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






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






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






4. Equals the cost of merchandise available for sale minus the cost value of ending inventory






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






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






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






8. 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






9. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






10. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






12. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






14. Consists of products that may have cyclical sales due to changing tastes and lifestyles






15. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






16. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






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






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






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






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






21. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






22. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






23. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






25. Depicts a product offering in a thematic manner and sets a specific mood






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






27. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






28. Whereby goods owned by consumers are repaired - improved - or maintained






29. 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






30. 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






31. 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






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






33. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






35. 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






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






37. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






38. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






39. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






40. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






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






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






46. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






47. An inexpensive display that leaves merchandise in the original carton






48. 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






49. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






50. 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