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






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






3. the drive within people to attain work-related goals - can be positive or negative






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






5. Suppliers sell through a moderate number of retailers






6. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






8. There is more interactive relationship between a franchisor and a franchisee






9. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






10. Involves a clear statement of the topic to be studied






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






12. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






13. Describes how traditional family moves from bachelorhood to children to solitary retirement






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






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






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






17. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






18. 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






19. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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






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






23. Determines the floor space necessary to carry and display a proper merchandise assortment






24. A retailers best customers






25. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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






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






28. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






29. A retail firm that is formally incorporated under state law






30. Shows the expected behavior of a good or service over its life






31. Concentrates on selling one goods or service line - such as young women's apparel






32. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






33. Refers to the variety in any one good/service (product line) a retailer carries






34. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






35. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






37. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






39. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






40. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






41. Outlines a retailer's planned expenditures for a given time based on expected performance






42. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






43. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






44. Ways in which individual consumers and families live and spend time and money






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






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






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






48. Signals or cues as to the success or failure of that each part of the strategy






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






50. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations