FS MGMT II - TERMS 4

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Author:
lecaly
ID:
108985
Filename:
FS MGMT II - TERMS 4
Updated:
2011-11-24 12:19:00
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FS MGMT II TERMS SECTION
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FS MGMT II - TERMS SECTION 4
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  1. Pricing policy
    factors which influence prices
  2. Markup
    difference between merchandise cost and selling price

    i.e. gross margin
  3. Markdown
    a reduction of selling price from original selling price
  4. Price determination
    method used by management to establish the selling price for services and merchandise
  5. Fixed dollar amount
    add same dollar amount to wholesale cost of item of merchandise
  6. Fixed multiple
    a price determination method wherby the casket cost is multiplied by a constant factor
  7. Graduated recovery
    a pricing method where the markup varies
  8. Price quotation
    method by which prices are explained to the consumer

    (ex: itemized GPL required by FTC but package pricing allowed)
  9. Unit pricing
    a method of price quotation which creates one total price package including both service and merchandise (casket)
  10. Bi-Unit pricing
    a method of price quotation showing separately the price of the service to be rendered and the price of the merchandise (casket)

    The common two units were "professional services" and "casket"
  11. Functional pricing
    a method of price quotation in which the charges are broken down into several major component parts, such as professional services, facilities, automobiles, and merchandise.

    Basically, the mortuary charged for three or more areas
  12. Itemization pricing
    the method of price quotation by which each and every function or unit of service and/or item of merchandise is priced separately
  13. Package pricing
    a pricing method which groups together selected services and/or merchandise
  14. Cash advance items
    any item of service or merchandise described to a purchaser as a "cash advance," "accommodation," "cash disbursement," or similar term

    A cash advance item is also any item obtained from a third party and paid for by the funeral provider on the purchaser's behalf
  15. Sales frequency
    the number of times sales in a given price bracket occur over a fixed period of time
  16. Sales frequency chart
    for a defined period of time, a chart is used to track which units sell and how many of each type
  17. Average


    Mean
    for a given group of numbers (amounts), this is the sum of a group of numbers divided by the actual physical number of units
  18. Median
    a value in an ordered set of values which represents the midpoint, whereby there are an equal number of values above and below the midpoint value
  19. Mode
    the value that occurs most frequently (often) in a given group or array of numbers (amounts)
  20. Quartile
    a division of the total into four segments, each representing one-fourth of the total
  21. Range
    the upper and lower limits of a series of numbers
  22. Consumer Value Index (CVI)
    the percentage derived by dividing the wholesale cost of the merchandise by the retail price of the merchandise
  23. Merchandise Value Ratio (MVR)
    the relationship between the wholesale cost of the merchandise and the total cost (both service and merchandise) to the consumer
  24. Graduated recovery

    hmm, again...(careful, its the same but different)
    the return on money is produced by varying the amount expected on each selection
  25. Credit
    an agreement that payment for a product or service will be made at some later date
  26. Trade credit
    a form of credit that is extended by one business to another business to help finance distribution of producer's goods
  27. Consumer credit
    a type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants
  28. Bad debts expense
    accounts receivable that are uncollectible
  29. Installment credit


    Closed-end credit
    balance of costly goods paid for in small monthly equal (fractional) payments over a period of time
  30. Revolving accounts


    Open-end credit
    a line of credit that may be used over and over again up to a certain borrowing limit

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