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. Involve the combination of separately owned retail firms






2. Focuses on the sale of tangible phoducts






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






4. 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






5. 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






6. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






8. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






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






11. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






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






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






14. Two or more retailers share an ad






15. 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






16. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






17. A listing of bipolar adjectives scales






18. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






20. Zeroing in on one specific group






21. The reasons for a consumers behavior






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






23. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






24. Every store - product - or customer has an equal or known chance of being chosen for a study






25. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






26. 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






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






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






29. 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






30. When a retailer looks at data that are collected to address the specific issue or problem under study






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






32. When two or more retailers or a manufacturers/wholesalers share the advertising costs






33. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






34. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






35. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






36. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






37. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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38. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






39. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






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






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






43. Typically supervises the on-floor selling and operational activities for a specific retail department






44. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






45. 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






46. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






47. Financial obligations a retailer incurs in operating a business






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






49. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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