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. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






3. An unincorporated retail firm owned by one person






4. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






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






7. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






8. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






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






10. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






11. The overall plan guiding a retail firm






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






13. 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






14. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






15. A retailers best customers






16. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






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






18. A retailers carries complementary goods and services to encourage shoppers to buy more






19. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






21. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






22. Financial obligations a retailer incurs in operating a business






23. Marketplace opening that exist because other retailers have not yet capitalized on them






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






25. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






26. 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)






27. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






29. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






30. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






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






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






33. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






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






36. The merchandise categories for which data are gathered






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






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






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






40. A retailers commitment to a type of business and to a distinctive role in the marketplace






41. The overall plan or framework of action that guides a retailer






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






43. Whereby each department is subdivided into further categories for related types of merchandise






44. Available within the company - sometimes from the data bank of a retail information system






45. 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






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






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






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






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






50. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either