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






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






3. Typically supervises the on-floor selling and operational activities for a specific retail department






4. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






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






6. The reasons for a consumers behavior






7. An inexpensive display that leaves merchandise in the original carton






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






9. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






10. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






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






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






13. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






14. Whereby each department is subdivided into further categories for related types of merchandise






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






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






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






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






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






20. The merchandise categories for which data are gathered






21. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






22. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






24. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






25. The portion of revenues turned over to the federal - state and/or local government






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






27. The efficiency with which a retail strategy is carried out






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






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






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. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






32. A multi-line firm operating under central ownership






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






34. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






35. Involve the combination of separately owned retail firms






36. When retailers count on suppliers to participate in their inventory management programs






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






38. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






39. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






40. Information is systematically gathered from respondents by communicating with them






41. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






42. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






43. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






44. Consists of all the levels of independently owned businesses along a channel of distribution






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






46. 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]






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






48. Selling goods and services to a broad spectrum of consumers






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






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