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. An inexpensive display that leaves merchandise in the original carton






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






3. A listing of bipolar adjectives scales






4. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






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






7. A retailers commitment to a type of business and to a distinctive role in the marketplace






8. Involves an informal ranking of people based on income - occupation - education and other factors






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






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






11. The profit earned after all costs and taxes have been deducted






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






13. 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






14. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






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






17. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






18. Beginning inventory - purchases - and transportation charges equal the cost of this






19. Zeroing in on one specific group






20. A retailers carries complementary goods and services to encourage shoppers to buy more






21. Whereby suppliers sell through as many retailers as possible






22. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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






24. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






25. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






26. Doubt that the correct decision has been made






27. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






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






29. Available from sources outside the firm






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






31. The difference between net sales and the total cost of goods sold






32. Based on the actual prices received for merchandise sold during a time period less merchandise cost






33. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






34. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






36. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






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






39. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






40. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






41. A sign that displays the store's name






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






43. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






45. Based on the original retail value assigned to merchandise less the costs of the merchandise






46. The cost of running a retail business






47. Concentrates on selling one goods or service line - such as young women's apparel






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






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






50. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer