RIF Practice Exam #1

People who purchase good or services from a business are called:

• Visitors
• Patients
• Customers
• Frequent Flyers

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

• Inventory
• Spoiled
• Shelf Life
• Expiration

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

• End Date
• Conclusion
• Shelf Life
• Run Time

What item is a retail service?

• Jewelry warranty
• Jewelry cleaner
• Silver bracelet
• Gold necklace

What is considered a retail service?

• New car
• Car wash
• Car engine repair
• New Car tires

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

• Distrubution
• Selling
• Selection
• Allocation

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

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

• Innovation
• Allocation
• Alleviation
• Reimagination

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

• Net profit
• Margin
• Markup
• Markdown

What item is a retail product?

• Car tire warranty
• Car tire repair
• Car tire installation
• Car tire