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






2. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






3. 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






4. The line of business in which a retailer operates






5. Displays merchandise by common end use






6. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






8. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






9. 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






10. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






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






13. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






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






15. 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






16. The overall plan guiding a retail firm






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






18. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






20. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






21. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






22. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






23. Appeals to price-conscious consumers - who must be members to shop there






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






25. Money left after paying taxes and buying necessities






26. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






28. Based on the actual prices received for merchandise sold during a time period less merchandise cost






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






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






31. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






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






34. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






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






37. A retailers carries complementary goods and services to encourage shoppers to buy more






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






39. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






40. Whereby suppliers sell through as many retailers as possible






41. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






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






43. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






44. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






45. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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






47. Financial obligations a retailer incurs in operating a business






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






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






50. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip