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






2. The basic format or structure of a business






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






4. Involves oral communication with one or more prospective customers for the purpose of making a sale






5. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






8. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






9. Projections of expected retail sales for given periods






10. 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






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






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






13. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






15. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






16. Competition between manufacturers and retailers for shelf space and profits






17. A retailer sets its prices in accordance with competitors'






18. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






19. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






20. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






22. A sign that displays the store's name






23. An inexpensive display that leaves merchandise in the original carton






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






25. 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]






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






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






28. 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






29. Refers to the number of distinct goods/services categories (product lines) a retailer carries






30. Information is systematically gathered from respondents by communicating with them






31. Concentrates on selling one goods or service line - such as young women's apparel






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






33. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






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






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






36. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






38. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






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






41. A retailer purposely adjusts markups by merchandise category






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






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






44. Whereby prices are marked only on shelves or signs and not on individual items






45. Assigns floor space on the basis of sales or profit per foot






46. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






48. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






49. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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