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. The activity whereby a retailer generates a list of job applicants






2. Available from sources outside the firm






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






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






5. Merchandise that generates high sales over a short time






6. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






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






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






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






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






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






12. A retailer wants to maintain a specified ratio of goods on hand to sales






13. The profit earned after all costs and taxes have been deducted






14. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






15. When manufacturers and wholesales seek to control the retail prices of their goods and services






16. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






17. Money left after paying taxes and buying necessities






18. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






19. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






21. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






22. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






23. Payments that retailers require of vendors for providing shelf space






24. Appeals to price-conscious consumers - who must be members to shop there






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






26. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






27. Used by retailers that promote throughout the year






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






29. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






30. Calls for all maintenance costs to be paid by the retailer






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






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






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






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






35. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






36. Actively involved with informing and persuading customers in closing sales






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






38. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






39. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






40. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






41. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






43. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






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






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






47. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






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






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