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. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






3. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






4. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






5. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






6. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






7. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






8. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






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






11. Whereby goods owned by consumers are repaired - improved - or maintained






12. A multi-line firm operating under central ownership






13. Assigns floor space on the basis of sales or profit per foot






14. A retailer charges the same price to all customers buying an item under similar conditions






15. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






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






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






18. 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






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






20. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






21. Many retail vendors sell a range of products at discount prices in plain surroundings






22. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






24. Payments that retailers require of vendors for providing shelf space






25. 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






26. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






27. Consists of products that sell well over nonconsecutive time periods






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

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29. Zeroing in on one specific group






30. Incorporates life stages for both family and non-family households






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






32. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






34. Concentrates on selling one goods or service line - such as young women's apparel






35. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






36. The service level that customers want to receive from any retailer - such as basic employee courtesy






37. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






38. The cost of running a retail business






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






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






41. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






42. A way to collect - store and use relevant information about customers






43. The aspects of business to which a retailers must adapt






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






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






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






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






48. 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]






49. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






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