NRF Retail Industry Fundamentals
UPDATED Exam Questions and
CORRECT Answers
A retail business, owned by shareholders and have centralized decision making for their
multiple store locations is called - CORRECT ANSWER- corporation
In the retail product cycle, what step comes after distribution and products? - CORRECT
ANSWER- selling
What item is a retail product - CORRECT ANSWER- car tire
A large facility that manufacturers sent large quantities of product to then distributed to stores
is called - CORRECT ANSWER- distribution center
The period key term in retail for a period fo time that an item remains usable, or fir for
consumption is called: - CORRECT ANSWER- shelf life
Customers of a popular shoe store chain can purchase items in-store and on-line or via their
mobile app. the customer also receives texts and emails about current promotions and sales.
This is an example of: - CORRECT ANSWER- Omni-channel retailing
What's considered a retail service? - CORRECT ANSWER- car wash
Merchandise without an expiration date like electronics, tools and home goods typically have
longer - CORRECT ANSWER- shelf life
The repetitive cycle that occurs with retailers in regard to product assortment is called: -
CORRECT ANSWER- the retail product cycle
Responsible for the production of finished products - CORRECT ANSWER- manufacturer
UPDATED Exam Questions and
CORRECT Answers
A retail business, owned by shareholders and have centralized decision making for their
multiple store locations is called - CORRECT ANSWER- corporation
In the retail product cycle, what step comes after distribution and products? - CORRECT
ANSWER- selling
What item is a retail product - CORRECT ANSWER- car tire
A large facility that manufacturers sent large quantities of product to then distributed to stores
is called - CORRECT ANSWER- distribution center
The period key term in retail for a period fo time that an item remains usable, or fir for
consumption is called: - CORRECT ANSWER- shelf life
Customers of a popular shoe store chain can purchase items in-store and on-line or via their
mobile app. the customer also receives texts and emails about current promotions and sales.
This is an example of: - CORRECT ANSWER- Omni-channel retailing
What's considered a retail service? - CORRECT ANSWER- car wash
Merchandise without an expiration date like electronics, tools and home goods typically have
longer - CORRECT ANSWER- shelf life
The repetitive cycle that occurs with retailers in regard to product assortment is called: -
CORRECT ANSWER- the retail product cycle
Responsible for the production of finished products - CORRECT ANSWER- manufacturer
