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






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






3. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






4. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






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






7. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






8. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






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






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






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






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






14. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






16. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






19. 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)






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






21. Consists of products that sell well over nonconsecutive time periods






22. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






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






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






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






26. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






27. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






28. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






29. 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






30. 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






31. Projections of expected retail sales for given periods






32. The line of business in which a retailer operates






33. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






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






36. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






37. Occurs when one consumer talks to others; can build a chain of customers






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






39. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






41. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






42. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






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






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






45. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






48. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






50. Consumers feel high prices connote high quality and low prices connote low quality