Test your basic knowledge |

Retail Management

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • 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. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






2. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






3. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






4. Involves oral communication with one or more prospective customers for the purpose of making a sale






5. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






6. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






7. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






8. Focuses on the sale of tangible phoducts






9. Exhibits heavier - bulkier items than a rack holds






10. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






11. The aspects of business to which a retailers must adapt






12. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






13. Whereby goods owned by consumers are repaired - improved - or maintained






14. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






15. A retailer purposely adjusts markups by merchandise category






16. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






17. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






18. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






19. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






20. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






21. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






22. Available within the company - sometimes from the data bank of a retail information system






23. A retail firm owned by its customer members






24. When manufacturers and wholesales seek to control the retail prices of their goods and services






25. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






26. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






27. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






28. Merchandise that generates high sales over a short time






29. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






30. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






31. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






32. Outlines a retailer's planned expenditures for a given time based on expected performance






33. A retail firm that is formally incorporated under state law






34. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






35. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






36. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






37. A formal way to record consumer requests for unstocked for out-of-stock merchandise






38. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






39. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






40. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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41. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






42. Involve the combination of separately owned retail firms






43. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






44. Involves a clear statement of the topic to be studied






45. The manner of providing a job environment that encourages employee accomplishment






46. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






47. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






48. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






49. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






50. Whereby a retailers sells to consumers through multiple retail formats