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






2. A retail firm owned by its customer members






3. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






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






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






7. The extent to which a person desires and pursues social status






8. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






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

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11. A retailers best customers






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






13. Whereby each department is subdivided into further categories for related types of merchandise






14. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






16. Takes a customer-centered approach and presents "solutions" rather than "products"






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






18. Consumers feel high prices connote high quality and low prices connote low quality






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






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






21. Money left after paying taxes and buying necessities






22. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






23. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






24. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






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






27. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






28. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






30. Projections of expected retail sales for given periods






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






32. The line of business in which a retailer operates






33. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






34. 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






35. An unincorporated retail firm owned by one person






36. A large - planned shopping facility appealing to a geographically dispersed market






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






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






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






40. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






41. Competition between manufacturers and retailers for shelf space and profits






42. Risk is still low - but a retailer takes title on delivery and is responsible for damages






43. A retailer purposely adjusts markups by merchandise category






44. A type of retail institution in which a retailers owns one retail unit






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






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






47. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






48. Incorporates life stages for both family and non-family households






49. Retailers price selected items below cost to lure more customer traffic for those retailers






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