1. State whether the following statements are True or False:

The profit and loss statement is a financial overview of the retail business.

Variable expenses are general expenses that are incurred from running the total business and are not directly caused by any one activity.

Mark up is the difference between the retail price and the cost of goods sold.

The retailer's main objective of business is to earn profits.

Virtual stores are located along a downtown street, in the shopping centres, etc.

2. Fill in the blanks with suitable options.

is the distribution of goods to the final customer.

Merchandising

Retailing

Buying

In the merchandising process, the buyers work with the to obtain the right goods either individually or within the market system.

Retailers

Wholesalers

Vendors

is the insurance that covers the loss or damage of goods at sea.

Life Insurance

Fire Insurance

Marine Cargo Insurance

are concerned with the marketing practices within the home country.

Foreign Marketing

Domestic Marketing

International Marketing

is the name given to the increasing number of transactions that occur over the Internet.

Stores

E-Commerce

Brick and mortar

3. Write short notes on any five of the following:

Subsidies

Retailing

Letter of Credit

E-Commerce

GATT (General Agreement on Tariff and Trade)

Proforma Invoice

Bill of Lading

Marine Insurance

4. Discuss any three of the following:

Air Shipment vs Domestic Shipment

FOB vs CIF

International Marketing vs Domestic Marketing

Single Stage Tax vs Value Added Tax

Inspection Certificate vs Airway Bill

5. Attempt any four of the following:

What do you understand by Retail? Write down the functions of Retail.

Explain Fashion Life Cycle.

Write a note on product packaging. Discuss different types of labelling.

What are Export Documents?

Discuss EXIM policies.

What is Fashion Merchandising?