Licensing is an agreement to:

	a.	Sell Private Label Merchandise to a Retailer
	b.	Allow Licensors to design merchandise for manufacturers
	c.	Avoid Markdowns
	d.	the rightunder which 1party grants to another the right to use an intellectual property for a specific purpose in return for a fee.
	e.	Charge a fee for store brand merchandise which bears the name of a retailer such as the GAP

Reasons for licensing a fashion brand include:

	a.	Expanding distribution channels
	b.	Giving variety to a brand
	c.	Finding denim manufacturers
	d.	Adding manufacturing locations.
	e.	Lowering your price point

Rights granted under a license may be exclusive or non-exclusive. Exclusivity means that:

	a.	Key terms of a licensing agreement include products covered by license
	b.	Only the licensee can manufacture product within the category.
	c.	Licensee can only sell to the licensor.
	d.	Licensor has many different licensees.
	e.	All of the above

Which of the following categories cannot be licensed?

	a.	Home Furnishings
	b.	Music
	c.	Art
	d.	Celebrity name
	e.	All of the above can be licensed.

The fee involved in licensing that is stipulated in contract, and payable regardless of sales volume is:

	a.	Guaranteed minimum
	b.	Royalty
	c.	Copyright application fee
	d.	Brand development
	e.	None of the above.