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






2. 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






3. Has a primarily functional use: to neatly hang or present products






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






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






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






7. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






8. 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






9. A manufacturer and a retailer or a wholesales and a retailer share an ad






10. The difference between net sales and the total cost of goods sold






11. Merchandise that generates high sales over a short time






12. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






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






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






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






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






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






18. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






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






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






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






23. Involves an informal ranking of people based on income - occupation - education and other factors






24. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






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






27. A retail firm that is formally incorporated under state law






28. Exhibits heavier - bulkier items than a rack holds






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






30. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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31. The positive - neutral or negative feelings a person has about different topics






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






33. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






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






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






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






37. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






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






40. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






41. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






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






44. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






45. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






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






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






50. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI