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. Involves an informal ranking of people based on income - occupation - education and other factors






2. 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






3. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






4. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






5. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






7. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






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






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






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






11. 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






12. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






13. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






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






16. A merchandising technique that some firms use to improve productivity






17. 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






18. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






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






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






21. 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






22. Refers to the variety in any one good/service (product line) a retailer carries






23. The sum total of an individuals traits - which make that individual unique






24. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






25. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






27. 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






28. Whereby suppliers sell through as many retailers as possible






29. Used for products needing special handling






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

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31. Short-term selling and administrative costs in running a business






32. 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






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






34. Financial obligations a retailer incurs in operating a business






35. 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






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






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






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






39. A listing of bipolar adjectives scales






40. Embodied by a series of activities and processes that provides a certain value for the consumer






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






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






43. 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






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






45. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






47. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






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






49. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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