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Premium member Presentation Transcript Chap 12: 1, page 371 GMROI is Gross Margin Return On Investment Gross Margin Retail Of Inventory Gross Margin Return On Inventory Gross Margin Retail On Investment None of the Above: Chap 12: 1, page 371 GMROI is Gross Margin Return On Investment Gross Margin Retail Of Inventory Gross Margin Return On Inventory Gross Margin Retail On Investment None of the Above 10/4/2011 1 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 2 Chapter 13: 1, page 403 Retailers use two types of buying systems known as Staple merchandise buying system for basics A merchandise budget for fashion merchandise Staple merchandise buying system for fashion Both A & B All of the Above: 2 Chapter 13: 1, page 403 Retailers use two types of buying systems known as Staple merchandise buying system for basics A merchandise budget for fashion merchandise Staple merchandise buying system for fashion Both A & B All of the Above 10/4/2011 2 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 3 Ch 10: 1, page 310 The integration of business processes from end user through original suppliers that provides products, services, and information that add value to customers is Supply Chain Management Demand Chain Management Category Chain Management Assortment Chain Management None of the Above: 3 Ch 10: 1, page 310 The integration of business processes from end user through original suppliers that provides products, services, and information that add value to customers is Supply Chain Management Demand Chain Management Category Chain Management Assortment Chain Management None of the Above 10/4/2011 3 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 4 Ch 9: 1, page 274 The strategic objective of human resource management is to Align the capabilities and behaviors of customers with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of employees with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of management with the short-term and long-term goals of the retail firm. None of the Above Align the capabilities and behaviors of employers with the short-term and long-term goals of the retail firm.: 4 Ch 9: 1, page 274 The strategic objective of human resource management is to Align the capabilities and behaviors of customers with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of employees with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of management with the short-term and long-term goals of the retail firm. None of the Above Align the capabilities and behaviors of employers with the short-term and long-term goals of the retail firm. 10/4/2011 4 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 5 Chapter 12: 24, page 374 All of the following are advantages of High Inventory Turnover except Increased Cost of Goods Sold Increased Sales Volume Increased Money for Market Opportunities Increased Salesperson morale Increased Asset Turnover: 5 Chapter 12: 24, page 374 All of the following are advantages of High Inventory Turnover except Increased Cost of Goods Sold Increased Sales Volume Increased Money for Market Opportunities Increased Salesperson morale Increased Asset Turnover 10/4/2011 5 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 6 Chapter 13: 3, page 403 Keeps track of the merchandise flows while they are occurring so buyers don�t spend too much or too little Category system Assortment Plan Category Management Merchandise Management Open-to-Buy system ( o2b) OTB : 6 Chapter 13: 3, page 403 Keeps track of the merchandise flows while they are occurring so buyers don � t spend too much or too little Category system Assortment Plan Category Management Merchandise Management Open-to-Buy system ( o2b) OTB 10/4/2011 6 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 7 Ch 10: 3, page 314 Purchase data collected at the point of sale goes into a huge database known as A. POS B. PDA C. Data Warehouse D. EDI E. None of the Above: 7 Ch 10: 3, page 314 Purchase data collected at the point of sale goes into a huge database known as A. POS B. PDA C. Data Warehouse D. EDI E. None of the Above 10/4/2011 7 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 8 Ch 9: 2, page 274 Employee productivity is The retailer�s sales or profit divided by the number of employees. The retailer�s sales or profit multiplied by the number of employees. The retailer�s sales or profit added by the number of employees. The retailer�s sales or profit subtracted by the number of employees. None of the Above: 8 Ch 9: 2, page 274 Employee productivity is The retailer � s sales or profit divided by the number of employees. The retailer � s sales or profit multiplied by the number of employees. The retailer � s sales or profit added by the number of employees. The retailer � s sales or profit subtracted by the number of employees. None of the Above 10/4/2011 8 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 9 Chapter 12: 25, page 390 The number of different merchandising categories within a store or department is called Assortment Categories Depth Breadth None of the Above: 9 Chapter 12: 25, page 390 The number of different merchandising categories within a store or department is called Assortment Categories Depth Breadth None of the Above 10/4/2011 9 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 10 Chapter 13: 6, see your notes Inventory used to guard retailer when vendor does not get merchandise to you on time Cycle Stock Base Stock Buffer Stock Value Stock In House Stock: 10 Chapter 13: 6, see your notes Inventory used to guard retailer when vendor does not get merchandise to you on time Cycle Stock Base Stock Buffer Stock Value Stock In House Stock 10/4/2011 10 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 11 Ch 10: 5, page 311 The 80-20 rule states A. 80% of loss comes from 20% of your customers B. 80% of profit comes from 20% of your customers C. 80% of profit comes from 20% of your vendors D. 20% of profit comes from 80% of your customers E. Both B & D: 11 Ch 10: 5, page 311 The 80-20 rule states A. 80% of loss comes from 20% of your customers B. 80% of profit comes from 20% of your customers C. 80% of profit comes from 20% of your vendors D. 20% of profit comes from 80% of your customers E. Both B & D 10/4/2011 11 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 12 Ch 9: 5, page 278 Identifies the activities to be performed by specific employees and determines the lines of authority and responsibility in the firm Specialization Centralization Decentralization Organization Structure Organization Chart: 12 Ch 9: 5, page 278 Identifies the activities to be performed by specific employees and determines the lines of authority and responsibility in the firm Specialization Centralization Decentralization Organization Structure Organization Chart 10/4/2011 12 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 13 Chapter 12: 26, page 391 The number of SKU�s within a category is called Variety Assortment Breadth Depth B & D: 13 Chapter 12: 26, page 391 The number of SKU � s within a category is called Variety Assortment Breadth Depth B & D 10/4/2011 13 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 14 Ch 13: 8, 408 Inventory whose sales fluctuate dramatically according to the time of year Category merchandise Seasonality merchandise Fad merchandise Staple merchandise Deseasonalized merchandise : 14 Ch 13: 8, 408 Inventory whose sales fluctuate dramatically according to the time of year Category merchandise Seasonality merchandise Fad merchandise Staple merchandise Deseasonalized merchandise 10/4/2011 14 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 15 Ch 10: 7, page 315 The computer-to-computer exchange of business documents from retailer to vendor, and back. In addition to sales data, purchase orders, invoices, and data about returned merchandise are transmitted from retailer to vendor A. Electronic Data Interchange B. Electronic Data Exchange C. Exchange Date Interchange D. Data Electronic Interchange E. Data Warehouse Exchange: 15 Ch 10: 7, page 