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. Involves an informal ranking of people based on income - occupation - education and other factors






2. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






3. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






4. Used for products needing special handling






5. Consists of products that sell well over nonconsecutive time periods






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






7. Graphically displays its hierarchical relationships created by a retailer






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






9. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






10. the drive within people to attain work-related goals - can be positive or negative






11. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






12. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






13. Involve the combination of separately owned retail firms






14. Relates to the quantites of merchandise a retailer handles during a stated period






15. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






16. Doubt that the correct decision has been made






17. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






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






20. 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






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






22. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






23. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






24. The activity whereby a retailer generates a list of job applicants






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






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






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






28. 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






29. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






30. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






31. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






32. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






33. 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






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






35. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






37. A listing of bipolar adjectives scales






38. A merchandising technique that some firms use to improve productivity






39. A sign that displays the store's name






40. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






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






43. A large - planned shopping facility appealing to a geographically dispersed market






44. Appeals to price-conscious consumers - who must be members to shop there






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






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






47. 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






48. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






49. 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






50. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality