Unit 2 - Trading Firms and STock ch10-12
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | a lowest acceptable profit figure, usually similar to previous income plus a return on the amount invested
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| show | a selling price that is recommended by the wholesaler/manufacturer
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| trading firm | show 🗑
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| show | less work for retailer, easy starting point, many other retailers follow this price
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| RRP cons | show 🗑
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| show | prices charged by businesses competing in the same market
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| show | if too high, sales lost to competitors and profit suffers. if too low, business may not be able to cover expenses and profit suffers.
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| show | the response of customers in a particular marketplace to price levels for a particular g/s
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| mark up | show 🗑
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| mark up formula | show 🗑
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| NB about s.p | show 🗑
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| show | a analysis tool that allows a business to determine a sp or volume of sales that will let them achieve a specific profit goal
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| show | the level of sales where total revenue equals total expenses and the business neither makes a profit or loss.
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| variable costs | show 🗑
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| show | costs that do not vary with the level of activity
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| cost-volume-protif formula: | show 🗑
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| Contribution Margin | show 🗑
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| show | sales rev = sp X no.sold
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| info generated by a cost-volume-profit analysis is presented in what acc report? | show 🗑
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| Stock | show 🗑
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| show | sale of stock = main source of rev for trading firm (essential to earning a profit) _______ stock is (most likely) one of the most significant assets in the B.S of trading firm
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| show | system of accounting for stock that involves the continuous recording of stock movements in stock cards.
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| stock card | show 🗑
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| sales | show 🗑
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| purchases | show 🗑
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| show | the expense incurred when stock flows out of the business due to a sale
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| show | the profit earned purely from the purchase and sale of stock, measure by Sales Rev - COGS
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| show | value = quantity X unit price
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| show | NO
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| show | the assumption that the stock that is purchased first will be sold first
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| stocktake | show 🗑
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| stock loss | show 🗑
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| reasons for stock loss | show 🗑
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| stock cards pros | show 🗑
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| show | a heading used in the I.S for all costs incurred to bring stock into location and condition ready for sale
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| COGS e.g.s: | show 🗑
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| Adjusted Gross Profit | show 🗑
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| Stock Sheet | show 🗑
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| show | an efficiency indicator which measures the average number of days it takes for a business to convert its stock into sales.
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| STO formula: | show 🗑
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| show | Av stock = (stock at start + stock at end) / 2
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| how to assess STO | show 🗑
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| acceptable rate of STO depends on: | show 🗑
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| if STO too low improve by: | show 🗑
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| show | insufficient stock on hand=loss of sales=loss of profit, min stock assists in re-ordering, max level ensures that business does not have too much=lead to additional storage costs, go out of fashion/obsolete, business is not burdened with stock itcan'tsell
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| show |
set min/max stock levels___rotate stock (perishable/older items stocked at front___ensure stock is up to date___maintain apron stock mix___promote sale of complementary goods___effective marketing
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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