315 The computer-to-computer exchange of business documents from retailer to vendor, and back. In addition to sales data, purchase orders, invoices, and data about returned merchandise are transmitted from retailer to vendor A. Electronic Data Interchange B. Electronic Data Exchange C. Exchange Date Interchange D. Data Electronic Interchange E. Data Warehouse Exchange 10/4/2011 15 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 16 Ch 9: 8, see notes When you delegate responsibility, you have to delegate ________ to go with it. Tasks Authority Work Specialization Centralization: 16 Ch 9: 8, see notes When you delegate responsibility , you have to delegate ________ to go with it. Tasks Authority Work Specialization Centralization 10/4/2011 16 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 17 Chapter 12: 29, page 391 Product availability is the Percentage of supply for a particular category that is satisfied. Percentage of supply for a particular SKU that is satisfied. Percentage of demand for a particular category that is satisfied. Percentage of demand for a particular SKU that is satisfied. None of the Above: 17 Chapter 12: 29, page 391 Product availability is the Percentage of supply for a particular category that is satisfied. Percentage of supply for a particular SKU that is satisfied. Percentage of demand for a particular category that is satisfied. Percentage of demand for a particular SKU that is satisfied. None of the Above 10/4/2011 17 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 18 The order point is the Amount of inventory below which the quantity available shouldn�t go or the item will be out of stock before the next order arrives. Amount of inventory below which the quantity available should reach or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn�t go or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn�t go or the item will be out of stock before the next order arrives. None of the Above: 18 The order point is the Amount of inventory below which the quantity available shouldn � t go or the item will be out of stock before the next order arrives. Amount of inventory below which the quantity available should reach or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn � t go or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn � t go or the item will be out of stock before the next order arrives. None of the Above 10/4/2011 18 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 19 Ch 10: 8, page 319 The part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers� requirements. A. Data Warehouse B. Logistics C. EDI D. ROI E. GMROI: 19 Ch 10: 8, page 319 The part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers � requirements. A. Data Warehouse B. Logistics C. EDI D. ROI E. GMROI 10/4/2011 19 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 20 Ch 9: 9, page 280 Focus employees on a limited set of activities which enables them to develop expertise and increase productivity is Centralization Decentralization Specialization Empowerment None of the Above: 20 Ch 9: 9, page 280 Focus employees on a limited set of activities which enables them to develop expertise and increase productivity is Centralization Decentralization Specialization Empowerment None of the Above 10/4/2011 20 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 21 Chapter 12: 33, page 397 An assortment plan describes in Specific terms what should be carried in a particular SKU. General terms what should be carried in a particular SKU. Specific terms what should be carried in a particular merchandise category. Specific terms what should be discontinued in a particular SKU General terms what should be carried in a particular merchandise category.: 21 Chapter 12: 33, page 397 An assortment plan describes in Specific terms what should be carried in a particular SKU. General terms what should be carried in a particular SKU. Specific terms what should be carried in a particular merchandise category. Specific terms what should be discontinued in a particular SKU General terms what should be carried in a particular merchandise category. 10/4/2011 21 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 22 Ch 13: 12, page 408 Amount of time between recognition that an order needs to be placed and when it arrives in the store and is ready for sale Review Time Order Point Lead Point Lead Time Review Point: 22 Ch 13: 12, page 408 Amount of time between recognition that an order needs to be placed and when it arrives in the store and is ready for sale Review Time Order Point Lead Point Lead Time Review Point 10/4/2011 22 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS q-23 Ch 10: 10, page 321, see notes Merchandise comes in from one side of the warehouse and loaded by trucks on other side to go to the store. A. Traditional Distribution Center B. Supply Distribution Center C. Crossdocking Distribution Center D. Logistics Distribution Center E. None of the Above: q-23 Ch 10: 10, page 321, see notes Merchandise comes in from one side of the warehouse and loaded by trucks on other side to go to the store. A. Traditional Distribution Center B. Supply Distribution Center C. Crossdocking Distribution Center D. Logistics Distribution Center E. None of the Above 10/4/2011 23 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 24 Ch 9: 13, see notes The disadvantage of centralization is Higher employee turnover Cannot respond quickly to local market conditions No Empowerment Cannot react to sudden change All of the Above: 24 Ch 9: 13, see notes The disadvantage of centralization is Higher employee turnover Cannot respond quickly to local market conditions No Empowerment Cannot react to sudden change All of the Above 10/4/2011 24 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 25 Chap 12: 2, page 370-371 The financial ratio that is useful for planning and measuring/evaluating merchandise performance is a return on investment measure called ROI GROI GMROI ROA PME: 25 Chap 12: 2, page 370-371 The financial ratio that is useful for planning and measuring/evaluating merchandise performance is a return on investment measure called ROI GROI GMROI ROA PME 10/4/2011 25 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 26 Ch 13: 18, page 411 Shrinkage is Inventory reduction that is caused by shoplifting by employees or customers Merchandise being misplaced or damaged Poor Book-keeping Difference between what you have and should have All of the Above: 26 Ch 13: 18, page 411 Shrinkage is Inventory reduction that is caused by shoplifting by employees or customers Merchandise being misplaced or damaged Poor Book-keeping Difference between what you have and should have All of the Above 10/4/2011 26 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS q-27 Chapter 12: 39, page 363The The process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time while meeting the company�s financial goals is called Supple Chain Management Assortment Planning Category Management Merchandise Management Category Planning: q-27 Chapter 12: 39, page 363The The process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time while meeting the company � s financial goals is called Supple Chain Management Assortment Planning Category Management Merchandise Management Category Planning 10/4/2011 27 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS Ch 13: 20, page 415 q-28 Open to Buy system Starts after merchandise is purchased using the merchandise budget plan or staple merchandise system. Keeps track of merchandise flow while they�re occurring specifically they record how much is spent each month, and how much is left to spend. Prevents merchandise from being delivered when it is not need. Helps merchandise to be delivered when it is needed. All of the Above: Ch 13: 20, page 415 q-28 Open to Buy system Starts after merchandise is purchased using the merchandise budget plan or staple merchandise system. Keeps track of merchandise flow while they � re occurring specifically they record how much is spent each month, and how much is left to spend. Prevents