Retail Industry Fundamentals ACTUAL
UPDATED Exam Questions and CORRECT
Answers
active listening - CORRECT ANSWER - listening that focuses the attention on the
speaker to fully understand the message.
Add-on services - CORRECT ANSWER - available services, such as payment options and
product warranties, that customers can opt for.
Analytical communication - CORRECT ANSWER - when someone wants the important
facts, data and logic from the sender of a message.
at-will employment - CORRECT ANSWER - When the employer has the right to fire an
employee at their discretion at any time.
Available Inventory - CORRECT ANSWER - is the quantity of inventory available at the
end of a time period
barcode - CORRECT ANSWER - A machine-readable code in the form of numbers and a
pattern of parallel lines of varying widths, printed on and identifying a product.
Brand Promise - CORRECT ANSWER - an extension of a company brand that reflects the
benefits of doing business
bundle pricing - CORRECT ANSWER - the marketing of two or more products in a single
package price
buying - CORRECT ANSWER - the department in retail that is responsible for selecting
and purchasing merchandise
, clientele - CORRECT ANSWER - a group of customers or patrons
closed-ended questions - CORRECT ANSWER - questions a person must answer by
choosing from a limited, predetermined set of responses
commission - CORRECT ANSWER - form of compensation in which a % of sales is
given to sales associates.
comparison shopper - CORRECT ANSWER - shopper who spends time checking out
products and prices before making a purchase.
compensation - CORRECT ANSWER - payment given to employees in exchange for
work.
corporation - CORRECT ANSWER - a business that sells portions of ownership called
stock shares
cost - CORRECT ANSWER - amount of money paid by a retailer for their merchandise.
COGS - CORRECT ANSWER - the cost of goods sold; what you pay for what you sell
credit - CORRECT ANSWER - An arrangement to receive cash, goods, or services now
and pay for them in the future.
cross-selling - CORRECT ANSWER - Recommending a product or service that
complements the one the customer has just purchased
demand - CORRECT ANSWER - Consumer willingness and ability to buy products
UPDATED Exam Questions and CORRECT
Answers
active listening - CORRECT ANSWER - listening that focuses the attention on the
speaker to fully understand the message.
Add-on services - CORRECT ANSWER - available services, such as payment options and
product warranties, that customers can opt for.
Analytical communication - CORRECT ANSWER - when someone wants the important
facts, data and logic from the sender of a message.
at-will employment - CORRECT ANSWER - When the employer has the right to fire an
employee at their discretion at any time.
Available Inventory - CORRECT ANSWER - is the quantity of inventory available at the
end of a time period
barcode - CORRECT ANSWER - A machine-readable code in the form of numbers and a
pattern of parallel lines of varying widths, printed on and identifying a product.
Brand Promise - CORRECT ANSWER - an extension of a company brand that reflects the
benefits of doing business
bundle pricing - CORRECT ANSWER - the marketing of two or more products in a single
package price
buying - CORRECT ANSWER - the department in retail that is responsible for selecting
and purchasing merchandise
, clientele - CORRECT ANSWER - a group of customers or patrons
closed-ended questions - CORRECT ANSWER - questions a person must answer by
choosing from a limited, predetermined set of responses
commission - CORRECT ANSWER - form of compensation in which a % of sales is
given to sales associates.
comparison shopper - CORRECT ANSWER - shopper who spends time checking out
products and prices before making a purchase.
compensation - CORRECT ANSWER - payment given to employees in exchange for
work.
corporation - CORRECT ANSWER - a business that sells portions of ownership called
stock shares
cost - CORRECT ANSWER - amount of money paid by a retailer for their merchandise.
COGS - CORRECT ANSWER - the cost of goods sold; what you pay for what you sell
credit - CORRECT ANSWER - An arrangement to receive cash, goods, or services now
and pay for them in the future.
cross-selling - CORRECT ANSWER - Recommending a product or service that
complements the one the customer has just purchased
demand - CORRECT ANSWER - Consumer willingness and ability to buy products
