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






2. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






3. The cost of running a retail business






4. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






6. 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






7. 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






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






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






10. Consists of products that may have cyclical sales due to changing tastes and lifestyles






11. A cash or card operated retailing format that dispenses goods and services






12. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






13. The difference between net sales and the total cost of goods sold






14. Two or more retailers share an ad






15. 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






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






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






18. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






20. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






21. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






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






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






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






25. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






27. 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






28. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






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






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






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






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






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






35. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






36. The customer group sought by a retailer






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






38. 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






39. 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






40. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






41. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






42. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






43. A retailer charges the same price to all customers buying an item under similar conditions






44. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






45. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






46. Includes all the remaining customers - and they are the most widely dispersed






47. The sum total of an individuals traits - which make that individual unique






48. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






49. Determines the floor space necessary to carry and display a proper merchandise assortment






50. A listing of bipolar adjectives scales