merchandise from being delivered when it is not need. Helps merchandise to be delivered when it is needed. All of the Above 10/4/2011 28 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 29 Chapter 12: 42, page 366 An assortment of items that the customer sees as reasonable substitutes for each other is called Variety Assortment Category Backup Buffer: 29 Chapter 12: 42, page 366 An assortment of items that the customer sees as reasonable substitutes for each other is called Variety Assortment Category Backup Buffer 10/4/2011 29 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 30 Ch 13: 26, page 420 This analysis utilizes the general 80-20 principle that implies that approximately 80 percent of a retailers sales or profits come from 20 percent of the products Multi-Attribute Analysis ABC Analysis Sell-through Analysis Gross Margin Analysis GMROI Analysis: 30 Ch 13: 26, page 420 This analysis utilizes the general 80-20 principle that implies that approximately 80 percent of a retailers sales or profits come from 20 percent of the products Multi-Attribute Analysis ABC Analysis Sell-through Analysis Gross Margin Analysis GMROI Analysis 10/4/2011 30 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 31 Chap 12: 45, page 370 The smallest unit for making inventory control decisions is called SKU Category Assortment Classification Department: 31 Chap 12: 45, page 370 The smallest unit for making inventory control decisions is called SKU Category Assortment Classification Department 10/4/2011 31 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 32 Ch 13: 28, page 423 In the Multiattribute method Develop a list of issues to consider in evaluation Importance weights for each issue should be determined by merchandise manager Make Judgments about each brand�s performance on each issue Mulitply the importance weight placed for each issue * the brand and add brands up All of the above: 32 Ch 13: 28, page 423 In the Multi attribute method Develop a list of issues to consider in evaluation Importance weights for each issue should be determined by merchandise manager Make Judgments about each brand � s performance on each issue Mulitply the importance weight placed for each issue * the brand and add brands up All of the above 10/4/2011 32 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 33 Chap 12: 46, page 366 A Category captain is a supplier who forms an alliance with a retailer to Help gain customer insight Satisfy consumer needs Improve the performance potential across the entire category Improve the profit potential across the category All of the Above: 33 Chap 12: 46, page 366 A Category captain is a supplier who forms an alliance with a retailer to Help gain customer insight Satisfy consumer needs Improve the performance potential across the entire category Improve the profit potential across the category All of the Above 10/4/2011 33 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 34 Ch 13: 14, page 408 Calculate the order point of Bibles with lead time being 40 days, Review time of 7 days, Demand is 40 per day, and backup stock is 40. Here the buyer orders if quantity available falls to 1920 units 1920 units or higher Fewer than 1920 units 1600 units or fewer Both A & C: 34 Ch 13: 14, page 408 Calculate the order point of Bibles with lead time being 40 days, Review time of 7 days, Demand is 40 per day, and backup stock is 40. Here the buyer orders if quantity available falls to 1920 units 1920 units or higher Fewer than 1920 units 1600 units or fewer Both A & C 10/4/2011 34 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 35 Chapter 12: 48, page 367 Potential problem with establishing a category captain, however is that Vendors could take advantage of their position by choosing to maximize their own sales at the expense of its competition. Anti-trust considerations Collision with retailers to fix prices Block other brands, particularly smaller brands, from access to shelf-space All of the Above: 35 Chapter 12: 48, page 367 Potential problem with establishing a category captain, however is that Vendors could take advantage of their position by choosing to maximize their own sales at the expense of its competition. Anti-trust considerations Collision with retailers to fix prices Block other brands, particularly smaller brands, from access to shelf-space All of the Above 10/4/2011 35 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 36 Ch 13: 17, page 408 Calculate how many Bibles to order when the quantity available is less than the order point. The order point is 1800, Quantity at hand is 490, Quantity on order is 777. We have to order 1277 We have to order 1267 We have to order 533 We have to order 1310 None of the Above: 36 Ch 13: 17, page 408 Calculate how many Bibles to order when the quantity available is less than the order point. The order point is 1800, Quantity at hand is 490, Quantity on order is 777. We have to order 1277 We have to order 1267 We have to order 533 We have to order 1310 None of the Above 10/4/2011 36 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 37 Chapter 12: 49, page 367 To avoid potential problems with the Justice Department, a category captain should Divulge all information obtained from the retailer to the other brands in the category Appoint another large brand as a �category adviser� to oversee the captain�s decisions Not serve as captain for two retailers in the same market to circumvent potential collusion in price setting None of the Above All of the Above: 37 Chapter 12: 49, page 367 To avoid potential problems with the Justice Department, a category captain should Divulge all information obtained from the retailer to the other brands in the category Appoint another large brand as a � category adviser � to oversee the captain � s decisions Not serve as captain for two retailers in the same market to circumvent potential collusion in price setting None of the Above All of the Above 10/4/2011 37 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 38 Ch 13: 24, page 417 The Actual BOM stock for Bibles is 59,500, the monthly additions actual is 7,000, what is on order is 18,000 , Sales is 15,600, monthly reductions plan is 2, 310, the planned EOM stock is 68,640, so the projected EOM stock plan is 41, 500 52, 500 66, 590 57, 190 None of the above: 38 Ch 13: 24, page 417 The Actual BOM stock for Bibles is 59,500, the monthly additions actual is 7,000, what is on order is 18,000 , Sales is 15,600, monthly reductions plan is 2, 310, the planned EOM stock is 68,640, so the projected EOM stock plan is 41, 500 52, 500 66, 590 57, 190 None of the above 10/4/2011 38 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 39 Chap 12: 9, Check your notes for formula Calculate the GMROI for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. 14.67 % 8% 12% 10% None of the Above: 39 Chap 12: 9, Check your notes for formula Calculate the GMROI for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. 