21. Specialized cosmetics is especially popular with

a. Hispanics

b. african-Americans

c. Asians

d. none of these

22. Postdating allows for

a. early payment

b. later payment

c. nonpayment

d. none of these

23. Buyers planning future purchases rely upon information from

a. past sales plan

b. resident buying office

c. trade papers

d. all of these

24. Minorities are expected to be the majorityof the population by 2050.

true or false

25. Contractor offerings are available on the Internet for those retailers interested in

a. private label development

b. national brands manufacture

c. both of these

d. neither of these

26. Explain the differencesbetween the various pricing terms like regularly, originally, comparable value, and value. Why is it important to use them properly?

27. Social and cultural awareness is

a. a must

b. unimportant

c. impractical

d. unnecessary when engaging in global business

28. Currency fluctuation is:

a. sometimes

b. always

c. never

d. rarely a problem when goods are imported

29. Buying globally sometimes results in

a. tardiness of delivery

b. production, variations

c. both of these

d. none of these

30. Manufacturer's representative's websites feature such areas as

a. the manufacturers they represent

b. closeouts

c. specials

d. all of these

31. The lifestyle factor is best exemplified by the study known as:

a. Prizm

b. Vals

c. social class

d. etc.

32. stock turnover is

a. very important

b. unimportant is most merchandise categories

c. rarely used anymore

d. not a function of the buyer

33. markdowns are caused by

a. buyer errors

b. selling errors

c. inclement weather

d. all of the above.

34. Lesser rates of duty are allowed for countries that have the

a) MFN

b) NAFTA

c) CIF

d) WTO status.

35. The formula for markdown percent is Dollar Markdown + Amount Sold.

a. true

b. false

36. Conspicuous spending is often the mantra of the upper-upper class.

a. true

b. false

37. Manufacturers and wholesalers operations are

a. the same

b. different

c. similar

d. identical

38. A subclassification is actually the same as

a. style

b. merchandise distributions

c. colors

d. none of these

39. Although most vendors have one-price policies, they

a. never

b. sometimes

c. always

d. rarely offer discounts

40. The open-to-buy is calculated

a. once a month

b. at any time

c. at the end of the year

d. at none of these times

41. A price reduction may come as a result of

a. cash discounts

b. anticipation

c. seasonal discounts

d. all of these

42. Resources are visited in ____________.

a. trade fairs

b. vendor showrooms

c. expositions

d. all of these places

43. Bowing is customary when doing business in

a. china

b. japan

c. great Britain

d. none of these countries

44. Merchandise brokers are primarily being used by

a. value retailers

b. fashion merchants

c. private brand stores

d. none of these to obtain merchandise

45. Income, rather than occupation, is most important to consumer product selection.

a. true

b. false

46. Market reps assist buyers with a

a. a hotel reservation

b. vendor appointments

c. screening lines

d. all of these

47. When one considers price and quality when purchasing, the motive is considered to be

a. rational

b. emotional

c. patronage

d. none of these

48. Special events are promotions divided into____________ and ______________categories ,much the same as ______________.

49. By merely entering the words "fashion manufacturers" on a search engine's website, thousands of vendor names will appear.

a. true

b. false

50. Goods that are purchased long before they are actually needed by the retailer often qualify them for a ___________ discount.

51. Research of consumers that involves direct discussion comes by way of

a. focus groups

b. mail questionnaires

c. want slips

d. none of these

52. The timing of the markdown is

a. irrelevant

b. crucial

c. of little importance

d. not any of these answers.

53. Those in their twenties are generally considered to be

a. generation x

b. generation y

c. baby boomers

d. none of the above

54. A rack jobber

a. oversees a retailer's inventory

b. supply some services

c. make deliveries

d. provides all of these functions

55. Open-to-buy is the difference between the merchandise needed and the merchandise available.

A. True

B. False

56. service and limited-function wholesalers are

a. the same

b. different

c. somewhat alike

d. none of these

57. Markdowns are ______________ in selling price.

58. why should retailers stock private label brands?

a. customer demand

b. promotional cost

c. quicker sales

d. inventory management

e. higher margin and profits

f. all of the above

59. The dollar markup on an item that costs $50 and retails for $100 is

a. $150

b. $50

c. $75

d. none of these

60. The economy of the future is best predicted by

a. the federal reserve bank

b. consumer's report

c. consumer banks

d. none of the above

61. Gift-giving is a "no-no" in global sales.

a. true

b. false

62. _________ is a Doneger division that specializes in closeouts.

63. fashion buyers may assess merchandise from

a. India

b. Italy

c. Canada

d. all of the above countries on the internet.

64. Shipping by rail without having to load and unload merchandise is called _________shipping.

65. Merchandise should __________________ be purchasedfrom rack jobbers.

a. always

b. never

c. sometimes

d. rarely

66. Gift-giving is not typical of doing business in

a. India

b. Australia

c. France

d. none of these countries

ADDITIONAL

1. A commissionaire is a foreign resident buyer.

A. true

b. false

2. The most important consideration in selecting a resource is its ability to produce merchandise that is exactly what the merchant wants.

A. True

b. False