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






2. 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






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






4. An inexpensive display that leaves merchandise in the original carton






5. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






7. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






8. Money left after paying taxes and buying necessities






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






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






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






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






13. The customer group sought by a retailer






14. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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






17. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






18. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






19. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






20. 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






21. The merchandise categories for which data are gathered






22. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






24. Influence people's thought and behavior such as families - aspirational groups and membership groups






25. Involves a clear statement of the topic to be studied






26. 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






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






28. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






29. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






30. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






31. An unincorporated retail firm owned by one person






32. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






34. 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






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. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






38. Involve the combination of separately owned retail firms






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






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






41. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






42. Any item a retailer owns with monetary value






43. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






44. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






45. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






47. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






48. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






49. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






50. Aiming at two or more distinct consumer groups - with different retailing approaches for each group