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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. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






2. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






3. Factors having a high relationship with job success are given more weight than others






4. Whereby consumers lease and use goods for specified periods of time






5. Short-term selling and administrative costs in running a business






6. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






7. Doubt that the correct decision has been made






8. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






9. Merchandise that generates high sales over a short time






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






11. Risk is still low - but a retailer takes title on delivery and is responsible for damages






12. Converts shopping from a passive activity into a more interactive one - by better engaging customers






13. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






14. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






15. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






17. Objective - quantifiable - easily identifiable and measurable population data






18. Information is systematically gathered from respondents by communicating with them






19. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






20. An unincorporated retail firm owned by two or more persons - each with a financial interest






21. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






22. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






23. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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24. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






25. The long-run and short-run performance targets a retailers hopes to attain






26. Sets the guiding principles for all the merchandise decisions a retailers makes






27. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






28. Determines the floor space necessary to carry and display a proper merchandise assortment






29. Customer orientation - coordinated effort - value driven and goal orientation






30. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






31. The line of business in which a retailer operates






32. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






33. Places together various items that appeal to a given target market






34. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






35. A retailer sets prices for goods and services and seeks to maintain them for an extended period






36. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






37. A food-based discounter offering a moderate number of food items in a no-frills setting






38. Assigns floor space on the basis of sales or profit per foot






39. Represents how a given retailer is perceived by consumers and others






40. A way to collect - store and use relevant information about customers






41. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






43. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






44. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






45. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






46. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






47. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






48. 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






49. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






50. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts







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