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 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






2. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






4. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






6. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






8. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






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






10. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






12. Used for products needing special handling






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






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






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






16. Describes how traditional family moves from bachelorhood to children to solitary retirement






17. An unincorporated retail firm owned by one person






18. Signals or cues as to the success or failure of that each part of the strategy






19. Concentrates on selling one goods or service line - such as young women's apparel






20. The activity whereby a retailer generates a list of job applicants






21. Financial obligations a retailer incurs in operating a business






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






23. the drive within people to attain work-related goals - can be positive or negative






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






25. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






26. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






27. Exhibits heavier - bulkier items than a rack holds






28. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






29. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






31. A sign that displays the store's name






32. 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






33. When a retailer acts in the best interests of society - as well as itself






34. Involve the combination of separately owned retail firms






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 retail firm owned by its customer members






37. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






38. A retailers has no risk because title is not taken; the supplier owns the goods until sold






39. Calls for all maintenance costs to be paid by the retailer






40. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






41. The reasons for a consumers behavior






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






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






44. A retailer purposely adjusts markups by merchandise category






45. Places together various items that appeal to a given target market






46. 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






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






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






49. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






50. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period