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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 mix of stores within a district or shopping center






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






3. A sign that displays the store's name






4. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






5. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






6. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






7. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






8. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






9. Used for products needing special handling






10. 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






11. 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






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






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






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






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






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






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






18. A retail firm owned by its customer members






19. Describes how traditional family moves from bachelorhood to children to solitary retirement






20. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






21. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






22. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






24. Assumes new merchandise is sold first - while older stock remains in inventory






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






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






27. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






28. Marketplace opening that exist because other retailers have not yet capitalized on them






29. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






30. The merchandise categories for which data are gathered






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






32. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






33. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






34. Every store - product - or customer has an equal or known chance of being chosen for a study






35. Financial obligations a retailer incurs in operating a business






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






37. Retailers price selected items below cost to lure more customer traffic for those retailers






38. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






39. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






40. Outlines a retailer's planned expenditures for a given time based on expected performance






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






42. The overall plan guiding a retail firm






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






44. 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






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






46. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






47. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






48. 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






49. 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






50. 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







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