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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. Graphically displays its hierarchical relationships created by a retailer






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






3. Consumers feel high prices connote high quality and low prices connote low quality






4. The extent to which a person desires and pursues social status






5. Whereby prices are marked only on shelves or signs and not on individual items






6. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






7. the drive within people to attain work-related goals - can be positive or negative






8. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






9. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






10. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






12. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






14. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






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






17. An unincorporated retail firm owned by one person






18. The efficiency with which a retail strategy is carried out






19. 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






20. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






22. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






23. Out-of-hometown shopping - is important for both local and surrounding retailers






24. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






26. Calls for precise rent increases over a stated period of time






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






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






29. Doubt that the correct decision has been made






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






31. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






32. Consists of products that sell well over nonconsecutive time periods






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






34. 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






35. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






36. Incorporates life stages for both family and non-family households






37. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






38. The merchandise categories for which data are gathered






39. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






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






42. 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






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






44. Refers to the variety in any one good/service (product line) a retailer carries






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






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






47. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






48. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






49. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






50. Financial obligations a retailer incurs in operating a business







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