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






2. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






4. Converts shopping from a passive activity into a more interactive one - by better engaging customers






5. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






6. Mandates that persons with disabilities be given appropriate access to retailing facilities






7. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






8. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






9. 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






10. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






12. The optimum site for a particular store






13. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






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






16. The cost of running a retail business






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






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






19. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






21. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






22. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






24. Typically supervises the on-floor selling and operational activities for a specific retail department






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






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






27. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






28. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






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






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






32. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






33. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






34. 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






35. 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






36. 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






37. A form of multi-channel retailing which engages in more than one type of distribution arrangement






38. Money left after paying taxes and buying necessities






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






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






41. Actively involved with informing and persuading customers in closing sales






42. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






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






45. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






47. 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






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






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






50. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes







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