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. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






3. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






4. When manufacturers and wholesales seek to control the retail prices of their goods and services






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






6. The difference between net sales and the total cost of goods sold






7. Consists of all the levels of independently owned businesses along a channel of distribution






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






9. A sign that displays the store's name






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






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






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






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






14. Beginning inventory - purchases - and transportation charges equal the cost of this






15. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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16. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






17. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






18. Graphically displays its hierarchical relationships created by a retailer






19. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






20. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






21. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






23. The service level that customers want to receive from any retailer - such as basic employee courtesy






24. An unincorporated retail firm owned by one person






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






26. The manner of providing a job environment that encourages employee accomplishment






27. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






29. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






30. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






31. Used by retailers that promote seasonally






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






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






34. Factors having a high relationship with job success are given more weight than others






35. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






36. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






37. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






39. Systematically lists all operating functions to be performed - their characteristics - and their timing






40. Involve the combination of separately owned retail firms






41. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






42. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






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






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






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






47. 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






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






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






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