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. The cost of running a retail business






2. Two or more retailers share an ad






3. 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






4. Whereby each department is subdivided into further categories for related types of merchandise






5. 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






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






7. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






8. The aspects of business to which a retailers must adapt






9. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






10. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






11. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






12. Out-of-hometown shopping - is important for both local and surrounding retailers






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






14. When a retailer acts in the best interests of society - as well as itself






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






16. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






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






19. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






20. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






21. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






23. 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






24. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






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






27. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






28. Incorporates life stages for both family and non-family households






29. Whereby a retailers sells to consumers through multiple retail formats






30. 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






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






32. Any item a retailer owns with monetary value






33. The merchandise categories for which data are gathered






34. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






35. Mandates that persons with disabilities be given appropriate access to retailing facilities






36. Typically supervises the on-floor selling and operational activities for a specific retail department






37. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






38. The customer group sought by a retailer






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






40. A retail firm owned by its customer members






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






42. A memorized - repetitive speech given to all customers interested in a particular item






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






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






45. 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






46. Takes a customer-centered approach and presents "solutions" rather than "products"






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






48. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






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






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