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