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Fashion Merchandizing

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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Largest portion of promotion budget (approx. 1.3% of sales) - Planning - writing - design - and scheduling of paid announcements

2. Sometimes called the 6 month plan - Balances planned stock and planned sales in dollars - Previous 6 months plan is used as a guideline

3. Net sales- total merchandise costs (Allow for overhead taxes and profit)

4. Sourcing - Logistics related to - importing - Managing information systems

5. Discounts for early payment - Any discounts available (special buys) - Delivery agreements (especially when goods change ownership) - Services (co-op advertising)

6. Variety of low priced merchandise

7. Regional center for bridal - evening wear

8. Conduct own research

9. Departments are managed separately - Separate buyers for each department - Extra customer services - Checkout in each department

10. Responsible for a department/area

11. Must be selected for membership - All couture houses do custom dressmaking but also have ready-to-wear line

12. Completed once the estimated demand has been made - The merchandise plan is both by: Dollar or Merchandise (amount and quantity)

13. Where store execs are housed

14. Cotton Inc. - Wool Bureau

15. Manufacturer sells the rights to retail the product - Franchise has the right to use the name and stock the merchandise - Example = Panera

16. Offer merchandise at prices below recognized levels -Emphasis on self-service - limited services -Volume-oriented

17. Price - Buying plans - What is selling - Needs of the consumer - Buyer completes order which is then approved by DMM

18. Manufacturers may not always produce everything they show in regional market (even if orders have been placed) - May not have many new manufacturers

19. Money left to buy- when merchandise NEEDS to exceed merchandise available

20. Current information on trends

21. Develops clothing for actors in plays - movies - and television

22. Screens the market for the store buyer (represents the buyer) - Group buying- allows for lower prices due to volume buying - Assist with private label- product development sourcing - Assist with foreign buying

23. Responsible for establishing the store's image

24. Carry merchandise from many manufacturers -Originally owned by manufacturers as a way to get rid of excess merchandise

25. Store that concentrates on a specific classification of merchandise - Often more clearly defined market - Broad and shallow assortment

26. These reach out and sell to - small fashion retailers in surrounding areas - serve as a wholesale selling facility for apparel producers - Better understanding of the local consumer

27. Located in market

28. Order from catalog and pick up immediately

29. Manufacturers Attend Market to...

30. Larger orders may allow for...

31. Stores are part of an ownership group - Corporation owns a number of autonomously operated retail organizations

32. Typically 6 months prior to season

33. Ads; focuses on business itself

34. Focuses on the business itself

35. Serves as group of stores - membership is by invitation only (e.g. Associated Merchandising Corporation)

36. Market area - Assists specialized (central) buyer

37. Television or computer shopping

38. Quantity of different items offered

39. Number of different items offered

40. Store open another facility in a different location - often in suburbs

41. Image Merchandise/promotional -advertising agencies bid for client accounts

42. Large number of resources centered in 7th Avenue area - Largest and most important domestically

43. Management consultants - Technical consultants - Import and export consultants

44. Pay a fee for what are supposed to be wholesale prices

45. Figure that tells the frequency with which the stock has been sold and replaced - Goal: increase turn = keep merchandise moving

46. Responsible for several areas

47. Anticipating future needs - Interpreting consumer demand - Evaluating current sales

48. Focuses on management and market research

49. Focus specifically on product

50. Italian fashion - Knits - Shoes - Menswear