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






2. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






4. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






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






7. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






8. An unincorporated retail firm owned by two or more persons - each with a financial interest






9. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






10. Occurs when one consumer talks to others; can build a chain of customers






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






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






13. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






14. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






16. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






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






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






20. Consists of all the levels of independently owned businesses along a channel of distribution






21. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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22. Money left after paying taxes and buying necessities






23. 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






24. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






25. 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






26. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






28. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






29. Where a consumer must pay the bill in full when it is due






30. Two or more retailers share an ad






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






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






34. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






35. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






36. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






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






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






40. The business activities involved in selling goods and services to consumers for their personal - family - or household use






41. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






42. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






43. 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






44. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






46. A retail firm that is formally incorporated under state law






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






48. Whereby a retailers sells to consumers through multiple retail formats






49. Every store - product - or customer has an equal or known chance of being chosen for a study






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