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. Logically assumes old merchandise is sold first - while newer items remain in inventory






2. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






3. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






4. Ways in which individual consumers and families live and spend time and money






5. A retailer charges the same price to all customers buying an item under similar conditions






6. A retailer purposely adjusts markups by merchandise category






7. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






8. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






9. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






11. A planned shopping facility - with the largest store being a supermarket or a drugstore






12. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






13. Short-term selling and administrative costs in running a business






14. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






15. Occurs when a consumer makes full use of the decision process






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






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






18. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






20. 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






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






22. Selling goods and services to a broad spectrum of consumers






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






24. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






25. The profit earned after all costs and taxes have been deducted






26. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






27. Represents how a given retailer is perceived by consumers and others






28. A listing of bipolar adjectives scales






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






30. Involve the combination of separately owned retail firms






31. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






32. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






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






35. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






36. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






37. A retailer wants to maintain a specified ratio of goods on hand to sales






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






39. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






41. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






42. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






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






44. 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






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






46. Available within the company - sometimes from the data bank of a retail information system






47. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






48. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






50. A sign that displays the store's name