#1
Which of the following is an example of a durable good?
Furniture
ExplanationItems expected to last several years, like furniture.
#2
In which section of a store would you typically find dairy products?
Dairy
ExplanationThe section dedicated to dairy products.
#3
What is the term for the process of customers purchasing products or services over the internet?
Online Shopping
ExplanationThe act of buying goods or services online using a web browser or app.
#4
Which of the following is an example of a non-durable good?
Fresh Fruit
ExplanationItems with a short lifespan, like fresh produce.
#5
What is the term for the practice of buying goods or services in large quantities at a reduced price?
Wholesale
ExplanationBuying items in bulk at lower prices, typically for resale.
#6
What does 'BOGO' stand for in retail terminology?
Buy One, Get One
ExplanationA promotional offer where customers get one item free upon purchasing another.
#7
Which of the following is NOT a typical method of payment in most stores?
Bitcoin
ExplanationA digital cryptocurrency not widely accepted in most physical stores.
#8
What does the term 'OOS' stand for in retail?
Out of Stock
ExplanationAn indication that a product is not currently available for purchase.
#9
Which of the following is a form of retail therapy often associated with impulse buying?
Emotional Shopping
ExplanationBuying as a means of emotional comfort or stress relief.
#10
What does 'POS' stand for in the context of retail?
Point of Sale
ExplanationThe location where transactions occur between a customer and a business.
#11
What is the term for a store's policy of refunding the difference if a customer finds a lower price for the same item elsewhere?
Price Match Guarantee
ExplanationA policy ensuring customers pay the lowest available price for an item.
#12
What is the term for a marketing strategy that involves offering a limited-time discount on a product?
Promotional Pricing
ExplanationOffering reduced prices for a short duration to boost sales.
#13
Which of the following is an example of a subscription-based retail model?
Online Streaming Service
ExplanationA service where customers pay regularly for access to digital content.
#14
What is the term for the area of a store where items are displayed for sale?
Merchandise Display
ExplanationThe section of a store where products are showcased for purchase.
#15
What is the term for a retail store that sells discounted merchandise from other retailers or manufacturers?
Outlet Store
ExplanationA store offering discounted goods, often from previous seasons or overstock.