Barn's approximate closing inventory figure at cost?
- Which of the following is an advantage of using the retail method of inventory valuation versus the cost method?
- The _____ method of inventory record keeping allows for more "inventory profits" during inflationary periods.
- Your have just calculated the cost complement. Under the retail method of inventory valuation, what do you do next?
- Holly's Arts and Crafts had a retail inventory available for sale of $700,000, while sales were $210,000, markdowns were $5,000 and discounts were $2,000. What is the ending inventory at retail?
- ___ are the dollar amount by which a physical inventory value is smaller than the value that the book inventory records indicate.
- When physical inventory value exceeds book inventory value a retailer is said to have:
- Which of the following is an example of a cash inflow?
- Which of the following is an example of a cash outflow?
- Which of the following types of retail operations would be most likely to use the cost method of inventory valuation?
- The total cost valuation of a retailer's inventory is $75,000 and the total retail valuation is $130,000. Approximately how much of every retail sales dollar is made up of merchandise cost?
- Art's Appliances has accounts payable of $65,000, payroll payable of $2,750, mortgage payable of $38,500, current notes payable of $12,000, and taxes payable of $3,100. Art's current liabilities are:
- Current liabilities include all of the following EXCEPT:
- ____ are amounts owed to vendors for goods and services.
- A statement of cash flow:
- ____ are amounts that customers owe the retailer for goods and services.
- ____ are those items for which the retailer has already paid, but the service has not been completed.
- ____ is an intangible asset, usually based on customer loyalty that a retailer pays for when buying an existing business.
- A(n) _____ is any legitimate financial claim against the retailer's assets.
- A balance sheet can be expressed as:
- The retailer's _____ is (are) considered a current asset.
- Assets are classified as:
- The retailer's _____ is (are) NOT considered a current asset.
- ____ are those expenses that a retailer incurs in running the business other than the cost of the merchandise.