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






2. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






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






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






5. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






6. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






7. 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






8. 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






9. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






10. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






11. A merchandising technique that some firms use to improve productivity






12. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






14. A retailer wants to maintain a specified ratio of goods on hand to sales






15. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






16. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






18. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






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






20. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






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






23. 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






24. Marketplace opening that exist because other retailers have not yet capitalized on them






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






26. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






28. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






30. A sign that displays the store's name






31. Assigns floor space on the basis of sales or profit per foot






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






33. Available from sources outside the firm






34. The overall plan guiding a retail firm






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






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






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






38. Exhibits heavier - bulkier items than a rack holds






39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






41. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






42. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






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






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






46. Payments that retailers require of vendors for providing shelf space






47. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






49. The aspects of business that a firm can directly affect






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