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. 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






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






3. 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






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






5. Involve the combination of separately owned retail firms






6. 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)






7. Doubt that the correct decision has been made






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






9. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






10. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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11. 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






12. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






13. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






14. Whereby franchisors limit franchisee involvement in the strategic planning process






15. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






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






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






19. 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






20. 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






21. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






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






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






25. The overall plan or framework of action that guides a retailer






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






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






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






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






30. Any item a retailer owns with monetary value






31. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






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






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






34. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






35. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






36. The aspects of business that a firm can directly affect






37. Risk is still low - but a retailer takes title on delivery and is responsible for damages






38. The positive - neutral or negative feelings a person has about different topics






39. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






40. The extent to which a person desires and pursues social status






41. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






43. A case that holds piles of sale clothing - marked down books or other products






44. Many retail vendors sell a range of products at discount prices in plain surroundings






45. The optimum site for a particular store






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






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






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






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






50. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time