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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. 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






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






3. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






4. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






6. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






7. The activity whereby a retailer generates a list of job applicants






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






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






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






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






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






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






14. Places together various items that appeal to a given target market






15. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






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






17. Used by retailers that promote throughout the year






18. 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






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






20. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






21. 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






22. Whereby prices are marked only on shelves or signs and not on individual items






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






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






25. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






27. Whereby goods owned by consumers are repaired - improved - or maintained






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






29. A type of retail institution that is a department in a retail store that is rented to an outside party






30. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






31. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






33. The manner of providing a job environment that encourages employee accomplishment






34. 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






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






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






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






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






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






40. 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






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






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






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






44. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






45. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






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






48. A sign that displays the store's name






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






50. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer







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