Deck 11

Question 1

Adjacent Colors

Answer 1

colors that are next to each other on the color wheel

Question 2

Aseptic Package

Answer 2

a food storage process that keeps food fresh without refrigeration for up to six months

Question 3

BBB

Answer 3

one of the oldest nonprofit organizations that establishes self regulation among businesses

Question 4

Basic Stock List

Answer 4

a list used for those staple items that should always be in stock

Question 5

Bonded Warehouses

Answer 5

warehouses that store products requiring the payment of federal tax

Question 6

Boomerang Method

Answer 6

a selling method that converts a customers objection into a selling point

Question 7

Centralized Buying

Answer 7

buying process for all branches in a chain store operation, usually done in a central location, such as company headquarters

Question 8

Cold Canvassing

Answer 8

the process of location as many potential customers as possible without checking out leads beforehand

Question 9

Decentralized Buying

Answer 9

Local chain store managers or their designated buyers who are authorized to make special purchases for their individual stores

Question 10

Dollar Control

Answer 10

the planning and monitoring of the total inventory investment that a business makes during a stated period of time

Question 11

Drop Shippers

Answer 11

businesses that own the goods they sell but do not physically handle the products

Question 12

Empathy

Answer 12

an understanding of a persons situation or frame of mind

Question 13

Endless Chain Method

Answer 13

the process of asking previous customers for names of potential customers

Question 14

Exempt Carriers

Answer 14

trucking companies that are free from direct regulation of rates and operating procedures

Question 15

EEOC

Answer 15

equal employment opportunity commission

Question 16

FTC

Answer 16

Federal trade commission

Question 17

Fidelity Bonds

Answer 17

a type of insurance that protects a business from employee dishonesty

Question 18

Firewall

Answer 18

hardware or software that protects a compurter from attacks by hackers

Question 19

Flextime

Answer 19

a program that allows workers to choose their work hours

Question 20

HTML

Answer 20

hypertext markup language

Question 21

HTTP

Answer 21

hypertext transfer protocol

Question 22

indirect distribution

Answer 22

sales of goods or services to the customer through intermediaries

Question 23

Intermediaries

Answer 23

business involved in sales transactions that move products from the manufacturer to the final user; also known as middlemen

Question 24

ISP

Answer 24

internet service provider

Question 25

JIT

Answer 25

just in time inventory system

Question 26

Laymans Terms

Answer 26

words the average customer can understand

Question 27

LLC

Answer 27

limited liability company

Question 28

Marquee

Answer 28

an architectural canopy that extends over a stores entrance

Question 29

Memorandum Buying

Answer 29

a buying process in which the supplier agrees to take back any unsold goods by a certain pre-established date

Question 30

Merchandise Approach

Answer 30

a way to approach a customer that focuses on making a comment about a product in which the customer shows interest

Question 31

mini-nationals

Answer 31

midsize or smaller companies that have operations in multiple countries

Question 32

model stock list

Answer 32

an inventory monitoring plan used for merchandise that quickly goes out of fashion

Question 33

O*NET

Answer 33

occupational information network

Question 34

on-approval sale

Answer 34

an agreement permitting a customer to take merchandise home for further consideration

Question 35

Penetration Pricing

Answer 35

a pricing policy that sets the initial price for a new product very low

Question 36

Performance Bonds

Answer 36

a type of insurance that provides financial protection for losses that might occur when a construction project is not finished due to the contractors impaired financial condition

Question 37

Physical Inventory System

Answer 37

an inventory sstem where every so often stock is visually inspected or actually counted to determine the quantity on hand

Question 38

Planogram

Answer 38

a computer developed diagram that shows retailers how and where products within a category should be displayed on a shelf at individual stores

Question 39

Prestige Pricing

Answer 39

a pricing technique that sets higher than average prices to suggest status and high quality to the consumer

Question 40

Protectionism

Answer 40

a governments establishment of economic policies that restrict imports to protect domestic industries

Question 41

Rack Jobbers

Answer 41

wholesalers that manage inventory and merchandising for retailers by counting stock, filing it in when needed.

Question 42

Stock keeping unit

Answer 42

a unit or a group ofrelated items in a unit control inventory system

Question 43

sole proprietorship

Answer 43

a business owned and operated by one person