Rise Up Retail Industry Fundamentals
UPDATED Exam Questions and CORRECT
Answers
products - CORRECT ANSWER - physical goods that you can buy and sell
services - CORRECT ANSWER - Actions or activities that one person performs for another
retail - CORRECT ANSWER - the process of selling products and services to customers in
order to earn a profit
customers - CORRECT ANSWER - people who purchase goods and services from a business
retail ecosystem - CORRECT ANSWER - an interconnected system of approaches designed
to meet the goal of retail
multichannel retail - CORRECT ANSWER - customers have many channels, but the channels
are not connected to one another
omnichannel retail - CORRECT ANSWER - customers have many channels, and the channels
are connected using technology
wholesaler - CORRECT ANSWER - buys large quantities of products from the manufacturer
and then sells small quantities to retailers
what are the 3 distribution channels - CORRECT ANSWER - selling directly to customers,
selling through retailers, and selling through wholesalers
, 4 types of retail ownership - CORRECT ANSWER - independent, corporation, private
company, and franchise
Corporations - CORRECT ANSWER - businesses that are owned by many investors who buy
shares of stock
allocation - CORRECT ANSWER - distributing merchandise from the manufacturer to the
retailer
replenishment - CORRECT ANSWER - to fill in a store's supply or inventory as it runs low
shelf life - CORRECT ANSWER - the time an item remains usable or fit for consumption
markdowns - CORRECT ANSWER - reductions to the original selling price in order to
encourage rapid sales
what is the term for physical goods that are bought and sold? - CORRECT ANSWER -
products
what is the term that describes the audience of retail stores--the people who buy things from the
store? - CORRECT ANSWER - customers
what is the term for intangible things, such as providing delivery, that is sold be retailers? -
CORRECT ANSWER - services
a grower of potatoes is a......manufacturer, wholesaler, distribution center, or retailer? -
CORRECT ANSWER - manufacturer
the majority of retailers are......independently owned, corporations, franchises, or online only
retailers? - CORRECT ANSWER - independently owned
UPDATED Exam Questions and CORRECT
Answers
products - CORRECT ANSWER - physical goods that you can buy and sell
services - CORRECT ANSWER - Actions or activities that one person performs for another
retail - CORRECT ANSWER - the process of selling products and services to customers in
order to earn a profit
customers - CORRECT ANSWER - people who purchase goods and services from a business
retail ecosystem - CORRECT ANSWER - an interconnected system of approaches designed
to meet the goal of retail
multichannel retail - CORRECT ANSWER - customers have many channels, but the channels
are not connected to one another
omnichannel retail - CORRECT ANSWER - customers have many channels, and the channels
are connected using technology
wholesaler - CORRECT ANSWER - buys large quantities of products from the manufacturer
and then sells small quantities to retailers
what are the 3 distribution channels - CORRECT ANSWER - selling directly to customers,
selling through retailers, and selling through wholesalers
, 4 types of retail ownership - CORRECT ANSWER - independent, corporation, private
company, and franchise
Corporations - CORRECT ANSWER - businesses that are owned by many investors who buy
shares of stock
allocation - CORRECT ANSWER - distributing merchandise from the manufacturer to the
retailer
replenishment - CORRECT ANSWER - to fill in a store's supply or inventory as it runs low
shelf life - CORRECT ANSWER - the time an item remains usable or fit for consumption
markdowns - CORRECT ANSWER - reductions to the original selling price in order to
encourage rapid sales
what is the term for physical goods that are bought and sold? - CORRECT ANSWER -
products
what is the term that describes the audience of retail stores--the people who buy things from the
store? - CORRECT ANSWER - customers
what is the term for intangible things, such as providing delivery, that is sold be retailers? -
CORRECT ANSWER - services
a grower of potatoes is a......manufacturer, wholesaler, distribution center, or retailer? -
CORRECT ANSWER - manufacturer
the majority of retailers are......independently owned, corporations, franchises, or online only
retailers? - CORRECT ANSWER - independently owned
