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






3. Money left after paying taxes and buying necessities






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






5. Refers to the variety in any one good/service (product line) a retailer carries






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






7. 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






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






9. Whereby a retailers sells to consumers through multiple retail formats






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






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






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






13. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






14. Concentrates on selling one goods or service line - such as young women's apparel






15. The customer group sought by a retailer






16. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






17. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






18. Out-of-hometown shopping - is important for both local and surrounding retailers






19. The optimum site for a particular store






20. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






21. A retailers best customers






22. 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






23. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






24. 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






25. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






26. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






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






29. Short-term selling and administrative costs in running a business






30. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






31. The cost of running a retail business






32. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






33. A large - planned shopping facility appealing to a geographically dispersed market






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






35. The efficiency with which a retail strategy is carried out






36. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






38. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






39. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






41. 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






42. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






43. A retailers has no risk because title is not taken; the supplier owns the goods until sold






44. 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






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






46. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






49. Projections of expected retail sales for given periods






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