BOR Ch 1 Practice Test

Other than a stock room, where is the inventory kept?

• At the Distribution Center

• At the Manufacturer

• On the sales floor

• In the office

A retailer's total inventory is:

• All the inventory a retailer has on order

• All the inventory owned by the retailer, regardless of its location

• All the inventory available in the retailer's physical store

• All the inventory sold within the past year

A retailer's profit is:

• The amount the company spends

• The amount the company owes

• The amount the company owes

• The amount the company owes

A customer has $300 to spend on a gift and is considering buying either a product at Home Depot or a product at Kay Jewelers. What type of competitive relationship exists between the two retailers in this situation?

• Direct competitors

• Replacement competitors

• Indirect competitors

• Rival competitors

A customer has $55 to spend on a gift and is considering a Apple's iPhone or a Samsung's Galaxy. What type of competitive relationship exists between the two retailers in this situation?

• Direct competitors

• Replacement competitors

• Indirect competitors

• Indirect competitors

Ronde, Kobee, and Kaitlyn are hungry for lunch. They are considering going to McDonald's or Popeye's. What type of competitive relationship exists between the two retailers in this situation?

• Direct competitors

• Indirect competitors

• Replacement competitors

• Rival competitors

A customer is hungry and can't decide whether to go to get a roast beef sandwich at Arby's or pick up Chinese food at Panda Express. What type of competitive relationship exists between these 2 retailers?

• Direct competitors

• Replacement competitors

• Indirect competitors

• Indirect competitors

________ are physical goods that are bought and sold.

• Products

• Sales

• Pricing

• Services

_____ are the audience of retail stores—that is, the people who will buy things from the stores.

• Customers

• Manufacturers

• Wholesalers

• Buyers

________ are intangible things that are sold by retailers.

• Training

• Services

• Products

• Gifts