14.67 % 8% 12% 10% None of the Above 10/4/2011 39 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 40 Ch 13: 25 page 417 The Open-to-buy plan for Bibles is 41,500 57,190 2,050 2,310 None of the above: 40 Ch 13: 25 page 417 The Open-to-buy plan for Bibles is 41,500 57,190 2,050 2,310 None of the above 10/4/2011 40 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 41 Chap 12: 16, page 373 + Check your notes for formula Calculate the Inventory Turnover for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. .1467 .0800 .1200 .1000 None of the Above: 41 Chap 12: 16, page 373 + Check your notes for formula Calculate the Inventory Turnover for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. .1467 .0800 .1200 .1000 None of the Above 10/4/2011 41 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 42 Ch 13: 19, page 411 Schenley Cafeteria should have 4 boxes of cereal which contain 96 cereals in each. When a physical inventory is done after being put out on the sales floor but none of been sold, now there are only 3 boxes left. The shrinkage that occurred is 384 192 288 96 278: 42 Ch 13: 19, page 411 Schenley Cafeteria should have 4 boxes of cereal which contain 96 cereals in each. When a physical inventory is done after being put out on the sales floor but none of been sold, now there are only 3 boxes left. The shrinkage that occurred is 384 192 288 96 278 10/4/2011 42 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 43 Chapter 12: 31, page 391 You go into Christian Family store to buy a Bible making you the 100th customer in there. Unfortunately, after the 90th Bible, they run out of Bibles. Christian Family store has a level of support of 100% because of their caring customer service 10% because of their shortage of Bibles 90% because of being able to have a supply of 90 0% for running out of Bibles None of the Abov: 43 Chapter 12: 31, page 391 You go into Christian Family store to buy a Bible making you the 100 th customer in there. Unfortunately, after the 90 th Bible, they run out of Bibles. Christian Family store has a level of support of 100% because of their caring customer service 10% because of their shortage of Bibles 90% because of being able to have a supply of 90 0% for running out of Bibles None of the Abov 10/4/2011 43 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 44 Ch 13: 15, page 406 Quantity available is Quantity on hand � Quantity on order Quantity on hand + Quantity on order Quantity on order � Quantity on hand Quantity on hand * Quantity on order Quantity on hand / Quantity on order: 44 Ch 13: 15, page 406 Quantity available is Quantity on hand � Quantity on order Quantity on hand + Quantity on order Quantity on order � Quantity on hand Quantity on hand * Quantity on order Quantity on hand / Quantity on order 10/4/2011 44 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 45 Chap 12: 19, Check your notes A fictional store called Christian Family has a Gross Margin of 45% , Cost of Goods sold at 11,000, calculate the net sales 9,000 22,000 20,000 12,000 15,000 : 45 Chap 12: 19, Check your notes A fictional store called Christian Family has a Gross Margin of 45% , Cost of Goods sold at 11,000, calculate the net sales 9,000 22,000 20,000 12,000 15,000 10/4/2011 45 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 46 Chapter 12: 23, page 374 If you have Inventory Turnover on Christian CD�s to be 7 times in 6 months, the IT expressed on an annual basis is 13 1.1 42 12 14: 46 Chapter 12: 23, page 374 If you have Inventory Turnover on Christian CD � s to be 7 times in 6 months, the IT expressed on an annual basis is 13 1.1 42 12 14 10/4/2011 46 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 47 Ch 13: 21. page 417 For a month that is over, The Actual EOM stock = Projected BOM stock The Actual EOM stock = Planned EOM stock The Actual EOM stock = Projected EOM stock The Actual EOM stock = Planned BOM stock The Actual EOM stock = 0: 47 Ch 13: 21. page 417 For a month that is over, The Actual EOM stock = Projected BOM stock The Actual EOM stock = Planned EOM stock The Actual EOM stock = Projected EOM stock The Actual EOM stock = Planned BOM stock The Actual EOM stock = 0 10/4/2011 47 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 48 Chap 12: 6, page 371 Average Inventory in GMROI is measured at Cost because a retailer�s investment in inventory is the cost of the inventory. Cost because a retailer�s investment in inventory is the retail of the inventory. Retail because a retailer�s investment in inventory is the retail of the inventory. Retail because a retailer�s investment in inventory is the cost of the inventory. None of the above: 48 Chap 12: 6, page 371 Average Inventory in GMROI is measured at Cost because a retailer � s investment in inventory is the cost of the inventory. Cost because a retailer � s investment in inventory is the retail of the inventory. Retail because a retailer � s investment in inventory is the retail of the inventory. Retail because a retailer � s investment in inventory is the cost of the inventory. None of the above 10/4/2011 48 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 49 Ch 13: 22, page 417 This is equal to the inventory we have at the beginning of the month plus what we buy minus what we get rid of through sales or other inventory reductions Planned EOM stock Actual EOM stock Projected EOM stock Actual BOM stock Planned BOM stock: 49 Ch 13: 22, page 417 This is equal to the inventory we have at the beginning of the month plus what we buy minus what we get rid of through sales or other inventory reductions Planned EOM stock Actual EOM stock Projected EOM stock Actual BOM stock Planned BOM stock 10/4/2011 49 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 50 Chap 12: 3, page 371 GMROI is a financial ratio that Measures how many gross margin dollars are spent on every dollar of inventory investment. Measures how many gross margin dollars are earned on every dollar of inventory investment. Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at retail Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at cost None of the Above: 50 Chap 12: 3, page 371 GMROI is a financial ratio that Measures how many gross margin dollars are spent on every dollar of inventory investment. Measures how many gross margin dollars are earned on every dollar of inventory investment. Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at retail Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at cost None of the Above 10/4/2011 50 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 51 Chapter 13: 2, page 403 All of the following are characteristics of staple merchandise buying system Forecasting Demand is much more straightforward There is an established sales history for each SKU Standard statistical techniques are used to forecast sales None of the Above All of the Above: 51 Chapter 13: 2, page 403 All of the following are characteristics of staple merchandise buying system Forecasting Demand is much more straightforward There is an established sales history for each SKU Standard statistical techniques are used to forecast sales None of the Above All of the Above 10/4/2011 51 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 52 Chap 12: 8, page 372 GMROI that is Higher is better for business Lower is better for business Higher is worse for business Lower is worse for business Both A & D: 52 Chap 12: 8, page 372 GMROI that is Higher is better for business Lower is better for business Higher is worse for business Lower is worse for business Both A & D 10/4/2011 52 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 53 Chapter 12: 20, page 372 Bibles are delivered to a fictional store called Family Christian. The faster this process takes place, the Lower the Inventory Turnover Lower the Inventory Backup Higher the Inventory Turnover Higher the Inventory Backup None of the Above: 53 Chapter 12: 20, page 372 Bibles are delivered to a fictional store called Family Christian. The faster this process takes place, the Lower the Inventory Turnover Lower the Inventory Backup Higher the Inventory Turnover Higher the Inventory Backup None of the Above 10/4/2011 53 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 54 Chapter 13: 4, page 404 Used for merchandise that follows a predictable order-receipt-order cycle where most merchandise fits this criterion. Utilized for buying most of the merchandise in food and discount stores Fashion merchandise buying system Assortment Plan Buying System Category Management Buying System Staple merchandise buying system Supply Management Buying System : 54 Chapter 13: 4, page 404 Used for merchandise that follows a predictable order-receipt-order cycle where most merchandise fits this criterion. Utilized for buying most of the merchandise in food and discount stores Fashion merchandise buying system Assortment Plan Buying System Category Management Buying System Staple merchandise buying system Supply Management Buying System 10/4/2011 54 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
