A Method of Classification That Describes How Many Different Types

question 101

Multiple Choice

A method of classification that describes how many different types of products a store carries and in what assortment is referred to as a

• A) product mix.
• B) service level.
• C) product variety.
• D) store composition.
• E) merchandise line.

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Definitions:

Cash Discount

is a reduction in the invoice price offered by sellers to buyers as an incentive to encourage prompt payment of their accounts payable.

Customer Refunds Payable

Liabilities owed to customers for products returned or services not satisfactorily rendered.

Merchandise Inventory

The total value of a retailer's goods that are available for sale to customers, including items purchased from suppliers and items ready for sale.

Sales Discount

A reduction in the price of goods or services offered to customers, usually to prompt early payment or bulk purchases.