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






2. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






4. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






5. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






6. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






7. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






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






9. Graphically displays its hierarchical relationships created by a retailer






10. The positive - neutral or negative feelings a person has about different topics






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






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






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






14. Merchandise that generates high sales over a short time






15. 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






16. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






18. 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






19. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






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






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






22. A multi-line firm operating under central ownership






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






24. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






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






27. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






29. Suppliers sell through a moderate number of retailers






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






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






32. Whereby a retailers sells to consumers through multiple retail formats






33. Used by retailers that promote throughout the year






34. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






35. Systematically lists all operating functions to be performed - their characteristics - and their timing






36. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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37. 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)






38. A retail firm owned by its customer members






39. Embodied by a series of activities and processes that provides a certain value for the consumer






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






41. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






42. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






43. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






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






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






46. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






48. A food-based discounter offering a moderate number of food items in a no-frills setting






49. Based on the original retail value assigned to merchandise less the costs of the merchandise






50. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts







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