Retail Industry Final Exam ACTUAL
UPDATED 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:
a. category management.
b. quick response inventory management.
c. merchandise management.
d. inventory control.
e. materials procurement and handling. - CORRECT ANSWER - c. merchandise
management.
The highest classification level in the buying organization is called the:
a. category group.
b. classification group.
c. department group.
d. merchandise group.
e. division group. - CORRECT ANSWER - d. merchandise group.
A(n) __________ is an assortment of items that customers see as substitutes for one another.
a. SKU
b. merchandise category
c. merchandise classification
d. inventory unit
e. assortment plan - CORRECT ANSWER - b. 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?
a. Assortment Manager.
b. Category Captain.
c. Category Manager.
d. Category Specialist.
e. Consumer Advocate. - CORRECT ANSWER - b. Category Captain.
National brands are also known as __________ brands.
a. generic
b. private-label
c. exclusive
d. manufacturer
e. distributor - CORRECT ANSWER - d. manufacturer
What is an advantage to a national retailer for selling private labels?
a. There is less steps and supply chain resources needed to develop private label product.
b. The retailer saves costs as it does not need to market private label products.
c. There is less risk involved with selling private label brands.
d. Private label brands have more clout than national brands.
e. Private label brands can fill assortment voids that are not being met by national brands. -
CORRECT ANSWER - e. 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?
a. A shopping center in which the firm plans to open a new store.
b. A concentrated area where vendors are permanently located and show new merchandise
during certain times of the year.
UPDATED 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:
a. category management.
b. quick response inventory management.
c. merchandise management.
d. inventory control.
e. materials procurement and handling. - CORRECT ANSWER - c. merchandise
management.
The highest classification level in the buying organization is called the:
a. category group.
b. classification group.
c. department group.
d. merchandise group.
e. division group. - CORRECT ANSWER - d. merchandise group.
A(n) __________ is an assortment of items that customers see as substitutes for one another.
a. SKU
b. merchandise category
c. merchandise classification
d. inventory unit
e. assortment plan - CORRECT ANSWER - b. 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?
a. Assortment Manager.
b. Category Captain.
c. Category Manager.
d. Category Specialist.
e. Consumer Advocate. - CORRECT ANSWER - b. Category Captain.
National brands are also known as __________ brands.
a. generic
b. private-label
c. exclusive
d. manufacturer
e. distributor - CORRECT ANSWER - d. manufacturer
What is an advantage to a national retailer for selling private labels?
a. There is less steps and supply chain resources needed to develop private label product.
b. The retailer saves costs as it does not need to market private label products.
c. There is less risk involved with selling private label brands.
d. Private label brands have more clout than national brands.
e. Private label brands can fill assortment voids that are not being met by national brands. -
CORRECT ANSWER - e. 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?
a. A shopping center in which the firm plans to open a new store.
b. A concentrated area where vendors are permanently located and show new merchandise
during certain times of the year.
