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#Virtual Business #Retailing #High School Qtr 2 CFA Review Flashcards | StudBud
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#Virtual Business #Retailing #High School Qtr 2 CFA Review
#Virtual Business #Retailing #High School Qtr 2 CFA Review
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Review Questions for QTR 2 CFA lessons 1-5 of VB retailing Sim.
Flashcards
13 cards
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Questions
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Answers
1
Which is NOT a use for market research?
Forecasting sales
Determining tax deductions
Deciding what merchandise to sell
Identifying what services customers want
2
Which is NOT one of the five steps in conducting market research?
Identify problem
Apply for government funding
Choose the best solution
Obtain data
3
Which product has the highest "consumability"?
A chest freezer
An iPad
A loaf of bread
A plasma TV
4
What is an advantage of selling consumable items?
They typically have a large profit margin
They do not need refrigeration
They tend to generate repeat business
They are long-lasting
5
What are "loss leaders" designed to do?
Attract more customers to come into the store
Keep advertising budgets under control
Reduce a store's tax burden
Drive competitors out of business
6
When supply goes down and/or consumer demand goes up, what usually happens to the price?
It rises
Nothing
It drops
7
Who is usually involved in personal selling?
A store's sales associates
A radio executive
A business owner's family and friends
Customers
8
Which is not a secondary consideration when locating a retail store?
Zoning laws
Availability of workers
Access to good schools
Possibilities for expansion
9
What types of businesses generally prefer freestanding locations?
Nail salons
Big-box retailers such as Home Depot or Walmart
Small mom-and-pop retailers
10
Newspapers, magazines, and direct mail are all examples of what?
Alternative media
Print media
Broadcast media
National institutions
11
To a retail business owner, what is "cost"?
The amount paid to suppliers for merchandise
The selling price
The environmental damage caused by the store
12
In a retail business, what number do you get by subtracting an item's cost from its price?
Discount
Profit
Margin
Overhead
13
20 out of 45 men surveyed liked beef. What percentage of men did NOT like beef?
50%
45%
20%
56%
