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CHAPTER 8 FLASHCARDS

Barrett Morrison Business/Economics Inglés 17 fichas

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1Breakeven PointPoint at which seller has covered all expenses and costs and has made no profit or suffered a loss
2Contribution MarginDifference between selling price and variable cost
3CostPrice retailers pay to manufacturer or supplier to bring merchandise into store
4Dollar MarkdownOriginal selling price less the reduction to price. Markdown may be stated as a percent of the original selling price
5Dollar MarkupSelling price less cost. Difference is the amount of the markup. Markup is also expressed in percent
6Fixed CostCosts that do not change with increase or decrease in sales
7Gross ProfitDifference between cost of bringing goods into the store and selling price of the goods
8MarginsDifference between cost of bringing goods into store and selling price of goods
9MarkdownReductions from original selling price caused by seasonal changes, special promotions, and so on,
10MarkupAmount retailers add to cost of goods to cover operating expenses and make a profit
11Net ProfitGross profit less operating expenses
12Operating ExpensesRegular expenses of doing business. These are not costs
13Percent Markup on CostDollar markup divided by the cost; thus, markup is a percent of the cost
14Percent Markup on Selling PriceDollar markup divided by the selling price; thus, markup is a percent of the selling price
15PerishablesGoods or services with a limited life
16Selling PriceCost plus markup equals selling price
17Variable CostCosts that do change in response to change in volume of sales