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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. Available within the company - sometimes from the data bank of a retail information system






2. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






5. Occurs when one consumer talks to others; can build a chain of customers






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






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






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






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






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






11. The customer group sought by a retailer






12. Appeals to price-conscious consumers - who must be members to shop there






13. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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14. A retail firm owned by its customer members






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






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






17. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






18. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






19. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






20. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






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






22. 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






23. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






24. A retailer sets prices for goods and services and seeks to maintain them for an extended period






25. Consumers feel high prices connote high quality and low prices connote low quality






26. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






27. A multi-line firm operating under central ownership






28. The efficiency with which a retail strategy is carried out






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






30. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






32. 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






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






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






35. Shows the expected behavior of a good or service over its life






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






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






38. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






39. The long-run and short-run performance targets a retailers hopes to attain






40. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






42. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






44. The aspects of business that a firm can directly affect






45. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






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






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






49. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






50. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each







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