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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. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






2. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






3. 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






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






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






6. Whereby consumers lease and use goods for specified periods of time






7. When two or more retailers or a manufacturers/wholesalers share the advertising costs






8. The portion of revenues turned over to the federal - state and/or local government






9. 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






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






11. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






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






14. Concentrates on selling one goods or service line - such as young women's apparel






15. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






16. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






18. Involve the combination of separately owned retail firms






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






20. Out-of-hometown shopping - is important for both local and surrounding retailers






21. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






23. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






25. Graphically displays its hierarchical relationships created by a retailer






26. Calls for precise rent increases over a stated period of time






27. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






28. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






29. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






31. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






32. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






33. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






34. 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






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






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






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






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






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






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






41. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






43. Used for products needing special handling






44. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






45. A retailer charges the same price to all customers buying an item under similar conditions






46. Actively involved with informing and persuading customers in closing sales






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

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






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






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






Can you answer 50 questions in 15 minutes?



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