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Premium member Presentation Transcript Chap 12: 1, page 371 GMROI is Gross Margin Return On Investment Gross Margin Retail Of Inventory Gross Margin Return On Inventory Gross Margin Retail On Investment None of the Above: Chap 12: 1, page 371 GMROI is Gross Margin Return On Investment Gross Margin Retail Of Inventory Gross Margin Return On Inventory Gross Margin Retail On Investment None of the Above 10/4/2011 1 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 2 Chapter 13: 1, page 403 Retailers use two types of buying systems known as Staple merchandise buying system for basics A merchandise budget for fashion merchandise Staple merchandise buying system for fashion Both A & B All of the Above: 2 Chapter 13: 1, page 403 Retailers use two types of buying systems known as Staple merchandise buying system for basics A merchandise budget for fashion merchandise Staple merchandise buying system for fashion Both A & B All of the Above 10/4/2011 2 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 3 Ch 10: 1, page 310 The integration of business processes from end user through original suppliers that provides products, services, and information that add value to customers is Supply Chain Management Demand Chain Management Category Chain Management Assortment Chain Management None of the Above: 3 Ch 10: 1, page 310 The integration of business processes from end user through original suppliers that provides products, services, and information that add value to customers is Supply Chain Management Demand Chain Management Category Chain Management Assortment Chain Management None of the Above 10/4/2011 3 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 4 Ch 9: 1, page 274 The strategic objective of human resource management is to Align the capabilities and behaviors of customers with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of employees with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of management with the short-term and long-term goals of the retail firm. None of the Above Align the capabilities and behaviors of employers with the short-term and long-term goals of the retail firm.: 4 Ch 9: 1, page 274 The strategic objective of human resource management is to Align the capabilities and behaviors of customers with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of employees with the short-term and long-term goals of the retail firm. Align the capabilities and behaviors of management with the short-term and long-term goals of the retail firm. None of the Above Align the capabilities and behaviors of employers with the short-term and long-term goals of the retail firm. 10/4/2011 4 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 5 Chapter 12: 24, page 374 All of the following are advantages of High Inventory Turnover except Increased Cost of Goods Sold Increased Sales Volume Increased Money for Market Opportunities Increased Salesperson morale Increased Asset Turnover: 5 Chapter 12: 24, page 374 All of the following are advantages of High Inventory Turnover except Increased Cost of Goods Sold Increased Sales Volume Increased Money for Market Opportunities Increased Salesperson morale Increased Asset Turnover 10/4/2011 5 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 6 Chapter 13: 3, page 403 Keeps track of the merchandise flows while they are occurring so buyers don�t spend too much or too little Category system Assortment Plan Category Management Merchandise Management Open-to-Buy system ( o2b) OTB : 6 Chapter 13: 3, page 403 Keeps track of the merchandise flows while they are occurring so buyers don � t spend too much or too little Category system Assortment Plan Category Management Merchandise Management Open-to-Buy system ( o2b) OTB 10/4/2011 6 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 7 Ch 10: 3, page 314 Purchase data collected at the point of sale goes into a huge database known as A. POS B. PDA C. Data Warehouse D. EDI E. None of the Above: 7 Ch 10: 3, page 314 Purchase data collected at the point of sale goes into a huge database known as A. POS B. PDA C. Data Warehouse D. EDI E. None of the Above 10/4/2011 7 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 8 Ch 9: 2, page 274 Employee productivity is The retailer�s sales or profit divided by the number of employees. The retailer�s sales or profit multiplied by the number of employees. The retailer�s sales or profit added by the number of employees. The retailer�s sales or profit subtracted by the number of employees. None of the Above: 8 Ch 9: 2, page 274 Employee productivity is The retailer � s sales or profit divided by the number of employees. The retailer � s sales or profit multiplied by the number of employees. The retailer � s sales or profit added by the number of employees. The retailer � s sales or profit subtracted by the number of employees. None of the Above 10/4/2011 8 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 9 Chapter 12: 25, page 390 The number of different merchandising categories within a store or department is called Assortment Categories Depth Breadth None of the Above: 9 Chapter 12: 25, page 390 The number of different merchandising categories within a store or department is called Assortment Categories Depth Breadth None of the Above 10/4/2011 9 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 10 Chapter 13: 6, see your notes Inventory used to guard retailer when vendor does not get merchandise to you on time Cycle Stock Base Stock Buffer Stock Value Stock In House Stock: 10 Chapter 13: 6, see your notes Inventory used to guard retailer when vendor does not get merchandise to you on time Cycle Stock Base Stock Buffer Stock Value Stock In House Stock 10/4/2011 10 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 11 Ch 10: 5, page 311 The 80-20 rule states A. 80% of loss comes from 20% of your customers B. 80% of profit comes from 20% of your customers C. 80% of profit comes from 20% of your vendors D. 20% of profit comes from 80% of your customers E. Both B & D: 11 Ch 10: 5, page 311 The 80-20 rule states A. 80% of loss comes from 20% of your customers B. 80% of profit comes from 20% of your customers C. 80% of profit comes from 20% of your vendors D. 20% of profit comes from 80% of your customers E. Both B & D 10/4/2011 11 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 12 Ch 9: 5, page 278 Identifies the activities to be performed by specific employees and determines the lines of authority and responsibility in the firm Specialization Centralization Decentralization Organization Structure Organization Chart: 12 Ch 9: 5, page 278 Identifies the activities to be performed by specific employees and determines the lines of authority and responsibility in the firm Specialization Centralization Decentralization Organization Structure Organization Chart 10/4/2011 12 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 13 Chapter 12: 26, page 391 The number of SKU�s within a category is called Variety Assortment Breadth Depth B & D: 13 Chapter 12: 26, page 391 The number of SKU � s within a category is called Variety Assortment Breadth Depth B & D 10/4/2011 13 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 14 Ch 13: 8, 408 Inventory whose sales fluctuate dramatically according to the time of year Category merchandise Seasonality merchandise Fad merchandise Staple merchandise Deseasonalized merchandise : 14 Ch 13: 8, 408 Inventory whose sales fluctuate dramatically according to the time of year Category merchandise Seasonality merchandise Fad merchandise Staple merchandise Deseasonalized merchandise 10/4/2011 14 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 15 Ch 10: 7, page 315 The computer-to-computer exchange of business documents from retailer to vendor, and back. In addition to sales data, purchase orders, invoices, and data about returned merchandise are transmitted from retailer to vendor A. Electronic Data Interchange B. Electronic Data Exchange C. Exchange Date Interchange D. Data Electronic Interchange E. Data Warehouse Exchange: 15 Ch 10: 7, page 315 The computer-to-computer exchange of business documents from retailer