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






2. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






3. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






5. The overall plan guiding a retail firm






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






7. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






8. 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






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






10. A sign that displays the store's name






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






12. A case that holds piles of sale clothing - marked down books or other products






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






14. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






16. An inexpensive display that leaves merchandise in the original carton






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






18. A way to collect - store and use relevant information about customers






19. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






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






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






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






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






25. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






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






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






28. Money left after paying taxes and buying necessities






29. Displays merchandise by common end use






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






31. 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






32. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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






34. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






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






36. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






37. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






38. 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






39. The activity whereby a retailer generates a list of job applicants






40. 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)






41. Involves oral communication with one or more prospective customers for the purpose of making a sale






42. 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)






43. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






44. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






45. A multi-line firm operating under central ownership






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






47. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






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






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