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. Used for products needing special handling






2. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






3. A retailer sets prices for goods and services and seeks to maintain them for an extended period






4. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






6. Exhibits heavier - bulkier items than a rack holds






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






8. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






9. A way to collect - store and use relevant information about customers






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






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






12. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






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






15. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






16. Involve the combination of separately owned retail firms






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






18. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






19. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






20. The sum total of an individuals traits - which make that individual unique






21. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






22. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






23. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






25. Money left after paying taxes and buying necessities






26. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






27. 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






28. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






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






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






31. Relates to the quantites of merchandise a retailer handles during a stated period






32. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






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






34. Includes all the remaining customers - and they are the most widely dispersed






35. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






36. Out-of-hometown shopping - is important for both local and surrounding retailers






37. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






38. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






39. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






41. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






42. 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






43. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






45. 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






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






47. The profit earned after all costs and taxes have been deducted






48. 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






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






50. Increases an item's original price because demand is unexpectedly high or costs are rising