RIF Practice Exam #1

Front

People who purchase good or services from a business are called: Visitors, Patients, Customers, Frequent Flyers

Back

Customers

Front

The key term in retail for a period that an item remains usable or fit for consumption is called:

Back

Shelf Life

Front

Merchandise without an expiration date like electronics, tools and home goods typically have a longer

Back

Shelf Life

Front

What item is a retail service? Options: Jewelry warranty, Jewelry cleaner, Silver bracelet, Gold necklace

Back

Jewelry warranty

Front

What is considered a retail service? Options: New car, Car wash, Car engine repair, New Car tires

Back

Car wash

Front

In the retail product cycle, what step comes after distribution of products?

Back

Selling

Front

Which of the following would NOT be a factor that affects which products a retailer chooses to select to offer in a store? Local customer preferences, Manufacturer incentives, Employee preferences, The store’s location

Back

Employee preferences

Front

What’s the term that describes distributing merchandise from the manufacturer to the retailer’s location?

Back

Allocation

Front

What’s the term for reducing the price of an item in order to encourage sales?

Back

Markdown

Front

What item is a retail product? Options: Car tire warranty, Car tire repair, Car tire installation, Car tire

Back

Car tire