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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. Payments that retailers require of vendors for providing shelf space






2. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






3. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






5. 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






6. 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






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






8. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






10. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






11. 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






12. A retailers best customers






13. 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






14. The criteria used to assess effectiveness






15. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






16. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






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






19. Used for products needing special handling






20. Based on the original retail value assigned to merchandise less the costs of the merchandise






21. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






22. 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






23. Determines the floor space necessary to carry and display a proper merchandise assortment






24. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






25. Financial obligations a retailer incurs in operating a business






26. Displays merchandise by common end use






27. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






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






30. Involve the combination of separately owned retail firms






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






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






33. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






34. 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






35. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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






37. The positive - neutral or negative feelings a person has about different topics






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






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






40. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






42. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






44. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






45. 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






46. Relates to the quantites of merchandise a retailer handles during a stated period






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






48. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






49. 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)






50. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study







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