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






2. The long-run and short-run performance targets a retailers hopes to attain






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






4. A retailer sets its prices in accordance with competitors'






5. Influence people's thought and behavior such as families - aspirational groups and membership groups






6. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






7. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






8. Involve the combination of separately owned retail firms






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






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






11. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






12. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






13. 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]






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






15. A retailer carries more items than expects to sell over a specified period






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






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






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






19. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






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






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






22. Consists of the regular products carried by a retailer






23. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






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

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25. 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






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






27. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






28. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






30. 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






31. Represents how a given retailer is perceived by consumers and others






32. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






33. Signals or cues as to the success or failure of that each part of the strategy






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






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






36. Relates to the quantites of merchandise a retailer handles during a stated period






37. An unincorporated retail firm owned by one person






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






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






40. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






42. The portion of revenues turned over to the federal - state and/or local government






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






44. Whereby consumers lease and use goods for specified periods of time






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






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






47. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






48. A type of retail institution that is a department in a retail store that is rented to an outside party






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






50. The optimum site for a particular store