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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. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






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






4. An unincorporated retail firm owned by one person






5. The sum total of an individuals traits - which make that individual unique






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






7. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






8. Increases an item's original price because demand is unexpectedly high or costs are rising






9. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






11. The mix of stores within a district or shopping center






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






13. Suppliers sell through a moderate number of retailers






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






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






16. Occurs when a consumer makes full use of the decision process






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






18. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






20. Used for products needing special handling






21. 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






22. A sign that displays the store's name






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






24. A way to collect - store and use relevant information about customers






25. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






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






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






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






29. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






30. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






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






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






34. A retailer wants to maintain a specified ratio of goods on hand to sales






35. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






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






37. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






38. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






40. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






42. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






43. There is more interactive relationship between a franchisor and a franchisee






44. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






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






46. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






48. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






49. Available from sources outside the firm






50. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act







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