Intro to Retailing Quiz (1-4)

What is the definition of retailing?

• The process of manufacturing goods

• The selling of products to the customer

• The distribution of goods from manufacturer to consumer

• The management of customer service

Which of the following is an example of an intangible good?

• A manufactured toy

• A grown vegetable

• A service that enhances our lives

• A handmade craft

What is the path that merchandise takes from where it is made to the consumer called?

• Direct channel

• Indirect channel

• Channel of distribution

• Retailing path

What type of distribution channel leads straight from manufacturer to consumer?

• Indirect channel

• Direct channel

• Channel of distribution

• Community channel

Which of the following is NOT a benefit of retailing?

• Payment options

• Competitive pricing

• Community involvement

• Manufacturing efficiency

What does NAICS stand for?

• National Association of Industry Classification System

• North American Industry Classification System

• North American International Commerce System

• National Association of International Commerce System

What type of business ownership is described as being owned by one person?

• Corporation

• Partnership

• Single proprietorship

• Chain stores

Which type of retail store is owned by a manufacturer and might be located in malls or at factory outlet malls?

• Independent store

• Chain stores

• Manufacturer retail stores

• Factory stores

What is a franchise?

• A business that is owned by one person

• A store that is owned privately, having one location

• An agreement between two or more persons to go into business together

• An agreement or contract between the franchisor and franchisee to sell a company's goods or services at a designated location

What is cooperative type of ownership of a retail store?

• A store that sells a variety of low-priced merchandise.

• A store owned by a group of people who sell products only to the members.

• A retailer that buys merchandise directly from the manufacturer and sells it at low prices.

• A large retail outlet that offers volume discount prices and minimal variety, presentation, and service.