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






2. the drive within people to attain work-related goals - can be positive or negative






3. A type of retail institution in which a retailers owns one retail unit






4. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






5. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






7. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






9. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






10. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






11. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






12. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






13. Money left after paying taxes and buying necessities






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






15. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






16. A multi-line firm operating under central ownership






17. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






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






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






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






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






23. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






24. Focuses on the sale of tangible phoducts






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






26. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






27. 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






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






29. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






31. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






32. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






34. 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






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






36. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






38. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






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






40. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






41. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






42. Whereby prices are marked only on shelves or signs and not on individual items






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






44. 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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45. A type of retail institution that is a department in a retail store that is rented to an outside party






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






47. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






49. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






50. The criteria used to assess effectiveness