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






2. A sign that displays the store's name






3. Displays merchandise by common end use






4. Represents the total bundle of benefits offered to consumers through a channel of distribution






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






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






7. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






8. Suppliers sell through a moderate number of retailers






9. Embodied by a series of activities and processes that provides a certain value for the consumer






10. The aspects of business to which a retailers must adapt






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






12. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






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






15. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






16. The reasons for a consumers behavior






17. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






19. A retail firm owned by its customer members






20. Zeroing in on one specific group






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






22. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






23. Equals the cost of merchandise available for sale minus the cost value of ending inventory






24. The difference between net sales and the total cost of goods sold






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






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






27. Involves oral communication with one or more prospective customers for the purpose of making a sale






28. Mandates that persons with disabilities be given appropriate access to retailing facilities






29. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






30. A type of retail institution that is a department in a retail store that is rented to an outside party






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






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






33. Has a primarily functional use: to neatly hang or present products






34. 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






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






36. Doubt that the correct decision has been made






37. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






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






40. Consumers feel high prices connote high quality and low prices connote low quality






41. Consists of all the levels of independently owned businesses along a channel of distribution






42. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






43. Whereby franchisors limit franchisee involvement in the strategic planning process






44. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






46. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






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






48. 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

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