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






2. The portion of revenues turned over to the federal - state and/or local government






3. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






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






5. When a retailer looks at data that are collected to address the specific issue or problem under study






6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






9. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






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






12. The line of business in which a retailer operates






13. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






14. A retail firm owned by its customer members






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






16. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






18. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






19. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






20. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






21. Typically supervises the on-floor selling and operational activities for a specific retail department






22. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






23. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






26. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






27. 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






28. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






29. Every store - product - or customer has an equal or known chance of being chosen for a study






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






31. 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






32. Used for products needing special handling






33. A retailers has no risk because title is not taken; the supplier owns the goods until sold






34. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






35. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






36. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






37. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






39. The manner of providing a job environment that encourages employee accomplishment






40. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






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






43. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






44. Involve the combination of separately owned retail firms






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






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






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






48. A food-based discounter offering a moderate number of food items in a no-frills setting






49. 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






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