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20 Cards in this Set
- Front
- Back
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Second goods are goods that are..
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new but have minor flaws
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Buyers' goals are to make sure that the relationship between the vendor and buyer is...
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profitable for both sides
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FOB stands for...
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free on board OR freight on board
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The Federal Trade Commission Act of 1914 ordered large corporations to curb unfair trade practices. T/F
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True
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The Fair Packaging And Labeling Act passed in 1966 and took effect in 1967. T/F
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True
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Selecting vendors is most difficult when buying for ______
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A new store
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Primary considerations in selecting vendors is meeting the needs of target consumers and _____.
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Maintaining the image of the store
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What merchandising element is driven by fashion and psychological appeal?
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Color
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_______ is an arrangement of lines, spaces, and shapes on fabric.
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Pattern
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Exact order delivery, non-delivery of goods, and ability to reorder merchandise are all 3 issues related to _______.
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Reliability
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______ occurs when a single or small number of retailers are the only retailers given an opportunity to carry a certain vendors product.
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Exclusivity
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_______ is when a vendor assumed responsibility for maintaining the desired levels of merchandise in stores or in distribution centers.
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Vendor-Managed Inventory
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Conflicts buyers have with vendors:
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-Buyers dont receive vendors merchandise on time
-Buyers order to secure a quantity discount is larger than buyer needs/wants -Buyers find their same merchandise in nearby retailer |
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Federal regulations include which types of laws?
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-To protect the consumer
-International trade practices -To promote competition |
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Examples of laws to protect the consumer include:
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-Care Labeling of Textile Wearing Apparel of 1972
-Consumers Goods Pricing Act of 1975 -Flammable Fabrics Act of 1953 |
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_____ includes shipping terms, payment arrangements, cash discounts, and dating agreements
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Terms of Sale
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When negotiating with a vendor, which of the following behaviors is a good idea?
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-If you can't agree on one point, go to another.
-Prepare an agenda before dealing with a vendor -Act collaboratively, not competitively |
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_____ orders can be classified as hot-selling merchandise, advance orders, and regular orders
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Purchase
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Who assumes the risk of loss while goods are in transit is an example of ______
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Shipping terms
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______ is when the buyer assumes risk of loss and pays shipping charges from the time the goods leave the factory.
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FOB origin/factory
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