Retail Industry Final Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
The process by which a retailer attempts to offer the right quantity of the right merchandise in
the right place at the right time and meet the company's financial goals is called - CORRECT
ANSWER - merchandise management
The highest classification level in the buying organization is called the - CORRECT
ANSWER - merchandise group
A(n) __________ is an assortment of items that customers see as substitutes for one another -
CORRECT ANSWER - merchandise category
Which of the following is a vendor who works with the retailer to develop a better understanding
of shopping behavior, create assortments that satisfy consumer needs, and improve the
profitability of the merchandise category? - CORRECT ANSWER - Category Captain
National brands are also known as __________ brands - CORRECT ANSWER -
manufacturer
What is an advantage to a national retailer for selling private labels - CORRECT
ANSWER - Private label brands can fill assortment voids that are not being met by
national brands.
Retail buyers often say they are "going to market." What does "market" mean in this context? -
CORRECT ANSWER - A concentrated area where vendors are permanently located and
show new merchandise during certain times of the year.
In order to build the brand equity of their private-label merchandise, a retailer needs to: -
CORRECT ANSWER - create a high level of brand awareness
,Brand image is - CORRECT ANSWER - a set of associations that are usually organized
around some meaningful themes.
What can a retailer do to keep customers from being confused about the retailer's image? The
retailer can: - CORRECT ANSWER - develop an integrated marketing communication
program to deliver a comprehensive, consistent message
The first step in the employee management process is: - CORRECT ANSWER - recruiting
and selecting employees
A __________ includes the activities the employee needs to perform and the performance
expectations expressed in quantitative terms. - CORRECT ANSWER - job description
Which of the following contain(s) information about the applicant's employment history,
previous compensation, reasons for leaving his or her previous employment, education and
training, personal health, and references? - CORRECT ANSWER - Job Application Forms
Which of the following interview questions would be most effective in selecting the best possible
job candidate? - CORRECT ANSWER - "What do you know about this store?"
Orientation programs: - CORRECT ANSWER - are critical in socializing new employees
and overcoming the differences in the employee's previous and new roles.
As a(n) __________ type of store manager, Sara treats her employees as equals and asks for their
input when she is making a decision about whether to stay open late during the Memorial Day
weekend, stock extra inventory for Valentine's Day, or any other decision that will directly affect
her employees. - CORRECT ANSWER - democratic
Kaitlyn manages 300 store associates at a Wal-Mart Supercenter. Each day, she leads the
associates in the Wal-Mart cheer, creates excitement, and "goes the extra mile" with her
associates and customers. Shopping in her store is always an enjoyable experience with
, enthusiastic sales help, contests, and demonstrations. It could be said that Kaitlyn is a
__________ leader. - CORRECT ANSWER - transformational
Steven was recognized as the best store employee of the year. His name, along with the names of
other winners, is engraved on a plaque that is prominently displayed in the store. This is an
example of: - CORRECT ANSWER - an extrinsic reward.
Efficient labor scheduling requires the manager to have readily at hand:
a. POS sales data by day and time of day.
b. knowledge of store traffic patterns.
c. understanding of how store employees impact sales.
d. how bad weather will affect store traffic - CORRECT ANSWER - all of the above
The accounting records for FlashFashions, a women's off-price apparel retailer, showed that it
should have inventory of $725,000 at retail. The actual retail value of the inventory in stock was
$692,000. To calculate the inventory shrinkage, you would need the store's: - CORRECT
ANSWER - retail sales during the period.
Why is it important for stores to be designed with flexibility in mind? - CORRECT
ANSWER - Stores with flexible designs can respond to market changes without large-
scale renovations.
Grid store layouts: - CORRECT ANSWER - are cost-efficient.
The racetrack layout: - CORRECT ANSWER - encourages impulse purchasing.
