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 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






2. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






3. The extent to which a person desires and pursues social status






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






5. Determines the floor space necessary to carry and display a proper merchandise assortment






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






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






8. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






11. The merchandise categories for which data are gathered






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






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






14. A cash or card operated retailing format that dispenses goods and services






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






16. Mandates that persons with disabilities be given appropriate access to retailing facilities






17. Places together various items that appeal to a given target market






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






19. Consumers feel high prices connote high quality and low prices connote low quality






20. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






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






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






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






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






26. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






27. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






28. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






29. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






30. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






31. 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






32. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






33. Actively involved with informing and persuading customers in closing sales






34. Information is systematically gathered from respondents by communicating with them






35. The criteria used to assess effectiveness






36. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






37. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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






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






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






41. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






42. Sets the guiding principles for all the merchandise decisions a retailers makes






43. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






44. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






45. The optimum site for a particular store






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






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






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






49. Retailers price selected items below cost to lure more customer traffic for those retailers






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