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. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






2. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






3. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






4. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






5. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






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






7. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






8. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






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






10. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






11. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






14. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






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






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






18. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






19. 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






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






21. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






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






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






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






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






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






28. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






29. Displays merchandise by common end use






30. When a retailer acts in the best interests of society - as well as itself






31. Objective - quantifiable - easily identifiable and measurable population data






32. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






33. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






34. Doubt that the correct decision has been made






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






36. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






37. The optimum site for a particular store






38. Occurs when one consumer talks to others; can build a chain of customers






39. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






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






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






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






44. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






46. Whereby suppliers sell through as many retailers as possible






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






48. Converts shopping from a passive activity into a more interactive one - by better engaging customers






49. Equals the cost of merchandise available for sale minus the cost value of ending inventory






50. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules