Description of this paper

accounting questions

Description

solution


Question

Question. Define "Retailing": _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________2. Define "Retail Merchandising": _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________3. List the 5 "Rights" that describe the challenge of effective retail buying:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________4. Describe what is meant when we say that fashion retailing has moved from a "Push"to a "Pull" industry: _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________5. List the 6 key functions that are the basis of the structure of modern retail organizations:_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________6. Describe the Omni-Channel Challenge for Retail Executives: _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________7. Calculate the inventory turnover for the following retail business: _____________________BOM Stocks48,00055,00065,00065,00060,00050,00045,000FebruaryMarchAprilMayJuneJulyEOM StockNet Sales15,00020,00025,00025,00022,00013,0008. Define Gross Margin Profit and how it is calculated: _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________9. Calculate the amount of profit or loss made by a retail store posting the followingfinancial results: ______________________________________________Net Sales$565,000.00Cost of Goods Sold$295,000.00Expenses$170,000.0010. Define "Markup" and how we calculate Retail Markup %: _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________11. Which of the following steps is the most critical for preparing an effective6 Month Buying Plan? _________________________________________________A. Planning inventory turnoverB. Preparing the sales forecastC. Planning the monthly flow of receiptsD. Planning retail reductions12. List and briefly describe the 4 critical functions of the merchandising organization:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________13. Describe how the buying team and the design team work together when doingprivate label product development: _______________________________________________________________________________________________________________________________________________________________________________________14. You are a buyer for a department that has seen its sales grow to last year by12% for the past 90 days, by 14% for the past 6 months, and by 13% for the past year.Select from the following the sales increase to last year you would plan for the comingselling season: ________________________________________________________________A. a 20% increase to last yearB. a 5% increase to last yearC. a 13% increase to last yearD. I would not plan an increase to last year.15. The following represents the monthly distribution of sales that has transpired for adepartment for the past two spring selling seasons. How would you plan thedistribution of sales by month for Spring 2014? ______________________________________AugustSeptemberOctoberNovemberDecemberJanuaryFall 201211%17%14 &%12%Fall 201310%17%13%21&%13%Fall 2014??????16. List and briefly describe the 3 dimensions on which a retail buyer's performanceis evaluated: _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________17. Calculate the Cumulative Markup % achieved for the following retail department:__________________________________Cost $Retail $Opening Inventory325,000675,000Purchase 155,000125,000Purchase 230,00065,000Purchase 347,000100,00018. You are made retail buyer of a department that is new to the store. The departmentwill feature new, cutting-edge designers of women's ready to wear and is meant toestablish an advanced fashion image for the store. Select from the following howyou would plan the markdown % to net sales in your 6 Month Buying Plan: ________________A. 5% markdownsB. 10% markdownsC. 25% markdownsD. I would not plan markdowns because they erode gross margin profit.19. True or False. Markdowns are bad and should be avoided at all costs. _________________20. Which of the following activities might a retail buyer be held responsible for? ___________A. Identifying sales opportunities that are consistent with the identity of the brand and thelifestyle of the customerB. Developing a buying plan that invests assets to maximize productivity and return oninvestmentC. Managing inventories on an ongoing basis to react to current trends and maximize thepotential for building sales and profitsD. Answers A & B onlyE. All of the Above

 

Paper#42440 | Written in 18-Jul-2015

Price : $28
SiteLock