Practice Test
Chapter 7:
Buying and Pricing Merchandise
Practice Test
1.
In most large retail stores, the store owner is also the buyer.
a.
TRUE
b.
FALSE
2.
The buyer determines the best vendor or supplier for each item to be bought for the store.
a.
TRUE
b.
FALSE
3.
A want slip is used by the buyer to determine what the vendor should supply.
a.
TRUE
b.
FALSE
4.
Market share refers to the practice of sharing selling space.
a.
TRUE
b.
FALSE
5.
A sale is an example of a markup.
a.
TRUE
b.
FALSE
6.
One big factor that affects prices is:
a.
market value
b.
competition
c.
price-gouging
d.
profit margins
7.
This term refers to a person or company from which a buyer purchases merchandise:
a.
merchant of vending
b.
venue
c.
vendor
d.
Venn diagram
8.
FOB stands for:
a.
fare or boarding
b.
freight over boarding
c.
free or base price
d.
free on board
9.
This type of buying refers to when all buying for one chain is done from one location:
a.
vendor buying
b.
decentralized buying
c.
centralized buying
d.
quantity buying
10.
This term refers to the quantity of merchandise or service that is available for customers to purchase:
a.
markup
b.
supply
c.
demand
d.
markdown
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