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. Logically assumes old merchandise is sold first - while newer items remain in inventory






2. Graphically displays its hierarchical relationships created by a retailer






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






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






5. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






6. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






7. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






8. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






10. A case that holds piles of sale clothing - marked down books or other products






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






12. Whereby goods owned by consumers are repaired - improved - or maintained






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






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






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






16. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






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






18. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






20. Zeroing in on one specific group






21. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






22. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






23. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






24. Signals or cues as to the success or failure of that each part of the strategy






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






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






27. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






28. Used for products needing special handling






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






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






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






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






33. 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






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






35. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






36. When retailers count on suppliers to participate in their inventory management programs






37. Ways in which individual consumers and families live and spend time and money






38. 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






39. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time


40. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






41. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






43. 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






44. Sets the guiding principles for all the merchandise decisions a retailers makes






45. A retailers carries complementary goods and services to encourage shoppers to buy more






46. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






47. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






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






49. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






50. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees