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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. The cost of running a retail business






2. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






4. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






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






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






8. Used by retailers that promote throughout the year






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






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






11. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






12. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






14. A form of multi-channel retailing which engages in more than one type of distribution arrangement






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






16. A listing of bipolar adjectives scales






17. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






18. 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






19. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






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






21. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






22. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






23. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






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






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






26. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






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






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






30. 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






31. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






32. Reward a retailers best customers - those with whom it wants long-lasting relationships with






33. Money left after paying taxes and buying necessities






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






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






36. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






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






38. When manufacturers and wholesales seek to control the retail prices of their goods and services






39. The optimum site for a particular store






40. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






41. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






43. The efficiency with which a retail strategy is carried out






44. Used by retailers that promote seasonally






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






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






47. Competition between manufacturers and retailers for shelf space and profits






48. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






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







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