Trey, an Entrepreneur, Intends to Open a Chain of Very

question 199

Multiple Choice

Trey, an entrepreneur, intends to open a chain of very large retail stores that specialize solely in men's pants. He wants to stock pants for every occasion and from every country on the planet. Trey believes he can sell the enormous variety of pants at 10 to 30 percent below his competitors' prices and still make a profit. His store, Just Pants, would be classified as a

• A) category killer.
• B) discount store.
• C) superstore.
• D) traditional specialty store.
• E) department store.

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Definitions:

Every Day

A term denoting something that occurs regularly each day; however, in a financial or business context, it might refer to daily operations or tasks but this usage is not specific.

Petty Cash Fund

A small amount of cash kept on hand in a business for covering minor, routine expenses without issuing checks or electronic payments.

Journal Entry

A record in accounting that represents a transaction where there is at least one debit and one credit in the company's accounts.

Cash Over And Short

An account used to document discrepancies between physical cash counts and the accounting records, due to errors or theft.