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Test your basic knowledge |
Fashion Merchandizing
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Subjects
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business-skills
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industries
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
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. Sometimes called the 6 month plan - Balances planned stock and planned sales in dollars - Previous 6 months plan is used as a guideline
Dollar Merchandise Plan
Store Owned Organizations (Product Development Organizations
Paths for Buyers
Wholesale Warehouse Clubs (Specialty)
2. People who shop for clients
Store Ownership Group
Personal Shopper
Costume Designe
Confined merchandis
3. Large number of resources centered in 7th Avenue area - Largest and most important domestically
Franchise
Open-to-buy (Dollar Merchandise Plan)
New York (Market Centers)
Buyer (Merchandising; Retail Stores)
4. Combine supermarket - appliances - toys - drug store items - apparel - etc. - everything under one roof
Hypermarkets (Specialty
Market Wee
Paris (Global Fashion Centers)
Look at offerings and need out and refine their line
5. Price - Buying plans - What is selling - Needs of the consumer - Buyer completes order which is then approved by DMM
De
Factors to be Considered in Editing (Buying)
New York (Market Centers)
Sources of Information (Retail Merchandising)
6. Small specialized store of a department store
Chain Store
Twig (Classifications; Department Store)
Buyer (Merchandising; Retail Stores)
Minor Fashion Industries (Global Fashion Centers)
7. 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
Franchise
Trade Publications (Sources)
Resident Buyer
Store Owner (Path for Buyers)
8. Net sales- total merchandise costs (Allow for overhead taxes and profit)
Gross Margin Percentage (Dollar Merchandise Plan)
Factors to be Considered in Editing (Buying)
Merchandisi
Image (Promotion)
9. Responsible for a department/area
Buyer (Merchandising; Retail Stores)
Dollar Merchandise Plan
GMM (Merchandising; Retail Stores)
Store Ownership Group
10. Larger orders may allow for...
Private Label
Direct Selling (Non-store Retailing)
Merchandise/Promotional (Advertising)
Lower prices
11. Additional service offered by resident buying offices- design staff of the buying office develops private label merchandise - Newest services
Promotio
Broad-based Business Consulting Services
Buyers Attend Market
Product Development
12. Focuses on a particular item or product
Promotio
Using Resident Buying Offices (Sources)
Shortage (Dollar Merchandise Plan)
Independently owned services
13. Focuses on the business itself
Direct Selling (Non-store Retailing)
Image (Promotion)
Market
Merchandise Assortment Planning
14. Television or computer shopping
Electronic Retailing (Non-store Retailing)
Off-Price Store (Specialty)
In-store Boutique
Merchandise/Promotional (Advertising)
15. Shopping the stores - Using resident buying offices - Vendors - Trade publications - Reporting services - Trade associations - Market research - In-store success
Sources of Information (Retail Merchandising)
Management Consultants (Consulting Services)
Milan (Global Fashion Centers)
Confined merchandis
16. Stores are part of an ownership group - Corporation owns a number of autonomously operated retail organizations
Elements of Dollar Merchandize Plan
Store Ownership Group
Milan (Global Fashion Centers)
Specialty Store
17. Largest portion of promotion budget (approx. 1.3% of sales) - Planning - writing - design - and scheduling of paid announcements
Market
Store Owner (Path for Buyers)
De
Advertising
18. Merchandising offerings - Appropriate for customers
Factors in Selecting a Resource (Buying
Advertising
Specialty Store
Store Owner (Path for Buyers)
19. Completed once the estimated demand has been made - The merchandise plan is both by: Dollar or Merchandise (amount and quantity)
Merchandise Assortment Planning
Paths for Buyers
Limitations of regional marts
Trade Associations (Sources)
