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. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






2. Outlines a retailer's planned expenditures for a given time based on expected performance






3. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






5. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






6. 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






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






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






9. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






10. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






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






13. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






14. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






16. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






17. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






18. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






19. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






21. Involves a clear statement of the topic to be studied






22. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






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






24. Whereby goods owned by consumers are repaired - improved - or maintained






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






26. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






27. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






28. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






29. 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






30. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






31. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






32. The customer group sought by a retailer






33. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






34. When retailers count on suppliers to participate in their inventory management programs






35. The mix of stores within a district or shopping center






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






37. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






39. A memorized - repetitive speech given to all customers interested in a particular item






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






41. Depicts a product offering in a thematic manner and sets a specific mood






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






43. 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






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






45. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






46. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






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






48. A form of multi-channel retailing which engages in more than one type of distribution arrangement






49. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






50. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)







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