to vendor, and back. In addition to sales data, purchase orders, invoices, and data about returned merchandise are transmitted from retailer to vendor A. Electronic Data Interchange B. Electronic Data Exchange C. Exchange Date Interchange D. Data Electronic Interchange E. Data Warehouse Exchange 10/4/2011 15 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 16 Ch 9: 8, see notes When you delegate responsibility, you have to delegate ________ to go with it. Tasks Authority Work Specialization Centralization: 16 Ch 9: 8, see notes When you delegate responsibility , you have to delegate ________ to go with it. Tasks Authority Work Specialization Centralization 10/4/2011 16 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 17 Chapter 12: 29, page 391 Product availability is the Percentage of supply for a particular category that is satisfied. Percentage of supply for a particular SKU that is satisfied. Percentage of demand for a particular category that is satisfied. Percentage of demand for a particular SKU that is satisfied. None of the Above: 17 Chapter 12: 29, page 391 Product availability is the Percentage of supply for a particular category that is satisfied. Percentage of supply for a particular SKU that is satisfied. Percentage of demand for a particular category that is satisfied. Percentage of demand for a particular SKU that is satisfied. None of the Above 10/4/2011 17 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 18 The order point is the Amount of inventory below which the quantity available shouldn�t go or the item will be out of stock before the next order arrives. Amount of inventory below which the quantity available should reach or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn�t go or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn�t go or the item will be out of stock before the next order arrives. None of the Above: 18 The order point is the Amount of inventory below which the quantity available shouldn � t go or the item will be out of stock before the next order arrives. Amount of inventory below which the quantity available should reach or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn � t go or the item will be out of stock before the next order arrives. Amount of inventory above which the quantity available shouldn � t go or the item will be out of stock before the next order arrives. None of the Above 10/4/2011 18 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 19 Ch 10: 8, page 319 The part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers� requirements. A. Data Warehouse B. Logistics C. EDI D. ROI E. GMROI: 19 Ch 10: 8, page 319 The part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers � requirements. A. Data Warehouse B. Logistics C. EDI D. ROI E. GMROI 10/4/2011 19 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 20 Ch 9: 9, page 280 Focus employees on a limited set of activities which enables them to develop expertise and increase productivity is Centralization Decentralization Specialization Empowerment None of the Above: 20 Ch 9: 9, page 280 Focus employees on a limited set of activities which enables them to develop expertise and increase productivity is Centralization Decentralization Specialization Empowerment None of the Above 10/4/2011 20 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 21 Chapter 12: 33, page 397 An assortment plan describes in Specific terms what should be carried in a particular SKU. General terms what should be carried in a particular SKU. Specific terms what should be carried in a particular merchandise category. Specific terms what should be discontinued in a particular SKU General terms what should be carried in a particular merchandise category.: 21 Chapter 12: 33, page 397 An assortment plan describes in Specific terms what should be carried in a particular SKU. General terms what should be carried in a particular SKU. Specific terms what should be carried in a particular merchandise category. Specific terms what should be discontinued in a particular SKU General terms what should be carried in a particular merchandise category. 10/4/2011 21 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 22 Ch 13: 12, page 408 Amount of time between recognition that an order needs to be placed and when it arrives in the store and is ready for sale Review Time Order Point Lead Point Lead Time Review Point: 22 Ch 13: 12, page 408 Amount of time between recognition that an order needs to be placed and when it arrives in the store and is ready for sale Review Time Order Point Lead Point Lead Time Review Point 10/4/2011 22 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS q-23 Ch 10: 10, page 321, see notes Merchandise comes in from one side of the warehouse and loaded by trucks on other side to go to the store. A. Traditional Distribution Center B. Supply Distribution Center C. Crossdocking Distribution Center D. Logistics Distribution Center E. None of the Above: q-23 Ch 10: 10, page 321, see notes Merchandise comes in from one side of the warehouse and loaded by trucks on other side to go to the store. A. Traditional Distribution Center B. Supply Distribution Center C. Crossdocking Distribution Center D. Logistics Distribution Center E. None of the Above 10/4/2011 23 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 24 Ch 9: 13, see notes The disadvantage of centralization is Higher employee turnover Cannot respond quickly to local market conditions No Empowerment Cannot react to sudden change All of the Above: 24 Ch 9: 13, see notes The disadvantage of centralization is Higher employee turnover Cannot respond quickly to local market conditions No Empowerment Cannot react to sudden change All of the Above 10/4/2011 24 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 25 Chap 12: 2, page 370-371 The financial ratio that is useful for planning and measuring/evaluating merchandise performance is a return on investment measure called ROI GROI GMROI ROA PME: 25 Chap 12: 2, page 370-371 The financial ratio that is useful for planning and measuring/evaluating merchandise performance is a return on investment measure called ROI GROI GMROI ROA PME 10/4/2011 25 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 26 Ch 13: 18, page 411 Shrinkage is Inventory reduction that is caused by shoplifting by employees or customers Merchandise being misplaced or damaged Poor Book-keeping Difference between what you have and should have All of the Above: 26 Ch 13: 18, page 411 Shrinkage is Inventory reduction that is caused by shoplifting by employees or customers Merchandise being misplaced or damaged Poor Book-keeping Difference between what you have and should have All of the Above 10/4/2011 26 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS q-27 Chapter 12: 39, page 363The The process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time while meeting the company�s financial goals is called Supple Chain Management Assortment Planning Category Management Merchandise Management Category Planning: q-27 Chapter 12: 39, page 363The The process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time while meeting the company � s financial goals is called Supple Chain Management Assortment Planning Category Management Merchandise Management Category Planning 10/4/2011 27 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS Ch 13: 20, page 415 q-28 Open to Buy system Starts after merchandise is purchased using the merchandise budget plan or staple merchandise system. Keeps track of merchandise flow while they�re occurring specifically they record how much is spent each month, and how much is left to spend. Prevents merchandise from being delivered when it is not need. Helps merchandise to be delivered when it is needed. All of the Above: Ch 13: 20, page 415 q-28 Open to Buy system Starts after merchandise is purchased using the merchandise budget plan or staple merchandise system. Keeps track of merchandise flow while they � re occurring specifically they record how much is spent each month, and how much is left to spend. Prevents