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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. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






3. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






4. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






5. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






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






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






9. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






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






12. Doubt that the correct decision has been made






13. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






15. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






16. A retailers best customers






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






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






19. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






20. Calls for precise rent increases over a stated period of time






21. The manner of providing a job environment that encourages employee accomplishment






22. 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






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






24. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






25. Converts shopping from a passive activity into a more interactive one - by better engaging customers






26. 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






27. Beginning inventory - purchases - and transportation charges equal the cost of this






28. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






29. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






30. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






31. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






32. The reasons for a consumers behavior






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






34. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






35. The cost of running a retail business






36. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






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






38. Used by retailers that promote seasonally






39. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






40. 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






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






42. A retailer wants to maintain a specified ratio of goods on hand to sales






43. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






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






45. The merchandise categories for which data are gathered






46. 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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47. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






48. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






49. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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







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