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. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






3. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






4. The overall plan or framework of action that guides a retailer






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






6. When two or more retailers or a manufacturers/wholesalers share the advertising costs






7. Customer orientation - coordinated effort - value driven and goal orientation






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






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






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






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






12. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






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






14. Equals the cost of merchandise available for sale minus the cost value of ending inventory






15. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






16. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






17. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






19. Used by retailers that promote throughout the year






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






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






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






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






24. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






25. The mix of stores within a district or shopping center






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






27. There is more interactive relationship between a franchisor and a franchisee






28. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






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






32. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






33. Selling goods and services to a broad spectrum of consumers






34. When retailers count on suppliers to participate in their inventory management programs






35. Represents how a given retailer is perceived by consumers and others






36. Zeroing in on one specific group






37. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






38. Signals or cues as to the success or failure of that each part of the strategy






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






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






41. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






42. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






43. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






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






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






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






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






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






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