merchandise from being delivered when it is not need. Helps merchandise to be delivered when it is needed. All of the Above 10/4/2011 28 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 29 Chapter 12: 42, page 366 An assortment of items that the customer sees as reasonable substitutes for each other is called Variety Assortment Category Backup Buffer: 29 Chapter 12: 42, page 366 An assortment of items that the customer sees as reasonable substitutes for each other is called Variety Assortment Category Backup Buffer 10/4/2011 29 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 30 Ch 13: 26, page 420 This analysis utilizes the general 80-20 principle that implies that approximately 80 percent of a retailers sales or profits come from 20 percent of the products Multi-Attribute Analysis ABC Analysis Sell-through Analysis Gross Margin Analysis GMROI Analysis: 30 Ch 13: 26, page 420 This analysis utilizes the general 80-20 principle that implies that approximately 80 percent of a retailers sales or profits come from 20 percent of the products Multi-Attribute Analysis ABC Analysis Sell-through Analysis Gross Margin Analysis GMROI Analysis 10/4/2011 30 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 31 Chap 12: 45, page 370 The smallest unit for making inventory control decisions is called SKU Category Assortment Classification Department: 31 Chap 12: 45, page 370 The smallest unit for making inventory control decisions is called SKU Category Assortment Classification Department 10/4/2011 31 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 32 Ch 13: 28, page 423 In the Multiattribute method Develop a list of issues to consider in evaluation Importance weights for each issue should be determined by merchandise manager Make Judgments about each brand�s performance on each issue Mulitply the importance weight placed for each issue * the brand and add brands up All of the above: 32 Ch 13: 28, page 423 In the Multi attribute method Develop a list of issues to consider in evaluation Importance weights for each issue should be determined by merchandise manager Make Judgments about each brand � s performance on each issue Mulitply the importance weight placed for each issue * the brand and add brands up All of the above 10/4/2011 32 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 33 Chap 12: 46, page 366 A Category captain is a supplier who forms an alliance with a retailer to Help gain customer insight Satisfy consumer needs Improve the performance potential across the entire category Improve the profit potential across the category All of the Above: 33 Chap 12: 46, page 366 A Category captain is a supplier who forms an alliance with a retailer to Help gain customer insight Satisfy consumer needs Improve the performance potential across the entire category Improve the profit potential across the category All of the Above 10/4/2011 33 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 34 Ch 13: 14, page 408 Calculate the order point of Bibles with lead time being 40 days, Review time of 7 days, Demand is 40 per day, and backup stock is 40. Here the buyer orders if quantity available falls to 1920 units 1920 units or higher Fewer than 1920 units 1600 units or fewer Both A & C: 34 Ch 13: 14, page 408 Calculate the order point of Bibles with lead time being 40 days, Review time of 7 days, Demand is 40 per day, and backup stock is 40. Here the buyer orders if quantity available falls to 1920 units 1920 units or higher Fewer than 1920 units 1600 units or fewer Both A & C 10/4/2011 34 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 35 Chapter 12: 48, page 367 Potential problem with establishing a category captain, however is that Vendors could take advantage of their position by choosing to maximize their own sales at the expense of its competition. Anti-trust considerations Collision with retailers to fix prices Block other brands, particularly smaller brands, from access to shelf-space All of the Above: 35 Chapter 12: 48, page 367 Potential problem with establishing a category captain, however is that Vendors could take advantage of their position by choosing to maximize their own sales at the expense of its competition. Anti-trust considerations Collision with retailers to fix prices Block other brands, particularly smaller brands, from access to shelf-space All of the Above 10/4/2011 35 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 36 Ch 13: 17, page 408 Calculate how many Bibles to order when the quantity available is less than the order point. The order point is 1800, Quantity at hand is 490, Quantity on order is 777. We have to order 1277 We have to order 1267 We have to order 533 We have to order 1310 None of the Above: 36 Ch 13: 17, page 408 Calculate how many Bibles to order when the quantity available is less than the order point. The order point is 1800, Quantity at hand is 490, Quantity on order is 777. We have to order 1277 We have to order 1267 We have to order 533 We have to order 1310 None of the Above 10/4/2011 36 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 37 Chapter 12: 49, page 367 To avoid potential problems with the Justice Department, a category captain should Divulge all information obtained from the retailer to the other brands in the category Appoint another large brand as a �category adviser� to oversee the captain�s decisions Not serve as captain for two retailers in the same market to circumvent potential collusion in price setting None of the Above All of the Above: 37 Chapter 12: 49, page 367 To avoid potential problems with the Justice Department, a category captain should Divulge all information obtained from the retailer to the other brands in the category Appoint another large brand as a � category adviser � to oversee the captain � s decisions Not serve as captain for two retailers in the same market to circumvent potential collusion in price setting None of the Above All of the Above 10/4/2011 37 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 38 Ch 13: 24, page 417 The Actual BOM stock for Bibles is 59,500, the monthly additions actual is 7,000, what is on order is 18,000 , Sales is 15,600, monthly reductions plan is 2, 310, the planned EOM stock is 68,640, so the projected EOM stock plan is 41, 500 52, 500 66, 590 57, 190 None of the above: 38 Ch 13: 24, page 417 The Actual BOM stock for Bibles is 59,500, the monthly additions actual is 7,000, what is on order is 18,000 , Sales is 15,600, monthly reductions plan is 2, 310, the planned EOM stock is 68,640, so the projected EOM stock plan is 41, 500 52, 500 66, 590 57, 190 None of the above 10/4/2011 38 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 39 Chap 12: 9, Check your notes for formula Calculate the GMROI for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. 14.67 % 8% 12% 10% None of the Above: 39 Chap 12: 9, Check your notes for formula Calculate the GMROI for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. 