Ch. 8 test Review
| A | B |
|---|---|
| Retail outlet owned and operated by consumers that sells merchandise to members at reduced prices | consumer co-ops |
| What is an example of a service co-op? | Credit Unions |
| Agricultural marketing to help members sell their products | Producer Co-ops |
What is a business owned and controlled by two or more people who have entered into a written agreement?
Partnership. A business owned and controlled by two or more people who have entered into a written agreement.
When a manufacturer owns and operates a discount store it is called?
off-price retailer. an off-price retailer that is owned and operated by a manufacturer. factory outlet. a retailer whereby items purchased from one of the other types of retailers are resold to different customers.
What are payments to employees other than wages or salary?
Salary is part of the equation, but so are other benefits such as employer-paid retirement, company match for your 401(k), fringe benefits, work/life balance, student loan payoff assistance, or use of a company car.
What is a major advantage of a franchise?
Advantages of buying a franchise Franchisors usually provide the training you need to operate their business model. Franchises have a higher rate of success than start-up businesses. You may find it easier to secure finance for a franchise.
Is a business owned and run by just one person?
A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
What is the easiest type of business?
Sole Proprietorship: The simplest type of business. Sole proprietorships are owned and operated by a single person and are very easy to set up.
What is the definition of a retail store?
What is a Retail Store? A retailer or retail store is a business enterprise whose primary source of selling comes from retailing. Retailing includes all the activities involved in selling of goods or services directly to final consumer for personal, non-business use – Philip Kotler.
What are the different types of off price retailers?
Off price retailers may be of three types. 1. Factory outlets These are owned and operated by manufacturers. They carry the manufacturer’s surplus, discontinued or irregular goods. e.g., dinner ware, shoes, upscale apparel, etc. 2. Independent off price retailer
Which is the best description of a departmental store?
A departmental store is a large retail outlet that handles a wide variety of lines of product. It has a wide assortment in each line and is organized into separate departments for purposes of buying, promotion, services and control. It is sometimes called mass merchandising departmental store e.g., military canteens. 3. Super markets
What makes a retail store a discount store?
A discount store sells standard merchandise at lower prices. Higher volumes of sales compensate lower margins and increase the overall profitability. Discount retailing has moved into speciality merchandise stores such as sport goods stores, electronics stores and book shops. 6. Off price retailer
