BOF Final TEST | Questions with Correct Answers
| Latest 2026
Vertical integration
Practice where a single entity controls the entire process of a product, from the raw materials to
distribution
Horizontal integration
Business strategy whereby a company focuses on a single stage of of production/distribution but
with varying products or services.
mission statement
a statement of the organization's purpose - what it wants to accomplish in the larger environment
limited liability
A form of business ownership in which the owners are liable only up to the amount of their
individual investments.
corporations
unlimited liability
Sole proprietorship and partnerships. The owner is personally and fully responsible for all losses
and debts of the business
Market share
% of a market business tries to get, more competitive for luxury designers
SPA's
, -store brands where the store is the name of the brand. -Gap, Old Navy
-Often fast fashion
supply chain calendar
stages and time necessary for fashion companies to research, design, manufacture, and distribute
a fashion product
short cycle supply chain
ultra-fast supply chain calendar and operations that focus on consumer demand of fashion goods
fast fashion
Ultra-fast supply chain operations that focus on consumer demand of fashion goods.
traditional supply chain cal
2-6 collections per year
expedited supply chain cal
more than 2-6 per year
offshore production
Procurement of materials and/or manufacturing finished products outside the country where the
merchandise will be sold at retail.
onshore production
if manufacturing happens in country its sold it
corporation
| Latest 2026
Vertical integration
Practice where a single entity controls the entire process of a product, from the raw materials to
distribution
Horizontal integration
Business strategy whereby a company focuses on a single stage of of production/distribution but
with varying products or services.
mission statement
a statement of the organization's purpose - what it wants to accomplish in the larger environment
limited liability
A form of business ownership in which the owners are liable only up to the amount of their
individual investments.
corporations
unlimited liability
Sole proprietorship and partnerships. The owner is personally and fully responsible for all losses
and debts of the business
Market share
% of a market business tries to get, more competitive for luxury designers
SPA's
, -store brands where the store is the name of the brand. -Gap, Old Navy
-Often fast fashion
supply chain calendar
stages and time necessary for fashion companies to research, design, manufacture, and distribute
a fashion product
short cycle supply chain
ultra-fast supply chain calendar and operations that focus on consumer demand of fashion goods
fast fashion
Ultra-fast supply chain operations that focus on consumer demand of fashion goods.
traditional supply chain cal
2-6 collections per year
expedited supply chain cal
more than 2-6 per year
offshore production
Procurement of materials and/or manufacturing finished products outside the country where the
merchandise will be sold at retail.
onshore production
if manufacturing happens in country its sold it
corporation
