Retailing Chapter 6 Word Scramble
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| Question | Answer |
| 1. What is a merchandise plan? | A basic budgeting too that assists the retailer or buyer in meeting departmental or classification goals. |
| 2. What is the merchandise life cycle? | Customer-acceptance levels and buying levels of an item of merchandise. |
| 3. What is staple merchandise? | Merchandise that sells well over a long period of time. |
| 4. What is fashion merchandise? | Merchandise that sells well for several seasons but not as long as staple merchandise. |
| 5. What is seasonal merchandise? | Merchandise that sells well at certain times of the year. |
| 6. What is convenience merchandise? | Merchandise that is purchased by customers without much planning or thought. |
| 7. What is a basic stock list? | List used for items a store should always have in stock. |
| 8. What is a model stock list? | List used for fashion merchandise. |
| 9. What is a never out list? | List used for the most popular merchandise that should always be in stock. |
| 10. What is a purchase order? | Order form that lists the style numbers of the merchandise being purchased, the amount, the delivery date, and terms of purchase. |
| 11. What is an invoice? | A bill for merchandise. |
| 12. What is inventory? | Merchandise retailers have for sale. |
| 13. What is inventory control? | Managing inventory levels to ensure enough merchandise to meet sales goals without having too much inventory on hand. |
| 14. What is stock turnover? | The number of times the average inventory is sold during a time period, usually a year. |
| 15. What are the three stock lists? | Basic stock list, model stock list, never-out list. |
| 16. What are the four steps of the product life cycle? | Introduction, Growth, Acceptance, Decline. |
| 17. What is the importance of stock turnover? | Stock turnover is important because it can help make future sales projections, and having a high stock turnover means business is operating efficiently. |
| 18. What are two types of inventory systems? | Perpetual inventory system and physical system. |
| 19. What are the four steps to the receiving process? | Receiving the merchandise, Check in the merchandise, Mark the merchandise with the selling price, and Move the merchandise to the selling area of the store to be seen by customers. |
| 20. What are the components of a merchandise plan? | Planned sales, Planned stock, Planned Reductions, Planned purchases. |
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Roberta_Phillips
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