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

Question 13

The assignment of persons to jobs within a business.

Accepted Answer

staffing

Answer

managing

Answer

stocking up

Answer

none of these

Question 14

The number of people assigned to a job at a particular time.

Accepted Answer

staffing level

Answer

none of these

Answer

employee count

Answer

both of these

Question 15

Payments to employees based on hours or days worked.

Accepted Answer

wages

Answer

checks

Answer

paychecks

Answer

cash

Question 16

Person who collects money from customers in a retail business.

Accepted Answer

cashier

Answer

none of these

Answer

supervisor

Answer

stocker

Question 17

Person who replenishes shelves in a store.

Accepted Answer

stocker

Answer

none of these

Answer

cashier

Answer

supervisor

Question 18

Opinion of customers about a particular aspect of a business, such as customer service.

Accepted Answer

customer satisfaction

Answer

employee morale

Answer

online review

Answer

vendor rating

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