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. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






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






4. Money left after paying taxes and buying necessities






5. the drive within people to attain work-related goals - can be positive or negative






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






7. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






9. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






10. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






11. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






13. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






15. 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






16. 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






17. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






19. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






20. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






21. A planned shopping facility - with the largest store being a supermarket or a drugstore






22. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






24. 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






25. A retail firm that is formally incorporated under state law






26. Available from sources outside the firm






27. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






28. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






29. 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






30. A multi-line firm operating under central ownership






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






32. Involves an informal ranking of people based on income - occupation - education and other factors






33. 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






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






35. The criteria used to assess effectiveness






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






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






38. The overall plan guiding a retail firm






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






40. The reasons for a consumers behavior






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






42. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






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






44. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






46. Zeroing in on one specific group






47. Focuses on the sale of tangible phoducts






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






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






50. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers