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69
Department store is a series of special stores under one roof. It
is a large retail firm handling a variety of merchandise: women’s wear
and accessories, household linens and dry goods, home furnishings,
appliances and furniture.
Department stores are known for offering their customers a wide
variety of services, such as charge accounts, delivery, gift wrapping and
liberal return privileges. In addition, some 50 % of their employees and
40 % of their floor space are devoted to nonselling activities.
Now Department stores have faced intensified competition in
the past thirty years. Their relatively high operating costs make them
vulnerable to such new retailing innovations as discount stores, catalog
merchandisers, and hypermarkets.
In addition, department stores were typically located in down-
town business districts and experienced the problems associated with
limited parking, traffic congestion, and urban migration to the suburbs.
They have displayed a willingness to adapt to changing con-
sumer desires. They have added bargain basement and expanded park-
ing facilities in attempts to compete with discount operations and sub-
urban retailers. They have also followed the movement of the popula-
tion to the suburbs by opening major branches in outlying shopping
centers.
Answer the questions:
1. What is retailing?
2. Why do they say retailers are the marketing channel for most
consumers?
3. What is a supermarket?
4. What is a department store?
5. What are the problems department stores have faced for the
past 30 years?
TOPIC 12. BUDGETING
I. Study the terms:
Budget: the financial operating plan or forecast for an organiza-
tion for a fixed period. The budget shows what income is anticipated
and how the resources will be used during the budget period.
70
Master budget: the total of separate budgets from different de-
partments within a company that shows in detail how the entire busi-
ness operates.
Financial Forecast: an estimation of what will probably happen
in the future, based on the past and present fiscal records.
Control Device: a standard plan for the performance of a busi-
ness by which its operations may be measured and regulated.
Retail Trade Business: a business that acquires goods to sell to
general public. A wholesale business is a middleman operation that
acquires goods from the manufacturer and then sells them in turn to
the retailer.
Retail Outlet: a unit of the retail business, usually a store.
Unit Price: in the context of retailing, the price at which a single
item is sold to the buyer.
Sales Mix: the inventory of items available for sale.
Geographical Breakout: organisation of a business on the basis
of location.
Allowances: special terms of sale granted to specified custom-
ers.
Discount: a reduction in the price of an item for sale.
Inflationary period: a period of rising prices in which more
money becomes available in relation to goods.
Recession: a period of reduced general economic activity mar-
ket by a decline in employment, profits, production and sales.
Inventory: in retailing, tangible property either held for sale or
to be consumed in the sale of goods.
Lead Time: the time that elapses between ordering and display-
ing merchandize.
General and Administrative Expenses: such expenses as em-
ployees’ and officers’ salaries, utility bills, payroll, taxes, stationery
and office suppliers.
Break-even Point: minimum volume of sales a company needs
to enable it to function as a going concern without realization a profit
or incurring a loss.
Accrual Basis: the method of keeping accounts that recognizes
income when earned and expenses when incurred regardless of when
cash is received or disbursed.
Department store is a series of special stores under one roof. It Master budget: the total of separate budgets from different de-
is a large retail firm handling a variety of merchandise: women’s wear partments within a company that shows in detail how the entire busi-
and accessories, household linens and dry goods, home furnishings, ness operates.
appliances and furniture. Financial Forecast: an estimation of what will probably happen
Department stores are known for offering their customers a wide in the future, based on the past and present fiscal records.
variety of services, such as charge accounts, delivery, gift wrapping and Control Device: a standard plan for the performance of a busi-
liberal return privileges. In addition, some 50 % of their employees and ness by which its operations may be measured and regulated.
40 % of their floor space are devoted to nonselling activities. Retail Trade Business: a business that acquires goods to sell to
Now Department stores have faced intensified competition in general public. A wholesale business is a middleman operation that
the past thirty years. Their relatively high operating costs make them acquires goods from the manufacturer and then sells them in turn to
vulnerable to such new retailing innovations as discount stores, catalog the retailer.
merchandisers, and hypermarkets. Retail Outlet: a unit of the retail business, usually a store.
In addition, department stores were typically located in down- Unit Price: in the context of retailing, the price at which a single
town business districts and experienced the problems associated with item is sold to the buyer.
limited parking, traffic congestion, and urban migration to the suburbs. Sales Mix: the inventory of items available for sale.
They have displayed a willingness to adapt to changing con- Geographical Breakout: organisation of a business on the basis
sumer desires. They have added bargain basement and expanded park- of location.
ing facilities in attempts to compete with discount operations and sub- Allowances: special terms of sale granted to specified custom-
urban retailers. They have also followed the movement of the popula- ers.
tion to the suburbs by opening major branches in outlying shopping Discount: a reduction in the price of an item for sale.
centers. Inflationary period: a period of rising prices in which more
money becomes available in relation to goods.
Answer the questions: Recession: a period of reduced general economic activity mar-
1. What is retailing? ket by a decline in employment, profits, production and sales.
2. Why do they say retailers are the marketing channel for most Inventory: in retailing, tangible property either held for sale or
consumers? to be consumed in the sale of goods.
3. What is a supermarket? Lead Time: the time that elapses between ordering and display-
4. What is a department store? ing merchandize.
5. What are the problems department stores have faced for the General and Administrative Expenses: such expenses as em-
past 30 years? ployees’ and officers’ salaries, utility bills, payroll, taxes, stationery
and office suppliers.
TOPIC 12. BUDGETING Break-even Point: minimum volume of sales a company needs
to enable it to function as a going concern without realization a profit
I. Study the terms: or incurring a loss.
Budget: the financial operating plan or forecast for an organiza- Accrual Basis: the method of keeping accounts that recognizes
tion for a fixed period. The budget shows what income is anticipated income when earned and expenses when incurred regardless of when
and how the resources will be used during the budget period. cash is received or disbursed.
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