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






2. 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






3. 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






4. The basic format or structure of a business






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






6. A case that holds piles of sale clothing - marked down books or other products






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






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






9. 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






10. Takes place when the consumer buys out of habit and skips steps in the purchase process






11. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






13. Marketplace opening that exist because other retailers have not yet capitalized on them






14. Exhibits heavier - bulkier items than a rack holds






15. Two or more retailers share an ad






16. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






17. 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






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






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






20. A retailers carries complementary goods and services to encourage shoppers to buy more






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






22. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






23. 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






24. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






25. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






26. Used by retailers that promote seasonally






27. 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






28. 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






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






30. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






31. Projections of expected retail sales for given periods






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






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






34. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






36. The activity whereby a retailer generates a list of job applicants






37. Whereby suppliers sell through as many retailers as possible






38. Out-of-hometown shopping - is important for both local and surrounding retailers






39. The line of business in which a retailer operates






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






41. Available within the company - sometimes from the data bank of a retail information system






42. 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






43. Where the same customers are served by both branches






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






45. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






46. Shows the expected behavior of a good or service over its life






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






48. A retailers best customers






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






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