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. A type of retail institution in which a retailers owns one retail unit






2. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






3. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






4. The positive - neutral or negative feelings a person has about different topics






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






6. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






7. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






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






10. 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






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






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






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






14. Available from sources outside the firm






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






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






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






18. 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






19. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






20. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






21. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






23. 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






24. Risk is still low - but a retailer takes title on delivery and is responsible for damages






25. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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






27. 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






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






29. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






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






32. Includes all the remaining customers - and they are the most widely dispersed






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






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






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






36. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






37. Whereby franchisors limit franchisee involvement in the strategic planning process






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






39. 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






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






41. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






42. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






43. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






45. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






46. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






47. 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






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






49. A multi-line firm operating under central ownership






50. Calls for all maintenance costs to be paid by the retailer