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 retail firm that is formally incorporated under state law






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






3. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






4. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






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






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






8. A retailer purposely adjusts markups by merchandise category






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






10. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






11. The overall plan or framework of action that guides a retailer






12. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






13. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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






15. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






16. Two or more retailers share an ad






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






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






19. Where the same customers are served by both branches






20. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






21. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






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






23. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






25. Whereby a retailers sells to consumers through multiple retail formats






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






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






28. Doubt that the correct decision has been made






29. Projections of expected retail sales for given periods






30. An inexpensive display that leaves merchandise in the original carton






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






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






33. Competition between manufacturers and retailers for shelf space and profits






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






35. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






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






38. Available from sources outside the firm






39. Merchandise that generates high sales over a short time






40. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






41. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






43. 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






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






45. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






46. 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






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






48. 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






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






50. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance