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






2. When a retailer looks at data that are collected to address the specific issue or problem under study






3. Displays merchandise by common end use






4. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






5. 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






6. 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






7. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






8. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






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






12. 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






13. The form of research in which present behavior or the results of past behavior are noted and recorded






14. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






15. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






17. The customer group sought by a retailer






18. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






19. The line of business in which a retailer operates






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






21. The positive - neutral or negative feelings a person has about different topics






22. Converts shopping from a passive activity into a more interactive one - by better engaging customers






23. Calls for precise rent increases over a stated period of time






24. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






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






27. 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






28. 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






29. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






30. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






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






33. Merchandise that generates high sales over a short time






34. Embodied by a series of activities and processes that provides a certain value for the consumer






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






36. 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






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






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






39. 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






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






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






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






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






44. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






45. A retailer carries more items than expects to sell over a specified period






46. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






49. The cost of running a retail business






50. Whereby suppliers sell through as many retailers as possible