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| 1. Turning your frame inventory means: |
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A.
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Re-arranging the frame selection on the shelves |
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B.
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Sending a frame line back to the manufacturer and replacing with a different frame line |
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C.
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Selling the entire number of frames in inventory 1 time |
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D.
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Cleaning all of the frames on the frame displays |
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| 2. How many times per year should you turn your frame inventory? |
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A.
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1 to 2 |
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B.
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2 to 3 |
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C.
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3 to 4 |
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D.
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4 to 5 |
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| 3. What is the usual minimum number of frames required to meet the needs of a majority of patients in the average practice? |
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A.
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200-300 |
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B.
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200-400 |
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C.
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300-500 |
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D.
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400-600 |
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| 4. Into which two categories should your vendors be placed? |
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A.
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Long-term and short-term |
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B.
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Men's and women's |
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C.
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High end and low end |
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D.
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Adult and children |
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| 5. About how many frames can you reduce per month? |
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A.
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100 frames |
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B.
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¾ of the number of frames sold per month |
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C.
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½ of the number of frames sold per month |
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D.
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1/3 of the number of frames sold per month |
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| 6. What is the primary reason to keep your inventory numbers in line? |
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A.
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So you will qualify for frame vendor co-op funds |
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B.
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So your frame vendors will call on your office every 6 weeks |
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C.
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Clutter |
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D.
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Money |
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| 7. How often should you re-evaluate your frame vendors' number of board spaces? |
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A.
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Every two years |
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B.
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Every year |
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C.
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Every six to twelve months |
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D.
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Every three months |
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| 8. What should the number of board spaces given to vendors be based on? |
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A.
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Number of frames sold |
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B.
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Co-op dollars |
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C.
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How often the representative visits your office |
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D.
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Spif opportunities |
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| 9. What are some of the negatives of carrying excess inventory? |
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A.
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Product obsolescence |
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B.
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Additional capital expended |
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C.
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Requires more time to update inventory |
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D.
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All of the above |
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| 10. Why is stopping the purchase of new inventory not a good method for reducing inventory? |
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A.
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It leads to a bad credit rating |
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B.
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Best frames sell quickly, leaving the not so good ones on the board |
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C.
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Reps don't like it |
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D.
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Co-op funds get cancelled |
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| 11. What is the best way to eliminate frames from vendors that won't be part of your long term plans? |
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A.
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Return them to the vendors and absorb the restocking fee |
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B.
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Donate the frames to charity |
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C.
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Sell them off the boards and don't reorder |
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D.
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Put them in a box and store them under the counters |
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| 12. Why should you constantly monitor the number of frames in your practice? |
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A.
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So vendors will think you are on top of your business |
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B.
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To make sure you don't get overstocked again |
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C.
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To keep staff on their toes |
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D.
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To keep a check on your co-op funds |
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| 13. How often should frames be physically counted? |
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A.
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Once a day |
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B.
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Once a week |
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C.
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Once a month |
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D.
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Once every six months |
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| 14. What is a short-term vendor? |
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A.
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A vendor that hasn't been in business very long |
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B.
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A vendor with quick shipping and delivery |
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C.
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A vendor that will be eliminated from your office over time |
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D.
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A vendor with a new rep |
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| 15. What is a long term vendor? |
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A.
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A vendor that you will partner with for the future |
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B.
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A vendor that has been in business for a long time |
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C.
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A vendor whose rep has been with the company for a long time |
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D.
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A vendor that offers 30-60-90 day pricing |
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| 16. What is a good rule of thumb for the number of frame vendors a practice should have? |
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A.
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2 to 3 |
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B.
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4 to 5 |
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C.
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6 to 12 |
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D.
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12 to 24 |
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| 17. Why should you maintain good relationships with your short term vendors? |
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A.
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Because you might see them at trade shows |
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B.
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They may be able to help you get a sales job with their company |
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C.
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To enhance the opportunity for their cooperation and assistance in reducing inventory |
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D.
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They know some of your friends at other practices |
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| 18. What is a “swap” program? |
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A.
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A vendor replaces a competitors' inventory you want to eliminate with their line of frames |
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B.
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A vendor sends in alternate reps for different designers |
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C.
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A vendor arranges for people from your practice to job trade with another non-competing practice. |
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D.
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A vendor's rep works in your place when you go on vacation. |
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| 19. Why might some short term vendors become long term vendors in the future? |
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A.
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The vendor may start a delayed payment program |
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B.
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The vendor may add a co-op program |
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C.
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Designer licenses, frame lines, and reps may change |
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D.
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You might change buying groups |
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| 20. Why do many practices get overloaded with inventory? |
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A.
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It makes sense to keep 50% of your frames displayed in backstock |
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B.
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Spending more money with your frame vendors gets you more co-op dollars |
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C.
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Frame companies do a great job of selling frames |
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D.
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You can get more frequent flyer miles by paying your frame bills with credit cards |
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