NRF Foundation: Rise Up Certification
Review UPDATED ACTUAL Exam
Questions and CORRECT Answers
retail - CORRECT ANSWER - process of selling products and/or services to earn a profit
retailer - CORRECT ANSWER - a business or person that sells products and/or services to
customers
customers - CORRECT ANSWER - people who purchase goods or services from a
business
products - CORRECT ANSWER - (also called merchandise) are physical goods that are
bought and sold
services - CORRECT ANSWER - intangible transactions such as lawn mowing, hair care,
etc.
retail ecosystem - CORRECT ANSWER - interconnected system of approaches designed
to meet the goal of retailing. It's providing customers with the experience they want and need.
multichannel retailing - CORRECT ANSWER - multiple buying options, but they are all
separate. For example, what is available online is not available in-store.
omnichannel retailing - CORRECT ANSWER - multiple buying options that are all
interconnected. For example, buying an item online and picking it up at the store.
manufacturer - CORRECT ANSWER - produce finished products
, wholesaler - CORRECT ANSWER - purchases large quantities from the manufacturer and
sells smaller amounts to retailers
independent ownership - CORRECT ANSWER - Typically, a single store, online site, or
small regional chain. 95% of retailers have just one location. Most businesses in the US are
under this type of ownership
Corporations - CORRECT ANSWER - a business owned by shareholders through publicly
traded stock. Centralized decision making for all of it's multiple locations
Private Company - CORRECT ANSWER - Ownership is limited to a single or small
group of investors (not run by shareholders). Can be a large company with multiple locations
Franchise - CORRECT ANSWER - a license is granted to another entity to retail a
company's products or services in a particular area; consistency in the customer experience is
crucial
Retail supports 1 in ______ American Jobs - CORRECT ANSWER -4
Teens - CORRECT ANSWER - The retail industry is the largest employer of this age
group.
Retail Product Cycle - CORRECT ANSWER - This cycle includes the following steps:
selection, allocation, distribution, selling, markdowns
selection - CORRECT ANSWER - getting the right products and services to the right
place at the right time for customers to purchase
allocation - CORRECT ANSWER - the process of distributing merchandise to a retailer's
locations. The larger the retailer, the more complicated it can be.
Review UPDATED ACTUAL Exam
Questions and CORRECT Answers
retail - CORRECT ANSWER - process of selling products and/or services to earn a profit
retailer - CORRECT ANSWER - a business or person that sells products and/or services to
customers
customers - CORRECT ANSWER - people who purchase goods or services from a
business
products - CORRECT ANSWER - (also called merchandise) are physical goods that are
bought and sold
services - CORRECT ANSWER - intangible transactions such as lawn mowing, hair care,
etc.
retail ecosystem - CORRECT ANSWER - interconnected system of approaches designed
to meet the goal of retailing. It's providing customers with the experience they want and need.
multichannel retailing - CORRECT ANSWER - multiple buying options, but they are all
separate. For example, what is available online is not available in-store.
omnichannel retailing - CORRECT ANSWER - multiple buying options that are all
interconnected. For example, buying an item online and picking it up at the store.
manufacturer - CORRECT ANSWER - produce finished products
, wholesaler - CORRECT ANSWER - purchases large quantities from the manufacturer and
sells smaller amounts to retailers
independent ownership - CORRECT ANSWER - Typically, a single store, online site, or
small regional chain. 95% of retailers have just one location. Most businesses in the US are
under this type of ownership
Corporations - CORRECT ANSWER - a business owned by shareholders through publicly
traded stock. Centralized decision making for all of it's multiple locations
Private Company - CORRECT ANSWER - Ownership is limited to a single or small
group of investors (not run by shareholders). Can be a large company with multiple locations
Franchise - CORRECT ANSWER - a license is granted to another entity to retail a
company's products or services in a particular area; consistency in the customer experience is
crucial
Retail supports 1 in ______ American Jobs - CORRECT ANSWER -4
Teens - CORRECT ANSWER - The retail industry is the largest employer of this age
group.
Retail Product Cycle - CORRECT ANSWER - This cycle includes the following steps:
selection, allocation, distribution, selling, markdowns
selection - CORRECT ANSWER - getting the right products and services to the right
place at the right time for customers to purchase
allocation - CORRECT ANSWER - the process of distributing merchandise to a retailer's
locations. The larger the retailer, the more complicated it can be.