The __________ store layout arranges fixtures and aisles asymmetrically. - CORRECT
ANSWER - free-form
At the Home Depot, there is an area of the store that has one of three categories of merchandise
throughout the year. In January through March, the area has organization and garage storage
ACTUAL Exam Questions and CORRECT
Answers
The process by which a retailer attempts to offer the right quantity of the right merchandise in
the right place at the right time and meet the company's financial goals is called - CORRECT
ANSWER - merchandise management
The highest classification level in the buying organization is called the - CORRECT
ANSWER - merchandise group
A(n) __________ is an assortment of items that customers see as substitutes for one another -
CORRECT ANSWER - merchandise category
Which of the following is a vendor who works with the retailer to develop a better understanding
of shopping behavior, create assortments that satisfy consumer needs, and improve the
profitability of the merchandise category? - CORRECT ANSWER - Category Captain
National brands are also known as __________ brands - CORRECT ANSWER -
manufacturer
What is an advantage to a national retailer for selling private labels - CORRECT
ANSWER - Private label brands can fill assortment voids that are not being met by
national brands.
Retail buyers often say they are "going to market." What does "market" mean in this context? -
CORRECT ANSWER - A concentrated area where vendors are permanently located and
show new merchandise during certain times of the year.
In order to build the brand equity of their private-label merchandise, a retailer needs to: -
CORRECT ANSWER - create a high level of brand awareness
,Brand image is - CORRECT ANSWER - a set of associations that are usually organized
around some meaningful themes.
What can a retailer do to keep customers from being confused about the retailer's image? The
retailer can: - CORRECT ANSWER - develop an integrated marketing communication
program to deliver a comprehensive, consistent message
The first step in the employee management process is: - CORRECT ANSWER - recruiting
and selecting employees
A __________ includes the activities the employee needs to perform and the performance
expectations expressed in quantitative terms. - CORRECT ANSWER - job description
Which of the following contain(s) information about the applicant's employment history,
previous compensation, reasons for leaving his or her previous employment, education and
training, personal health, and references? - CORRECT ANSWER - Job Application Forms
Which of the following interview questions would be most effective in selecting the best possible
job candidate? - CORRECT ANSWER - "What do you know about this store?"
Orientation programs: - CORRECT ANSWER - are critical in socializing new employees
and overcoming the differences in the employee's previous and new roles.
As a(n) __________ type of store manager, Sara treats her employees as equals and asks for their
input when she is making a decision about whether to stay open late during the Memorial Day
weekend, stock extra inventory for Valentine's Day, or any other decision that will directly affect
her employees. - CORRECT ANSWER - democratic
Kaitlyn manages 300 store associates at a Wal-Mart Supercenter. Each day, she leads the
associates in the Wal-Mart cheer, creates excitement, and "goes the extra mile" with her
associates and customers. Shopping in her store is always an enjoyable experience with
, enthusiastic sales help, contests, and demonstrations. It could be said that Kaitlyn is a
__________ leader. - CORRECT ANSWER - transformational
Steven was recognized as the best store employee of the year. His name, along with the names of
other winners, is engraved on a plaque that is prominently displayed in the store. This is an
example of: - CORRECT ANSWER - an extrinsic reward.
Efficient labor scheduling requires the manager to have readily at hand:
a. POS sales data by day and time of day.
b. knowledge of store traffic patterns.
c. understanding of how store employees impact sales.
d. how bad weather will affect store traffic - CORRECT ANSWER - all of the above
The accounting records for FlashFashions, a women's off-price apparel retailer, showed that it
should have inventory of $725,000 at retail. The actual retail value of the inventory in stock was
$692,000. To calculate the inventory shrinkage, you would need the store's: - CORRECT
ANSWER - retail sales during the period.
Why is it important for stores to be designed with flexibility in mind? - CORRECT
ANSWER - Stores with flexible designs can respond to market changes without large-
scale renovations.
Grid store layouts: - CORRECT ANSWER - are cost-efficient.
The racetrack layout: - CORRECT ANSWER - encourages impulse purchasing.
The __________ store layout arranges fixtures and aisles asymmetrically. - CORRECT
ANSWER - free-form
At the Home Depot, there is an area of the store that has one of three categories of merchandise
throughout the year. In January through March, the area has organization and garage storage
