Students learn how to determine if a fashion business is profitable - total revenues minus total expenses equals profit. Here's some tips: 1. Keep track of your staffs Skill Index, Motivation Index and the Staff Turnover Rate by referring to the Manufacturing Quality Report every rollover. They then calculate their largest percentage monthly loss on each fund and compare it to the largest monthly loss of their total portfolio. Students will understand that diversification can reduce risk while maintaining return levels. Here's the first set of hints for the Virtual Business Challenge. Students record a series of credits and debits in their check register. Advanced students, once theyve mastered the intricacies of running a fashion retail store, have the option of opening a second store in the shopping mall. Understand Consumer Behavior Basics A distribution rating of 0.65 means that 65% of consumers in that segment will find your product in a store they regularly shop at. Because it shows the profitability of a company, it is sometimes called a profit and loss statement, or P&L. Students begin by reading a record of their weekly gross and take-home pay. Popular books. Factory workers are paid (on average) the rate you select. Need Basic requirement for survival. They then observe that the value of their investment is higher (due to employer matching) and that their refund is higher due to their reduction in wage income and lack of tax on dividends. . They then try to buy a car and experience the difficulties created by poor credit. According to current research, opportunity for growth and development are still two of the most powerful motivators. Students will next compare the cost of leasing vs. buying over time. You will see three primary types: Need: Position these items along the walls, customers are coming in specifically for these items, Complementor: These items are usually paired with a need, so place them near a need item. &\text{f. highest or farthest point}\\ Second Place: Yesire C. (Crete High School FCCLA Chapter, NE)Third Place: Amy W. (Washington Virtual Academy, WA). __ Flash Cards: Quizlet, PDF Knowledge matters intro to investing sim answers .. Cited by 329 projects have led to critical advances in the knowledge of CCS sys- tems and related . (FTC) Established to preserve competition by preventing unfair business practices and educates consumers and businesses of their rights and responsibilities. Poorly motivated and poorly trained workers can contribute to significant staff Next they get a credit card, make some purchases, and pay off their credit card bill fully. Students will be able to manage their time to achieve a healthy prosperous balance. Sharing relevant content to customers and potential customers is very important. Finally, students increase their contributions to the 401K plan to achieve a savings goal. Plan staffing schedules to balance customer satisfaction vs. cost of wages. Match the definition in Column B with the word in Column A. Retail Management Reflection and Simulation Exercise, https://courses.lumenlearning.com/wm-retailmanagement/chapter/why-it-matters-retail-image-layout-and-visual-merchandising/. Students will be able to compute whether they owe tax or should receive a refund. Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . No score submission will be accepted after 5:00 PM EST on the last day of the Challenge round. Students learn how specific social media content impacts sales and revenues. Develop a knowledge of the home-buying process Understand steps involved in applying for a mortgage Understand and compare various types of mortgages Identify actions to take when selling a home presentation slides 5-A the home-buying process 5-B qualifying for a mortgage 5-C types of mortgages 5-D closing costs 5-E selling your home So what does this mean for you in MikesBikes? The game rewards players with achievement badges. With these tips you should be able to finish the Knowledge Matters Retail Simulation within an hour or two. If you check your customer traffic in reports you will see it grow and eventually plateau. Students will be able to plan and alter schedules to allow them to balance health, work and educational goals. Knowledge matters promotion math quiz answers. How would Arthur Miller's play "The Crucible" have been different had he not embellished the truth? Due to these multiple objectives, a small niche marketer consistently earning good margins and without much debt may outperform a large heavily-indebted firm with earnings several times greater. \text{Column A}\qquad \qquad \qquad &\text{Column B}\\ Students will understand the concept of a 401K plan. Students will understand key elements of a car loan, including down payment, monthly payment, and term. Some people will choose comfort and security, even if theyre not fully engaged with their jobs. Broad knowledge about the natural and human world is an essential ingredient in reading comprehension, as shown by long-standing research. After completing the class, they quit their job as a cashier and take the new, higher-paying job. In this lesson, students learn the many issues that go into pricing fashion items. Do you know whats not overkill? 2023 Knowledge Matters, Inc. All rights reserved. In general as your distributors make more money from selling your products, then more stores will stock them and your Distribution Index will increase. Students will understand how to open a savings account. If potential customers dont respond to a window display, students must assess and change their visual merchandising to attract the most customers. After they reach another target net worth, they can purchase a condo and explore real estate as an investment. Everything's an Argument with 2016 MLA Update University Andrea A Lunsford, University John J Ruszkiewicz. Use fashion price tiers to determine pricing for fashion items. If your workers are well trained and motivated you need fewer Administration staff. The graph below shows the effect of job cuts on morale and staff turnover rate. If you want to make your business better, invest in your people. It wont. Retail Price is the recommended retail price that each firm set for their product(s). Study Trend Reports to determine the popular fashion styles and trends. Fashion companies need to charge more than their costs to make money. Students will understand the concepts of a credit score, including what constitutes a good and a bad score. Participants will utilize a competition version of the Virtual Business classroom software. foodh. Learning by active involvement is an established method that guarantees long term skill retention. Students take the reading quiz (optional). A reduction in price given to a buyer at the purchase. An agreement between a buyer and a seller. Product pricing can mean the difference between success or failure. Use social media marketing to promote a fashion business. Finally, students work for a few months and pay off their credit card debt entirely. Mason shares how the Knowledge Matters Simulations helped him realize what career path he could take and how he can incorporate his love for sports in his future. CO2 budgets of the emission scenarios presented in Chapter 6 (Table. You need to remember that the wholesale price is retail price minus the retailer margin, so its possible that a cheaper product than yours might have a higher wholesale price if that firm has lower retail margins.