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Fashion 4.0
Test Description: Fashion 4.0
Instructions: Answer all questions to get your test result.
1) When the price of a product or service increases, demand will usually:
A
increase
B
be average
C
be the same
D
decrease
2) Trey buys his wife a new purse for Mother’s Day. She immediately begins to use it on a daily basis. In this example, what is the wife’s role?
A
consumer
B
service
C
supplier
D
wholesale
3) A markup equal to the cost of the merchandise is:
A
initial
B
maintained
C
extended
D
keystone
4) Belk provided a coupon in the newspaper for 15% off twin bed sheets regularly priced $48.50. Excluding tax, what would a customer pay if they used the coupon?
A
41.22
B
7.28
C
27.28
D
38.99
5) What is a basis for psychographic segmentation?
A
income
B
lifestyle
C
customer location
D
education level
6) Most department and fashion specialty stores calculate markup percent based on:
A
cost
B
retail price
C
markdown
D
markup
7) An amount added to the cost of goods to reach a selling price is a/an:
A
add on
B
cost plus
C
extension
D
markup
8) Jason purchased a sweater from a local men’s apparel retailer. The price he paid was the:
A
keystone pri ce
B
cost
C
retail price
D
extended price
9) Sweaters originally priced to sell for $92.79 are marked down 75%. What is the sale price?
A
23.20
B
62.32
C
22.78
D
54.32
10) There is only one department store in a small, rural town in North Carolina without any competitors. The store dominates the industry in that area. This describes which competitive market structure?
A
Nonprice Competition
B
Pure competition
C
Oligopoly
D
monopoly
*select an answer for all questions
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