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. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






2. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






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






4. Takes place when the consumer buys out of habit and skips steps in the purchase process






5. Places together various items that appeal to a given target market






6. The reasons for a consumers behavior






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






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






9. Used for products needing special handling






10. 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






11. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






12. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






14. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






15. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






17. Displays merchandise by common end use






18. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






19. The efficiency with which a retail strategy is carried out






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






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






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






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






24. A sign that displays the store's name






25. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






27. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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






29. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






30. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






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






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






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






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






36. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






37. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






38. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






39. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






40. 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






41. Has a primarily functional use: to neatly hang or present products






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






43. 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






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






45. The merchandise categories for which data are gathered






46. 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






47. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






49. A retailers best customers






50. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway