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 sign that displays the store's name






2. 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






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






4. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






5. Short-term selling and administrative costs in running a business






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






7. Whereby prices are marked only on shelves or signs and not on individual items






8. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






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






11. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






13. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






14. The cost of running a retail business






15. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






17. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






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






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






21. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






23. Every store - product - or customer has an equal or known chance of being chosen for a study






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






25. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






27. Zeroing in on one specific group






28. 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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29. When manufacturers and wholesales seek to control the retail prices of their goods and services






30. Represents the total bundle of benefits offered to consumers through a channel of distribution






31. 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






32. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






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






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






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






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






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






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






39. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






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






42. 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






43. Suppliers sell through a moderate number of retailers






44. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






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






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






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






49. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






50. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business