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. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






2. A retailer purposely adjusts markups by merchandise category






3. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






4. Focuses on the sale of tangible phoducts






5. The profit earned after all costs and taxes have been deducted






6. Has a primarily functional use: to neatly hang or present products






7. 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






8. Consists of products that may have cyclical sales due to changing tastes and lifestyles






9. A cash or card operated retailing format that dispenses goods and services






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






11. 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






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






13. 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






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






15. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






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






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






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






19. An unincorporated retail firm owned by two or more persons - each with a financial interest






20. Based on the actual prices received for merchandise sold during a time period less merchandise cost






21. Suppliers sell through a moderate number of retailers






22. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






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






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






26. Projections of expected retail sales for given periods






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






28. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






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






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






32. The overall plan guiding a retail firm






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






34. A type of retail institution that is a department in a retail store that is rented to an outside party






35. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






36. A retailer carries more items than expects to sell over a specified period






37. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






38. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






39. Involves a clear statement of the topic to be studied






40. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






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






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






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






45. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






46. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






48. Selling goods and services to a broad spectrum of consumers






49. Zeroing in on one specific group






50. Embodied by a series of activities and processes that provides a certain value for the consumer