14.67 % 8% 12% 10% None of the Above 10/4/2011 39 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 40 Ch 13: 25 page 417 The Open-to-buy plan for Bibles is 41,500 57,190 2,050 2,310 None of the above: 40 Ch 13: 25 page 417 The Open-to-buy plan for Bibles is 41,500 57,190 2,050 2,310 None of the above 10/4/2011 40 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 41 Chap 12: 16, page 373 + Check your notes for formula Calculate the Inventory Turnover for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. .1467 .0800 .1200 .1000 None of the Above: 41 Chap 12: 16, page 373 + Check your notes for formula Calculate the Inventory Turnover for a Christian Bookstore that has annual sales of $20,000 for T-Shirts, Gross Margin of 45%, and Average Inventory (at cost) of $75,000. .1467 .0800 .1200 .1000 None of the Above 10/4/2011 41 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 42 Ch 13: 19, page 411 Schenley Cafeteria should have 4 boxes of cereal which contain 96 cereals in each. When a physical inventory is done after being put out on the sales floor but none of been sold, now there are only 3 boxes left. The shrinkage that occurred is 384 192 288 96 278: 42 Ch 13: 19, page 411 Schenley Cafeteria should have 4 boxes of cereal which contain 96 cereals in each. When a physical inventory is done after being put out on the sales floor but none of been sold, now there are only 3 boxes left. The shrinkage that occurred is 384 192 288 96 278 10/4/2011 42 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 43 Chapter 12: 31, page 391 You go into Christian Family store to buy a Bible making you the 100th customer in there. Unfortunately, after the 90th Bible, they run out of Bibles. Christian Family store has a level of support of 100% because of their caring customer service 10% because of their shortage of Bibles 90% because of being able to have a supply of 90 0% for running out of Bibles None of the Abov: 43 Chapter 12: 31, page 391 You go into Christian Family store to buy a Bible making you the 100 th customer in there. Unfortunately, after the 90 th Bible, they run out of Bibles. Christian Family store has a level of support of 100% because of their caring customer service 10% because of their shortage of Bibles 90% because of being able to have a supply of 90 0% for running out of Bibles None of the Abov 10/4/2011 43 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 44 Ch 13: 15, page 406 Quantity available is Quantity on hand � Quantity on order Quantity on hand + Quantity on order Quantity on order � Quantity on hand Quantity on hand * Quantity on order Quantity on hand / Quantity on order: 44 Ch 13: 15, page 406 Quantity available is Quantity on hand � Quantity on order Quantity on hand + Quantity on order Quantity on order � Quantity on hand Quantity on hand * Quantity on order Quantity on hand / Quantity on order 10/4/2011 44 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 45 Chap 12: 19, Check your notes A fictional store called Christian Family has a Gross Margin of 45% , Cost of Goods sold at 11,000, calculate the net sales 9,000 22,000 20,000 12,000 15,000 : 45 Chap 12: 19, Check your notes A fictional store called Christian Family has a Gross Margin of 45% , Cost of Goods sold at 11,000, calculate the net sales 9,000 22,000 20,000 12,000 15,000 10/4/2011 45 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 46 Chapter 12: 23, page 374 If you have Inventory Turnover on Christian CD�s to be 7 times in 6 months, the IT expressed on an annual basis is 13 1.1 42 12 14: 46 Chapter 12: 23, page 374 If you have Inventory Turnover on Christian CD � s to be 7 times in 6 months, the IT expressed on an annual basis is 13 1.1 42 12 14 10/4/2011 46 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 47 Ch 13: 21. page 417 For a month that is over, The Actual EOM stock = Projected BOM stock The Actual EOM stock = Planned EOM stock The Actual EOM stock = Projected EOM stock The Actual EOM stock = Planned BOM stock The Actual EOM stock = 0: 47 Ch 13: 21. page 417 For a month that is over, The Actual EOM stock = Projected BOM stock The Actual EOM stock = Planned EOM stock The Actual EOM stock = Projected EOM stock The Actual EOM stock = Planned BOM stock The Actual EOM stock = 0 10/4/2011 47 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 48 Chap 12: 6, page 371 Average Inventory in GMROI is measured at Cost because a retailer�s investment in inventory is the cost of the inventory. Cost because a retailer�s investment in inventory is the retail of the inventory. Retail because a retailer�s investment in inventory is the retail of the inventory. Retail because a retailer�s investment in inventory is the cost of the inventory. None of the above: 48 Chap 12: 6, page 371 Average Inventory in GMROI is measured at Cost because a retailer � s investment in inventory is the cost of the inventory. Cost because a retailer � s investment in inventory is the retail of the inventory. Retail because a retailer � s investment in inventory is the retail of the inventory. Retail because a retailer � s investment in inventory is the cost of the inventory. None of the above 10/4/2011 48 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 49 Ch 13: 22, page 417 This is equal to the inventory we have at the beginning of the month plus what we buy minus what we get rid of through sales or other inventory reductions Planned EOM stock Actual EOM stock Projected EOM stock Actual BOM stock Planned BOM stock: 49 Ch 13: 22, page 417 This is equal to the inventory we have at the beginning of the month plus what we buy minus what we get rid of through sales or other inventory reductions Planned EOM stock Actual EOM stock Projected EOM stock Actual BOM stock Planned BOM stock 10/4/2011 49 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 50 Chap 12: 3, page 371 GMROI is a financial ratio that Measures how many gross margin dollars are spent on every dollar of inventory investment. Measures how many gross margin dollars are earned on every dollar of inventory investment. Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at retail Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at cost None of the Above: 50 Chap 12: 3, page 371 GMROI is a financial ratio that Measures how many gross margin dollars are spent on every dollar of inventory investment. Measures how many gross margin dollars are earned on every dollar of inventory investment. Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at retail Measures how many gross margin dollars are earned on every 100 dollars of inventory investment at cost None of the Above 10/4/2011 50 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 51 Chapter 13: 2, page 403 All of the following are characteristics of staple merchandise buying system Forecasting Demand is much more straightforward There is an established sales history for each SKU Standard statistical techniques are used to forecast sales None of the Above All of the Above: 51 Chapter 13: 2, page 403 All of the following are characteristics of staple merchandise buying system Forecasting Demand is much more straightforward There is an established sales history for each SKU Standard statistical techniques are used to forecast sales None of the Above All of the Above 10/4/2011 51 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 52 Chap 12: 8, page 372 GMROI that is Higher is better for business Lower is better for business Higher is worse for business Lower is worse for business Both A & D: 52 Chap 12: 8, page 372 GMROI that is Higher is better for business Lower is better for business Higher is worse for business Lower is worse for business Both A & D 10/4/2011 52 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 53 Chapter 12: 20, page 372 Bibles are delivered to a fictional store called Family Christian. The faster this process takes place, the Lower the Inventory Turnover Lower the Inventory Backup Higher the Inventory Turnover Higher the Inventory Backup None of the Above: 53 Chapter 12: 20, page 372 Bibles are delivered to a fictional store called Family Christian. The faster this process takes place, the Lower the Inventory Turnover Lower the Inventory Backup Higher the Inventory Turnover Higher the Inventory Backup None of the Above 10/4/2011 53 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS 54 Chapter 13: 4, page 404 Used for merchandise that follows a predictable order-receipt-order cycle where most merchandise fits this criterion. Utilized for buying most of the merchandise in food and discount stores Fashion merchandise buying system Assortment Plan Buying System Category Management Buying System Staple merchandise buying system Supply Management Buying System : 54 Chapter 13: 4, page 404 Used for merchandise that follows a predictable order-receipt-order cycle where most merchandise fits this criterion. Utilized for buying most of the merchandise in food and discount stores Fashion merchandise buying system Assortment Plan Buying System Category Management Buying System Staple merchandise buying system Supply Management Buying System 10/4/2011 54 SY-MMS 2011 RETAIL MANAGEMENT TEST 20 MARKS