Knowledge Check 1.1, What is Retail?

Which of the following is a term for physical goods that are bought and sold?

• Sales

• Products

• Pricing

• Services

Which of the following is a standard term that describes the audience of retail stores-that is, the people who will buy things from the stores?

• Manufactureres

• Wholesalers

• Buyers

• Customers

Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers?

• Gifts

• Training

• Services

• Products

Which of the following terms best describes the grower of potatoes?

• Manufacturer

• Wholesaler

• Distribution center

• Retailer

The majority of retailers are:

• Independently owned

• Corporations

• Franchises

• Online only