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






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






3. Reward a retailers best customers - those with whom it wants long-lasting relationships with






4. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






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






6. 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






7. The customer group sought by a retailer






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






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






10. Involve the combination of separately owned retail firms






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






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






13. The cost of running a retail business






14. Involves a clear statement of the topic to be studied






15. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






17. Financial obligations a retailer incurs in operating a business






18. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






21. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






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






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






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






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






26. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






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






29. Takes place when the consumer buys out of habit and skips steps in the purchase process






30. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






32. Used for products needing special handling






33. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






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






35. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






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






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






39. Appeals to price-conscious consumers - who must be members to shop there






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






41. A sign that displays the store's name






42. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






43. An unincorporated retail firm owned by two or more persons - each with a financial interest






44. The manner of providing a job environment that encourages employee accomplishment






45. 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






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






47. the drive within people to attain work-related goals - can be positive or negative






48. 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






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






50. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping







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