Retailing - Merchandise Management | Practice Test / Quiz / MCQs

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Retailing - Merchandise Management

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Retailing - Merchandise Management

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1. Perpetual inventory

2. Markdown money

3. Assortment plan

Stocking out a specific size or colour skuA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

4. Breaking size

A list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryStocking out a specific size or colour sku

5. Product availability

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA measurement of the percentage of demand for a particular sku that is satisfiedAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

6. Inventory management report

An accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesIndicates the decision variables set by the buyer - such as product availability - the backup stock needed to provide the product availability - the order points and quantities plus performance measures such as planned and actual inventory - the current sales rate or velocity - sales forecasts - inventory availability - and the amount on orderA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

7. Sell-through analysis

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryA comparison of actual and planned sales to determine whether early markdowns are required or whether more merchandise is needed to satisfy demandA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

8. Abc analysis

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryAn analysis that rank orders skus by a profitability measure to determine which items should never be out of stock - which should be allowed to be out of stock occasionally - and which should be deleted from the stock selectionA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

9. Fashion merchandise category

Category of merchandise that typically lasts several seasons - and sales can vary dramatically from one season to the next (e.g. - athletic shoes - smartphones - and women's apparel)A list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

10. Multi-attribute analysis method

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA method for evaluating vendors that uses a weighted average score for each vendor - which is based on the importance of various issues and the vendor's performance on those issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

11. Seasonal merchandise category

An accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryCategory of inventory whose sales fluctuate dramatically according to the time of the year (e.g. - halloween candy - christmas ornaments - swimwear - and snow shovels)Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

12. Lead time

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesThe amount of time between recognition that an order needs to be placed and the point at which the merchandise arrives in the store and is ready for saleAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

13. Editing the assortment

The process of determining the breadth and depth for a categoryA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issues

14. Push distribution strategy

An accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryStrategy in which merchandise is allocated to stores based on historical demand - the inventory position at the distribution centre - as well as the stores' needsFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

15. Cycle stock

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryThe inventory that goes up and down due to the replenishment process; also called base stock

16. Pull distribution strategy

An accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryStrategy in which orders for merchandise are generated at the store level on the basis of demand data captured by point-of-sale terminals

17. Breadth and shallow assortment planning

A list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryTypical of fashion retailers - which stock a broad assortment of styles to satisfy the consumer but does not carry depth in any particular item (e.g. - club monaco)Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

18. Fad

An accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryA merchandise category that generates a lot of sales for a relatively short time - often less than a season (e.g. - flared jeans)Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issues

19. Continuous replacement

A system of continuously monitoring merchandise sales and generating replacement orders - often automatically - when inventory levels drop below predetermined levelsFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

20. Service level

An accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA measure used in inventory management to define the level of support or level of product availability; the number of items sold divided by the number of items demanded; also called level of supportA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise category

21. Staple merchandise category

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventoryA category of inventory that has continuous demand by customers over an extended period of time; also called basic merchandise category (e.g. - most categories sold in supermarkets - white paint - copy paper - basic casual apparel)

22. Order point

23. Category captain

A supplier that forms an alliance with a retailer to help gain customer insight - satisfy the consumer needs - and improve the performance and profit potential across the entire categoryA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryFunds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

24. Square assortment planning

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesA moderate assortment strategy that is adopted by traditional department stores consisting of limited depth (e.g. - hudson's bay)A list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

25. Depth of merchandise

Funds provided by a vendor to a retailer to cover decreased gross margin from markdowns and other merchandising issuesThe amount of a particular item that a retailer will stock - includes the attributes of brand - size - or colourA list of skus that a retailer will offer in a merchandise category - reflects the breadth and depth that the retailer plans to offer in a merchandise categoryAn accounting procedure whose objectives are to maintain a perpetual or book inventory in retail dollar amounts and to maintain records that make it possible to determine the cost value of the inventory at any time without taking a physical inventory

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25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know? Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com