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. An unincorporated retail firm owned by one person






2. The criteria used to assess effectiveness






3. Lets consumers bargain over prices; those who are good at it obtain lower prices






4. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






5. 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






6. A type of retail institution that is a department in a retail store that is rented to an outside party






7. Customer orientation - coordinated effort - value driven and goal orientation






8. 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






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






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






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






12. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






13. Merchandise that generates high sales over a short time






14. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






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






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






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






19. The merchandise categories for which data are gathered






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






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






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






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






24. Used by retailers that promote throughout the year






25. Reward a retailers best customers - those with whom it wants long-lasting relationships with






26. The cost of running a retail business






27. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






28. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






31. A retail firm owned by its customer members






32. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






33. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






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






36. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






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






39. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






40. Risk is still low - but a retailer takes title on delivery and is responsible for damages






41. 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






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






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






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






45. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






46. The number of distinct people exposed to a retailers promotion efforts in a specific period






47. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






49. The service level that customers want to receive from any retailer - such as basic employee courtesy






50. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act