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






2. 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






3. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






4. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






5. Occurs when a consumer makes full use of the decision process






6. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






7. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






8. The line of business in which a retailer operates






9. Doubt that the correct decision has been made






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






11. Displays merchandise by common end use






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






13. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






14. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






15. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






16. A food-based discounter offering a moderate number of food items in a no-frills setting






17. An unincorporated retail firm owned by one person






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






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






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






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






22. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






23. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






24. Increases an item's original price because demand is unexpectedly high or costs are rising






25. Used for products needing special handling






26. A retailers commitment to a type of business and to a distinctive role in the marketplace






27. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






28. Objective - quantifiable - easily identifiable and measurable population data






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






30. 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






31. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






32. The cost of running a retail business






33. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






34. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






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






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






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






38. The extent to which a person desires and pursues social status






39. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






40. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






41. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






43. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






44. A retailer purposely adjusts markups by merchandise category






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






46. 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






47. Factors having a high relationship with job success are given more weight than others






48. There is more interactive relationship between a franchisor and a franchisee






49. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






50. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks







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