Financial Concepts in Retail Management

Catalog description

During this course, students will develop a basic vocabulary and application of finance functions and principles. Students will describe the importance of knowing retail-based calculations such as retail pricing, markup, and gross profit. They will relate the concepts of retail math (initial margin, markdown, shrinkage, gross profit dollars and percentages) to finance and to the overall business success of the retail enterprise. They will define and apply ending inventory, retail cost, cost complement, net profit, net sales, controllable expense, and non-controllable expense. Students will examine how retail finance can be applied to products and services in a wide variety of situations and how to review a project and evaluate the financial situation.