What Type of Retailing Began with Montgomery Ward in the Late

question 146

Multiple Choice

What type of retailing began with Montgomery Ward in the late 1800s?

• A) Catalog marketing
• B) Department stores
• C) Direct selling
• D) Discount retailing
• E) Franchising

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Definitions:

Direct Materials Price Variance

The difference between the actual cost and standard cost of direct materials used in production, indicating how effectively a company is purchasing its raw materials.

Data Collected

Information gathered through observation, experimentation, surveys, or other methods, which can be analyzed to gain insights or make decisions.

Contribution Margin

The difference between sales revenue and variable costs, indicating how much revenue contributes to covering fixed costs and generating profit.

Fixed Costs

Costs that do not vary with production or sales levels, including rent, insurance, and salaries, which remain constant regardless of business activity levels.