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. 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






2. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






4. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






6. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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7. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






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






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






11. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






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






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






15. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






16. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






17. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






18. Used by retailers that promote seasonally






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






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






21. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






22. The criteria used to assess effectiveness






23. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






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






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






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






28. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






30. 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






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






32. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






33. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






34. The overall plan or framework of action that guides a retailer






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






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






37. Whereby a retailers sells to consumers through multiple retail formats






38. The extent to which a person desires and pursues social status






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






40. A multi-line firm operating under central ownership






41. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






43. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






44. A sign that displays the store's name






45. Factors having a high relationship with job success are given more weight than others






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






47. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






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






50. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales