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






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






3. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






4. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






5. 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






6. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






8. A retail firm that is formally incorporated under state law






9. The mix of stores within a district or shopping center






10. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






12. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






13. 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






14. The positive - neutral or negative feelings a person has about different topics






15. A retailer sets prices for goods and services and seeks to maintain them for an extended period






16. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






17. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






18. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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






20. 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






21. Customer orientation - coordinated effort - value driven and goal orientation






22. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






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






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






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






27. Doubt that the correct decision has been made






28. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






29. Ways in which individual consumers and families live and spend time and money






30. 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






31. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






32. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






33. An unincorporated retail firm owned by one person






34. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






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






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






38. 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






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






40. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






42. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






44. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






45. Focuses on the sale of tangible phoducts






46. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






47. Two or more retailers share an ad






48. Represents the total bundle of benefits offered to consumers through a channel of distribution






49. A retail firm owned by its customer members






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