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. 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






2. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






3. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






4. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






6. Consists of all the levels of independently owned businesses along a channel of distribution






7. 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






8. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






9. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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10. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






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






13. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






15. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






16. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






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






19. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






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






22. 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]






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






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






25. 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






26. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






28. Involve the combination of separately owned retail firms






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






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






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






32. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






34. Competition between manufacturers and retailers for shelf space and profits






35. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






36. When a retailer acts in the best interests of society - as well as itself






37. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






38. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






40. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






41. The business activities involved in selling goods and services to consumers for their personal - family - or household use






42. The form of research in which present behavior or the results of past behavior are noted and recorded






43. Outlines a retailer's planned expenditures for a given time based on expected performance






44. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






45. Refers to the number of distinct goods/services categories (product lines) a retailer carries






46. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






48. Graphically displays its hierarchical relationships created by a retailer






49. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






50. Used by retailers that promote throughout the year







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