RIF Exam Prep 2

Retail Industry Fundamentals Exam Prep 2

By Wynette Simms

Retail Industry Fundamentals Exam

Exam information

The Exam is a total of 50 Questions

Content Covered:
Learn about the Basics of Retail and Retail Product Cycle
Develop Skills to Provide Quality Customer Service
Preparation for Roles in Retail
Understand How the Retail Business Works

Retail Industry Fundamentals Exam

Exam information

The exam is untimed and you can take as much time as needed to complete it.​

To PASS the exam you must pass with at least 70%.
If you do NOT PASS on the first try, you are allowed one free retake.

Exam Prep 2

Exam Prep 2

​Retail Fundamentals

Exam Prep 2 focuses primarily on Retail Fundamentals and Definitions.

​

Such as the Retail Cycle, Definitions for retail, customers, distribution, etc.

Multiple Choice

Which type of retail business is owned by shareholders. They make centralized decisions for multiple store locations?

• Private Company

• Corporation

• Independent

• Franchise

Multiple Choice

Which of these are a business in the retail industry

• Department Store

• YMCA Center

• Sanitation Collection

• Electronic Repair Shop

Multiple Choice

Which type of retail business grants a license to another entity to retail a company’s products or services in a particular area?

• Private Company

• Corporation

• Independent

• Franchise

Multiple Choice

This is a repetitive cycle that occurs with retailers regarding product assortment.

• Telemarketing

• Clearance

• The Retail Product Cycle

• Markdowns

Multiple Choice

What is the term for distributing merchandise from the manufacturer to retail locations?

• Refreshing

• Allocation

• Selecting

• Receiving

Multiple Choice

Distribution team members who use replenishment reports to retrieve quantities or items to be sent to stores are:

• Picking

• Packing

• Sending

• Wholesalers

Multiple Choice

Distribution team members who schedule the arrival of trucks in partnership with the buyers, allocation analysis, drivers, parcel delivery services and/or manufacturers are:

• Picking

• Packing

• Logistics

• Inbound

Multiple Choice

Merchandise without an expiration date like tables, chairs and tools typically have a longer?

• Life Time

• Conclusion

• Ending

• Shelf Life

Multiple Choice

What step comes after distribution of products in the retail product cycle?

• Allocation

• Selling

• Selection

• Distribution

Multiple Choice

Which is most likely to be a role in a retail career?

• Buyer

• Lawyer

• Babysitter

• Counselor

Multiple Choice

A key term to describe a period of time that an item remains usable or fit for consumption.

• Life Time

• Conclusion

• Ending

• Shelf Life

BONUS QUESTIONS!

Multiple Choice

Which is defined as a business or person that sells products and/or services to customers. 

• Customer

• Retailer

• Service

• Consumer

Multiple Choice

This is a large facility where manufacturers send large quantities of products to be stored and then distributed to stores.

• Garage

• Wholesaler

• Distribution Center

• Retailer

Multiple Choice

Who is responsible for the production of finished products?

• Manufacturer

• Wholesaler

• Distribution Center

• Retailer