Retail Management - Qp12

6 Questions | Total Attempts: 16

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Retail Management Quizzes & Trivia

Questions and Answers
  • 1. 
    A business which runs without a budget is like a boat without a rudder - it is extremely difficult to maintain direction without either aid.
    • A. 

      True

    • B. 

      False

  • 2. 
    A number of factors which you need to consider when drawing up a budget includes:  (Select three)
    • A. 

      The rate of inflation, as specified by a reputable banking organisation.

    • B. 

      Whether you wish to maintain, increase or decrease your profit margins.

    • C. 

      The number of staff holidays.

    • D. 

      Whether you intend expanding your business.

  • 3. 
    Monetary gross profit multiplied by the turnover divided by 100 = the monetary gross profit as a percentage of turnover
    • A. 

      True

    • B. 

      False

  • 4. 
    When working with percentages you will need to "round off" in order to achieve a total of 100%.
    • A. 

      True

    • B. 

      False

  • 5. 
    Once you have established your annual budget per department, break it down into ______.
    • A. 

      Days

    • B. 

      Months

    • C. 

      Quarters

  • 6. 
    Areas such as wastage and markdowns should not be ignored, both of which may be measured and controlled through budgeting.
    • A. 

      True

    • B. 

      False