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. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






2. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






3. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






4. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






5. 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






6. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






8. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






10. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






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






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






14. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






15. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






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






17. The optimum site for a particular store






18. A retail firm owned by its customer members






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






20. Financial obligations a retailer incurs in operating a business






21. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






22. The efficiency with which a retail strategy is carried out






23. The line of business in which a retailer operates






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






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






26. 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






27. Based on the actual prices received for merchandise sold during a time period less merchandise cost






28. The aspects of business that a firm can directly affect






29. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






30. Whereby prices are marked only on shelves or signs and not on individual items






31. A type of retail institution in which a retailers owns one retail unit






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






33. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






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






35. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






36. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






37. There is more interactive relationship between a franchisor and a franchisee






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






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






40. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






41. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






42. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






44. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






45. The form of research in which present behavior or the results of past behavior are noted and recorded






46. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






47. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






49. Displays merchandise by common end use






50. The criteria used to assess effectiveness