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. The aspects of business to which a retailers must adapt






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






3. Many retail vendors sell a range of products at discount prices in plain surroundings






4. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






5. Factors having a high relationship with job success are given more weight than others






6. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






7. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






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






10. 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






11. Systematically lists all operating functions to be performed - their characteristics - and their timing






12. Equals the cost of merchandise available for sale minus the cost value of ending inventory






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






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






15. Money left after paying taxes and buying necessities






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






17. Has a primarily functional use: to neatly hang or present products






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






19. Whereby franchisors limit franchisee involvement in the strategic planning process






20. 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






21. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






22. 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






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






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






25. Logically assumes old merchandise is sold first - while newer items remain in inventory






26. the drive within people to attain work-related goals - can be positive or negative






27. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






29. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






30. Lets consumers bargain over prices; those who are good at it obtain lower prices






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. When a retailer acts in the best interests of society - as well as itself






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






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. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






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






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






39. A retail firm owned by its customer members






40. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






41. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






42. The criteria used to assess effectiveness






43. Actively involved with informing and persuading customers in closing sales






44. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






45. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






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






48. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






49. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






50. 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