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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. Beginning inventory - purchases - and transportation charges equal the cost of this






2. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






3. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






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






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






6. The optimum site for a particular store






7. The sum total of an individuals traits - which make that individual unique






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






9. 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






10. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






11. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






13. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






14. 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






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






16. Consists of products that sell well over nonconsecutive time periods






17. Reward a retailers best customers - those with whom it wants long-lasting relationships with






18. 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






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






20. Information is systematically gathered from respondents by communicating with them






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






22. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






23. A listing of bipolar adjectives scales






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






25. 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)






26. A retail firm owned by its customer members






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






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






29. Represents how a given retailer is perceived by consumers and others






30. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






31. Focuses on the sale of tangible phoducts






32. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






33. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






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






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






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






38. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






39. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






40. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






41. Any item a retailer owns with monetary value






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






43. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






44. Displays merchandise by common end use






45. 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






46. 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






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






48. 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






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






50. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores







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