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. 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






2. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






3. Factors having a high relationship with job success are given more weight than others






4. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






5. Any item a retailer owns with monetary value






6. 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






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






8. Increases an item's original price because demand is unexpectedly high or costs are rising






9. 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






10. Actively involved with informing and persuading customers in closing sales






11. 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






12. Based on the original retail value assigned to merchandise less the costs of the merchandise






13. A planned shopping facility - with the largest store being a supermarket or a drugstore






14. The overall plan or framework of action that guides a retailer






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






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






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






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






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. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






21. 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






22. 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






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






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






25. The line of business in which a retailer operates






26. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






27. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






29. Two or more retailers share an ad






30. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






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






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






33. Occurs when a consumer makes full use of the decision process






34. A sign that displays the store's name






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






36. 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






37. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






39. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






40. An unincorporated retail firm owned by one person






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. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






44. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






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






47. The aspects of business to which a retailers must adapt






48. Used for products needing special handling






49. Involve the combination of separately owned retail firms






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