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. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






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






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






5. Takes a customer-centered approach and presents "solutions" rather than "products"






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






7. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






8. Incorporates life stages for both family and non-family households






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






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






11. Occurs when one consumer talks to others; can build a chain of customers






12. 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






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






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






15. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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. The overall plan guiding a retail firm






18. 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






19. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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20. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






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






23. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






24. Two or more retailers share an ad






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






26. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






28. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






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






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






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






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






34. Beginning inventory - purchases - and transportation charges equal the cost of this






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






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






37. Merchandise that generates high sales over a short time






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






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






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






41. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






43. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






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






46. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






47. 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






48. Suppliers sell through a moderate number of retailers






49. 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






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