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 net sales and the total cost of goods sold






2. 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






3. Lets consumers bargain over prices; those who are good at it obtain lower prices






4. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






5. A retailer charges the same price to all customers buying an item under similar conditions






6. Graphically displays its hierarchical relationships created by a retailer






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






8. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






9. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






10. Retailers price selected items below cost to lure more customer traffic for those retailers






11. Every store - product - or customer has an equal or known chance of being chosen for a study






12. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






13. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






14. A type of retail institution in which a retailers owns one retail unit






15. A large - planned shopping facility appealing to a geographically dispersed market






16. Money left after paying taxes and buying necessities






17. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






18. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






19. Increases an item's original price because demand is unexpectedly high or costs are rising






20. Equals the cost of merchandise available for sale minus the cost value of ending inventory






21. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






23. Depicts a product offering in a thematic manner and sets a specific mood






24. Whereby franchisors limit franchisee involvement in the strategic planning process






25. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






26. A planned shopping facility - with the largest store being a supermarket or a drugstore






27. Occurs when a consumer makes full use of the decision process






28. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






29. Selling goods and services to a broad spectrum of consumers






30. Used by retailers that promote seasonally






31. Has a primarily functional use: to neatly hang or present products






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






33. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






34. Where the same customers are served by both branches






35. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






36. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






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






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






40. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






42. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






43. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






44. Projections of expected retail sales for given periods






45. Zeroing in on one specific group






46. Ways in which individual consumers and families live and spend time and money






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






48. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






49. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






50. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category