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






2. The overall plan guiding a retail firm






3. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






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






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






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






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






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






9. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






10. 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






11. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






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






14. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






15. Exhibits heavier - bulkier items than a rack holds






16. 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






17. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






18. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






20. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






22. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






23. Doubt that the correct decision has been made






24. Assumes new merchandise is sold first - while older stock remains in inventory






25. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






26. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






28. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






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






31. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






32. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






34. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






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






36. A retailer sets its prices in accordance with competitors'






37. Reward a retailers best customers - those with whom it wants long-lasting relationships with






38. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






40. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






41. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






42. 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






43. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






44. The reasons for a consumers behavior






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






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






47. 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]






48. A merchandising technique that some firms use to improve productivity






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






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