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






2. 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






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






4. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






5. Embodied by a series of activities and processes that provides a certain value for the consumer






6. Where a consumer must pay the bill in full when it is due






7. 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






8. A retail firm owned by its customer members






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






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






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






12. Information is systematically gathered from respondents by communicating with them






13. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






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






15. Assigns floor space on the basis of sales or profit per foot






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






17. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






18. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






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






20. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






22. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






23. Payments that retailers require of vendors for providing shelf space






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






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






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






27. The criteria used to assess effectiveness






28. A retail firm that is formally incorporated under state law






29. 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






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






31. The merchandise categories for which data are gathered






32. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






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






35. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






36. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






37. Represents how a given retailer is perceived by consumers and others






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






39. Sets the guiding principles for all the merchandise decisions a retailers makes






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






41. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






42. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






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






44. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






46. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






47. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






48. A memorized - repetitive speech given to all customers interested in a particular item






49. The customer group sought by a retailer






50. A retailers has no risk because title is not taken; the supplier owns the goods until sold







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Can you answer 50 questions in 15 minutes?


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