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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 candid evaluation of the opportunities and threats facing a prospective or existing retailer






2. The sum total of an individuals traits - which make that individual unique






3. 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






4. The number of distinct people exposed to a retailers promotion efforts in a specific period






5. 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






6. A retailers commitment to a type of business and to a distinctive role in the marketplace






7. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






8. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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






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






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






12. The cost of running a retail business






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






14. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






15. Used for products needing special handling






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






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






18. A listing of bipolar adjectives scales






19. Merchandise that generates high sales over a short time






20. Assigns floor space on the basis of sales or profit per foot






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






22. The extent to which a person desires and pursues social status






23. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






24. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






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






27. 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






28. Shows the expected behavior of a good or service over its life






29. 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






30. A retailers best customers






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






32. Whereby franchisors limit franchisee involvement in the strategic planning process






33. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






34. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






35. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






36. 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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37. Determines the floor space necessary to carry and display a proper merchandise assortment






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






39. 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






40. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






42. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






43. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






44. 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






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






46. Refers to the variety in any one good/service (product line) a retailer carries






47. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






48. Based on the original retail value assigned to merchandise less the costs of the merchandise






49. Involves oral communication with one or more prospective customers for the purpose of making a sale






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







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