EPP Term 3 Reviewer

True or False: A seller can never be a buyer in their own market sector.

• False
• True

They convert raw materials into finished products such as canned goods.

• Consumers
• Distributors
• Retailers
• Manufacturers

Those who buy from manufacturers or producers in big bulks then sell these items to retail establishments.

• Retailers
• Wholesalers
• Consumers
• Distributors

True or False: Too much of an inventory is as bad as having too little inventory.

• True
• False

Which of the following can be considered as end consumer?

• An individual purchasing goods for personal use.
• A retailer selling products to customers.
• A wholesaler distributing products to stores.
• A manufacturer producing goods for export.

True or False: Cheerfulness and enthusiasm can compensate for the lack of product knowledge when it comes to selling.

• False
• True

Why do some end consumers go straight to wholesalers when it comes to their daily needs?

• To avoid paying any taxes on purchases.
• To access lower prices and buy in bulk.
• To receive personalized shopping assistance.
• To get exclusive products not available in stores.

True or False: A good seller must have persuasion skills to close in on a sale.

• False
• True

This refers to the part of the price that covers the product.

• Retail price
• Markup
• Cost of goods sold (COGS)
• Selling price

By law, retailers should always go through a middleman in order to have merchandise to sell.

• False
• True