Question 1

The price the store pays to purchase a product from a supplier.

Accepted Answer

cost

Answer

profit

Answer

margin

Answer

revenue

Question 2

The difference between the purchase price and the sale price.

Accepted Answer

margin

Answer

profit

Answer

cost

Answer

revenue

Question 3

Total dollar sales over some period of time.

Accepted Answer

revenue

Answer

margin

Answer

profit

Answer

cost

Question 4

Revenue minus expenses.

Accepted Answer

profit

Answer

revenue

Answer

margin

Answer

cost

Question 5

Setting prices based on cost.

Accepted Answer

cost-oriented pricing

Answer

competition-oriented pricing

Answer

demand-oriented pricing

Answer

skim pricing

Question 6

Setting prices based on what the customer is willing to pay.

Accepted Answer

demand-oriented pricing

Answer

loss leader pricing

Answer

competition-oriented pricing

Answer

cost-oriented pricing

Question 7

Setting prices based on competitor's prices.

Accepted Answer

competition-oriented pricing

Answer

cost-oriented pricing

Answer

demand-oriented pricing

Answer

quality pricing

Question 8

Amount of goods a business has for resale.

Accepted Answer

Inventory

Answer

All of these

Answer

Items

Answer

Products

Question 9

Policy specifying how much and when to purchase of a product.

Accepted Answer

Purchasing Policy

Answer

Obtaining Policy

Answer

Management Policy

Answer

Buying Policy

Question 10

New inventory is purchased automatically as sales are made.

Accepted Answer

Just-in-time inventory

Answer

First in, first out inventory

Answer

none of these

Answer

Last in, last out inventory

Question 11

A number that indicates when new products should be purchased.

Accepted Answer

reorder point

Answer

reorder date

Answer

reorder quantity

Answer

reorder system

Question 12

Money a business loses due to broken, damaged, expired or stolen inventory

Accepted Answer

shrinkage

Answer

unrecoverable funds

Answer

losses

Answer

none of these

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