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. Used for products needing special handling






2. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






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






5. Risk is still low - but a retailer takes title on delivery and is responsible for damages






6. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






7. Beginning inventory - purchases - and transportation charges equal the cost of this






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






9. The number of distinct people exposed to a retailers promotion efforts in a specific period






10. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






11. A formal way to record consumer requests for unstocked for out-of-stock merchandise






12. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






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






15. Projections of expected retail sales for given periods






16. Used by retailers that promote throughout the year






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






18. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






19. The basic format or structure of a business






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






21. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






22. Outlines a retailer's planned expenditures for a given time based on expected performance






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






24. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






25. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






26. 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






27. Consists of products that may have cyclical sales due to changing tastes and lifestyles






28. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






29. Includes all the remaining customers - and they are the most widely dispersed






30. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






32. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






33. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






35. Assumes new merchandise is sold first - while older stock remains in inventory






36. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






37. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






38. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






41. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






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






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






44. Whereby suppliers sell through as many retailers as possible






45. A retailer carries more items than expects to sell over a specified period






46. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






47. The criteria used to assess effectiveness






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






49. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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