JCK Management Study Center: The answers

JCK published four reports in its new Management Study Center series during 1994. Each concluded with a quiz, which we invited readers to fill out and send in. We agreed to tally the scores of those who participated in all four tests; those with correct answers to 90% or more of the questions were to receive a Certificate of Completion co-signed by JCK and the Jewelers’ Education Foundation of the American Gem Society.

While many jewelers sent in some of the quizzes, only five completed all four. None of those five scored 90% or better. We noted in the first report that when there appeared to be no clear-cut “yes” or “no” (or “true” or “false”) answer, the author of the report would decide which answer was most appropriate. This remains the case. However, because some of the questions were open to interpretation, we have decided to honor all five of the entrants.

Top scorers were John Davis and Jacqueline Lever of Jacqueline Personal Jewelers, Shillington, Pa. Next was George L. Blair of Sweeney’s, Houston, Tex., followed by Jeanie Barr Wengeler and William Charles Barr Wengeler of Charles H. Barr Jewelers, Newport Beach, Cal.

And here are the answers, with a few comments on those most commonly missed.

YOU, THE LAW & YOUR EMPLOYEES

Thomas S. Tivol of Tivol Jewels, Kansas City, Mo., wrote this report, which ran in February 1994. He provides the following answers:

1a. No

1b. No

1c. Yes

1d. No

2a. No

2b. No

2c. Yes

2d. No

3a. Yes

3b. No

3c. No

3d. No

4a. No

4b. Yes

5a. Yes

5b. Yes

5c. Yes

6a. Yes

6b. Yes

All five of our winners got 5 (generally the same 5) out of 19 answers wrong; most of the problem questions dealt with sexual harassment and the Americans with Disabilities Act. Tivol, who himself has a law degree, checked the original quiz and his answers with several Kansas City area attorneys. However, he notes that both laws and legal interpretations of them change constantly, which certainly has occurred since he wrote his article. In light of such changes, Tivol would now phrase some of his questions or scenarios slightly differently, which would in some cases elicit different answers. The new version of his quiz, with comments, will appear in JCK’s June issue.

HOW TO NEGOTIATE THE BEST LEASE

John A. Michaels of Michaels Enterprises Companies, Waterbury, Conn., wrote this second report for the May 1994 issue. His answers:

1. Yes

2. Yes

3. c

4. True

5. a , b, c,d and e

6. c

7. Advantage

8. $25,000

9. Yes

10. No

11. a

12. b

The most common mistakes here came on #9 and #10. Question #10 asked whether you usually will be able to drop out of a mall’s regular advertising if you can prove you did your own advertising as a mall store. While you may be able to limit your participation in mall advertising, you won’t be able to drop out entirely. And on question #5, which asks what types of transactions you should try to have excluded from the total you report to the mall, Michaels notes that you should try to have everything excluded. Thus all 5 choices are correct. However, you are least likely to succeed in having b (specials offered as part of a mall-wide promotion) excluded.

PUTTING YOUR MESSAGE INTO THE MARKETPLACE

This report prepared by the JCK staff appeared in the July 1994 issue. The quiz answers:

1. c

2. b

3. c

4. c

5. b

6. c

7. d

8. c

9. a

10. b

11. d

12. a

13. d

Question #5, which asked about the best time to commit the majority of your ad dollars, posed the problem here. Most people answered c (“Spending should be consistent throughout the year, maybe skipping the last two months.”) While spending all the money in the last two months, as some jewelers do, is a bad idea, skipping November and December entirely is not a good alternative. The best answer of those given says spending should be concentrated on five or six major “events” during the year.

WHY YOU NEED APPRAISAL EDUCATION

Elly Rosen, a freelance gemological appraisal consultant and appraisal principles educator, prepared this report for the October 1994 issue of JCK. His answers to the quiz:

1. False

2. d

3. True

4. False

5. True

6. A

7. False

8. True

9. False

10. d

11. False

12. c

13. d

14. True

15. False

16. False

Question #1 was most frequently missed. It offered the statement, “There are no government regulations pertaining to the appraisal of gems and jewelry.” The answer is false. While neither the federal government nor any of the 50 states regulates appraisers of personal property, appraisal reports themselves, as well as some procedures related to appraising and running an appraisal practice are subject to federal, state and municipal regulation.

Note: The Management Study Center continues this year. The first report, titled “Getting the most from your staff,” ran in the February issue. The second, on employee benefits, will be in next month’s issue.