Vocabulary 1

Question 1

The reduction of a loan balance through payments made over a period of time.

Answer 1

Amortization

Question 2

To prevent or discourage from acting, as by means of fear or doubt.

Answer 2

Deterred

Question 3

A claim or dispute brought to a court of law for judgement.

Answer 3

Lawsuit

Question 4

Part of the inventory tracking system that assists in tracking reduction of on-hand inventory as it is sold.

Answer 4

Point of Sale System (POS)

Question 5

A partial refund of the cost of an item.

Answer 5

Rebate

Question 6

Respect and admiration felt for someone or something.

Answer 6

Prestige

Question 7

Devices to prevent item theft that are embedded in tags that are attached, sewn in, or inserted into packaging by the manufacturer or store employee.

Answer 7

Electronic Article Surveillance (EAS)

Question 8

To think over deply.

Answer 8

Deliberate

Question 9

Prohibits employers from discriminating against qualified individuals with disabilities in job applications, hiring, firing, advancement, compensation, training, or any other forms of compensation.

Answer 9

Americans with Disabilities Act

Question 10

Likely to spoil or decay or become unsafe to consume.

Answer 10

Perishable

Question 11

The deliver of a positive, memorable experience that is more than what the customer expected.

Answer 11

Quality Customer Service

Question 12

The branch of retail in charge of promoting specific products and services to increase sales through engaging visual displays.

Answer 12

Visual Merchandising

Question 13

Questions that cannot be answered with yes or no.

Answer 13

Open-Ended Questions

Question 14

Refers to any act or threat of physical violence toward customers, other employees, or other visitors in the store.

Answer 14

Workplace Violence

Question 15

When a retailer has too much merchandise in stock as a result of inaccurately estimating product demand.

Answer 15

Excess Inventory

Question 16

Remaining in a public or private place without a clear or lawful purpose.

Answer 16

Loitering

Question 17

Any entity that produces the finished products.

Answer 17

Manufacturer

Question 18

A structured form of listening that focuses the attention on the speaker.

Answer 18

Active Listening

Question 19

The practice of recommending additional products that compliment a customer’s purchase.

Answer 19

Cross-Selling

Question 20

The difference between revenue and all expenses, including buying, producing, and operations. This amount is the total that a company gains financially.

Answer 20

Net Profit

Question 21

Refers primarily to shorter-term activities that offer an incentive for customers to make a purchase.

Answer 21

Sales Promotion

Question 22

Wanting to win or be more successful than other people.

Answer 22

Competitive

Question 23

The difference between revenue and the cost of buying or producing the items sold.

Answer 23

Gross Profit

Question 24

Producing paid advertisements for commercial products and services.

Answer 24

Advertising

Question 25

A pricing strategy that targets the most price-conscious shoppers.

Answer 25

Economy Pricing

Question 26

A customer who is motivated to be one of the first to purchase the newest technology, fashion, or car.

Answer 26

Innovative Buyer

Question 27

A combination of marketing tools and strategies that a retailer uses to influence customers to purchase its products.

Answer 27

Marketing Mix

Question 28

Intangible (meaning that it can't be physically owned by the customer) transactions, such as law mowing, hair care, personal training, ride sharing, and video streaming.

Answer 28

Services

Question 29

Retailers that offer different products or services but seek to meet the same customer need. Ex. Burger King and KFC sell different products but both meet the same need - to satisfy hunger.

Answer 29

Indirect Competitors

Question 30

The amount of money that a customer pays the retailer for a product.

Answer 30

Retail Price