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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. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






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






4. Represents how a given retailer is perceived by consumers and others






5. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






6. Calls for all maintenance costs to be paid by the retailer






7. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






8. An unincorporated retail firm owned by two or more persons - each with a financial interest






9. Objective - quantifiable - easily identifiable and measurable population data






10. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






11. Whereby consumers lease and use goods for specified periods of time






12. A large - planned shopping facility appealing to a geographically dispersed market






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






14. Actively involved with informing and persuading customers in closing sales






15. Involves an informal ranking of people based on income - occupation - education and other factors






16. The overall plan guiding a retail firm






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






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






19. When retailers count on suppliers to participate in their inventory management programs






20. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






21. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






23. Available from sources outside the firm






24. Occurs when a consumer makes full use of the decision process






25. A food-based discounter offering a moderate number of food items in a no-frills setting






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






27. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






28. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






29. Financial obligations a retailer incurs in operating a business






30. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






31. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






33. Graphically displays its hierarchical relationships created by a retailer






34. 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






35. Influence people's thought and behavior such as families - aspirational groups and membership groups






36. Suppliers sell through a moderate number of retailers






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






38. 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






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






40. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






41. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






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






44. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






45. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






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






47. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






49. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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







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