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. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






3. A sign that displays the store's name






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






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






6. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






7. Assigns floor space on the basis of sales or profit per foot






8. 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






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






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. When a retailer acts in the best interests of society - as well as itself






12. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






13. Whereby each department is subdivided into further categories for related types of merchandise






14. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






15. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






17. The optimum site for a particular store






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. Exhibits heavier - bulkier items than a rack holds






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






21. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






22. Whereby suppliers sell through as many retailers as possible






23. The basic format or structure of a business






24. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






25. Systematically lists all operating functions to be performed - their characteristics - and their timing






26. 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]






27. The form of research in which present behavior or the results of past behavior are noted and recorded






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






29. Merchandise that generates high sales over a short time






30. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






31. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






33. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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34. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






35. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






36. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






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






40. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






42. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






44. 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






45. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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






47. Consists of products that sell well over nonconsecutive time periods






48. 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






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






50. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business