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 self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






2. The long-run and short-run performance targets a retailers hopes to attain






3. Doubt that the correct decision has been made






4. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






5. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






6. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






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






9. Where a consumer must pay the bill in full when it is due






10. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






11. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






12. A retail firm that is formally incorporated under state law






13. Money left after paying taxes and buying necessities






14. Displays merchandise by common end use






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






16. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






18. 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)






19. Assumes new merchandise is sold first - while older stock remains in inventory






20. Focuses on the sale of tangible phoducts






21. A retail firm owned by its customer members






22. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






23. Short-term selling and administrative costs in running a business






24. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






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






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






28. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






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






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






32. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






33. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






34. Exhibits heavier - bulkier items than a rack holds






35. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






37. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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






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






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






41. Outlines a retailer's planned expenditures for a given time based on expected performance






42. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






43. Takes a customer-centered approach and presents "solutions" rather than "products"






44. 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]






45. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






46. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






48. A listing of bipolar adjectives scales






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






50. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards