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 of products? - CORRECT
ANSWER - selling
A large facility that manufacturers send large quantities of product to then distributed to stores is
called - CORRECT ANSWER - distribution center
The period key term in retail for a period of time that an item remains usable, or fit 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
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
People who purchase goods or services from a business are called: - CORRECT
ANSWER - customers
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 of products? - CORRECT
ANSWER - selling
A large facility that manufacturers send large quantities of product to then distributed to stores is
called - CORRECT ANSWER - distribution center
The period key term in retail for a period of time that an item remains usable, or fit 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
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
People who purchase goods or services from a business are called: - CORRECT
ANSWER - customers
