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19: Fashion in Review
What is the difference between cash receipts and cash disbursements?
Give the overall formula of factors that contribute to a fashion merchandising company’s profit.
What is the main purpose of the operating statement?
How is a loss or negative result in the operating statement indicated?
What are returns and allowances?
What figures must be added and subtracted to determine the cost of goods sold during a year?
What are the three usual operating-expense categories of businesses? Give an example of each.
How are the basic operating ratios computed?
How can operating ratios be used most effectively?
What effect do high inventory turnover and low stock-to-sales ratios generally have on profits?
What are three measures of sales productivity?
Contrast controllable and uncontrollable expenses and give an example of each.
List one advantage and one disadvantage of overbuying.
Why do most retailers use the selling price rather than the cost to compute percentage markups?
Why might customers not be willing to buy items at the originally marked-up price?
Why is total-markdown percent for an entire month or year smaller than the markdown percent on one item that has been reduced?
What is markdown money?
Why is the maintained markup the most important indicator of pricing success?
Describe price transparency.
How does elastic demand for a fashion item differ from inelastic demand?
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