20. Creates fashion looks for magazine phot - shoots - company catalogs - etc.
Business Consultant's Services
In-store Boutique
Stylist
Milan (Global Fashion Centers)
21. Merchandising - Buying - Product Development Organizations
Factors to be Considered in Editing (Buying)
Store within a Store
Open-to-buy (Dollar Merchandise Plan)
Independently owned services
22. Money left to buy- when merchandise NEEDS to exceed merchandise available
Breadt
Twig (Classifications; Department Store)
OB
Electronic Retailing (Non-store Retailing)
23. Planned sales - Planned stock - Turnover - Average stock - Planned purchases - Shortage - Gross margin percentage - Open-to-buy
Lower prices
New York (Market Centers)
In-store Success (Sources
Elements of Dollar Merchandize Plan
24. Tells buyer dollar amount of purchases that can be made - Actual stock- planned stock
Open-to-buy (Dollar Merchandise Plan)
Reporting Services (Sources)
Direct Selling (Non-store Retailing)
Factory Outlet (Specialty)
25. Most aware of what is selling (bias)
Vendors (Sources)
Regional Marts
Electronic Retailing (Non-store Retailing)
Department Store (Characteristics)
26. Order from catalog and pick up immediately
Central Buyer (Path for Buyers)
Catalog Showroom (Specialty)
Sources of Information (Retail Merchandising)
Reporting Services (Sources)
27. Develops clothing for actors in plays - movies - and television
OB
Costume Designe
Broad-based Business Consulting Services
Using Resident Buying Offices (Sources)
28. Offer merchandise at prices below recognized levels -Emphasis on self-service - limited services -Volume-oriented
Discount Store (Specialty)
Off-Price Store (Specialty)
Catalog Showroom (Specialty)
Direct Selling (Non-store Retailing)
29. Store that concentrates on a specific classification of merchandise - Often more clearly defined market - Broad and shallow assortment
Store Owner (Path for Buyers)
Publicity
Specialty Store
Buyer (Retail Merchandising)
30. Management consultants - Technical consultants - Import and export consultants
Broad-based Business Consulting Services
Milan (Global Fashion Centers)
Store Owner (Path for Buyers)
Overbought
31. Small operation
Specialty Store
Catalog Showroom (Specialty)
Store Owner (Path for Buyers)
Product Development
32. Market area - Assists specialized (central) buyer
Sources of Merchandise (Buying)
Resident Buyer
Resident Buyer (Path for Buyers)
Shopping the Stores (Sources)
33. Italian fashion - Knits - Shoes - Menswear
Merchandise Assortment Planning
Electronic Retailing (Non-store Retailing)
Milan (Global Fashion Centers)
Franchise
34. Manufacturer sells the rights to retail the product - Franchise has the right to use the name and stock the merchandise - Example = Panera
Market Research (Sources)
Elements of Dollar Merchandize Plan
Gross Margin Percentage (Dollar Merchandise Plan)
Franchise
35. 2nd largest leasing space available
Los Angeles
Franchise
DMM (Merchandising; Retail Store
Merchandise Assortment Planning
36. Leased department: rents space to an outside firm which runs the department (makeup counters) -In-store boutique
Twig (Classifications; Department Store)
Store within a Store
Market Wee
Tokyo (Global Fashion Centers
37. Located in market
Using Resident Buying Offices (Sources)
Twig (Classifications; Department Store)
Some samples may never be mass produced
Market Research (Sources)
38. Responsible for establishing the store's image
Two basic kinds of ratail advertising
Private Label
GMM (Merchandising; Retail Stores)
Independently owned services
39. Store's own label for career and casual sportswear; prices vary (better to moderate)
Private Label
Merchandisi
Confined merchandis
Hypermarkets (Specialty
40. Customer makes choices out of a catalog and places order by phone - mail - or at a facility
Catalog/Mail Order (Non-store Retai
Buyer (Merchandising; Retail Stores)
Lower prices
Some samples may never be mass produced
41. Store owner - Specialized store buyer - Central buyer - Resident buyer
Trade Associations (Sources)
Paths for Buyers
Hypermarkets (Specialty
Gross Margin Percentage (Dollar Merchandise Plan)
42. Not paid for by the retailer and the retailer doesn't have control over what is said
Some samples may never be mass produced
In-store Success (Sources
Publicity
Terms to be Negotiated (Buying)
43. Regional center for bridal - evening wear
Central Buyer (Path for Buyers)
London (Global Fashion Centers)
Elements of Dollar Merchandize Plan
Dallas
44. Current information on trends
Reporting Services (Sources)
Breadt
Store within a Store
Costume Designe
45. Manufacturers Attend Market to...
Resident Buyer
OB
Look at offerings and need out and refine their line
Direct Selling (Non-store Retailing)
46. Anticipating future needs - Interpreting consumer demand - Evaluating current sales
Lower prices
Buyer (Retail Merchandising)
Sources of Merchandise (Buying)
Branch (Classifications; Department Store
47. WWD - DNR - stores (consumer fashion magazines)
Shopping the Stores (Sources)
Flagship (Classifications; Department Store)
Trade Publications (Sources)
Stylist
48. Where store execs are housed
Look at offerings and need out and refine their line
Flagship (Classifications; Department Store)
Minor Fashion Industries (Global Fashion Centers)
Dollar Merchandise Plan
49. Figure that tells the frequency with which the stock has been sold and replaced - Goal: increase turn = keep merchandise moving
Variety Store (Specialty)
De
Turnover (Dollar Merchandise Plan)
Chain Store
50. Pay a fee for what are supposed to be wholesale prices
Resident Buyer (Path for Buyers)
Business Consultant's Services
Merchandise/Promotional (Advertising)
Wholesale Warehouse Clubs (Specialty)
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