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






2. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






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






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






5. Suppliers sell through a moderate number of retailers






6. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






7. 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






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






9. An unincorporated retail firm owned by one person






10. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






11. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






12. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






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






15. The profit earned after all costs and taxes have been deducted






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






17. Occurs when a consumer makes full use of the decision process






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






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






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






21. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






22. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






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






24. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






25. The aspects of business that a firm can directly affect






26. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






27. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






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






30. 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






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

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






33. Refers to the number of distinct goods/services categories (product lines) a retailer carries






34. The reasons for a consumers behavior






35. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






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






38. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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39. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






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






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. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






43. Outlines a retailer's planned expenditures for a given time based on expected performance






44. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






45. A retailers carries complementary goods and services to encourage shoppers to buy more






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






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






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






49. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






50. Increases an item's original price because demand is unexpectedly high or costs are rising






Can you answer 50 questions in 15 minutes?



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