Term
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Definition
| A summary of a firms financial results in a specified period of time. |
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Term
| What are the 4 main parts of the operating statement? |
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Definition
| sales, COGS, expenses,profit |
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Term
| What does the term COGS stand for? |
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Definition
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Term
| Costs that remain the same regardless of sales are called... |
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Definition
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Term
| Costs that increase or decrease depending on sales volume are... |
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Definition
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Term
| What are 4 stock keeping duties of a sales associate? |
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Definition
| recieving, transferring, returns and ticketing |
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Term
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Definition
| selling the customer a better quality,higher priced product than what they came in to buy |
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Term
| What are three skills a sales associate needs to have? |
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Definition
| customer service, promoting products, monitoring inventory, maintaining appearance of the department,protecting company assets |
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Term
| How are goods arranged and sorted? |
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Definition
| by color, size or classification |
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Term
| What are the two categories of customer safety? |
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Definition
| criminal attack and accidental injury |
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Term
| How can employee safety be improved? |
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Definition
| accident prevention procedures and safety training |
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Term
| When should workplace safety issues be reported? |
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Definition
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Term
| What is customer oriented selling? |
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Definition
| Customer needs come first,no high pressure. |
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Term
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Definition
| The amount for which an item is offered for sale. |
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Term
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Definition
| The retail price is double the cost. |
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Term
| What are the two most important goals of a pricing strategy? |
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Definition
| High profitability and high slaes volume. |
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Term
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Definition
| The costs of operating a business. |
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Term
| What is the formula for gross profit? |
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Definition
| net sales- cost of goods sold |
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Term
| What is the formula for net profit? |
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Definition
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Term
| The amount of a markdown depends on? |
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Definition
| Type of product, time of the selling season,size of original markup. |
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Term
| How do you calculate markup? |
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Definition
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Term
| How do you calculate markup %? |
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Definition
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Term
| What are examples of external theft? |
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Definition
| Shoplifting,credit card fraud,robbery |
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Term
| What are examples of employee theft? |
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Definition
| pilferage,sweethearting,back end losses |
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Term
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Definition
| Giving discounts or uncharged items to friends and family. |
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Term
| What percent of retail shrinkage is caused by employees? |
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Definition
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Term
| What are ways to prevent losses through theft? |
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Definition
| screening new employees, loss prevention systems, loss prevention awareness programs |
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Term
| What are the first three selling steps? |
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Definition
| 1.Approach and greet,2.classify customer,3.present merchandise |
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Term
| What are the last 4 selling steps? |
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Definition
| 4.Overcome objections,5.close the sale,6.use suggestion selling,7.maintain relationship |
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Term
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Definition
| Selling the customer additional items that go with the purchase. |
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