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 a clear statement of the topic to be studied






2. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






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






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






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






8. The overall plan guiding a retail firm






9. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






11. Increases an item's original price because demand is unexpectedly high or costs are rising






12. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






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






14. Represents the total bundle of benefits offered to consumers through a channel of distribution






15. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






16. The sum total of an individuals traits - which make that individual unique






17. 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






18. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






20. Graphically displays its hierarchical relationships created by a retailer






21. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






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






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






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






26. The profit earned after all costs and taxes have been deducted






27. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






28. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






29. 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






30. The overall plan or framework of action that guides a retailer






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






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






33. Ways in which individual consumers and families live and spend time and money






34. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






36. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






38. Used by retailers that promote throughout the year






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






40. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






41. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






42. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






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






44. 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






45. Whereby each department is subdivided into further categories for related types of merchandise






46. Doubt that the correct decision has been made






47. A listing of bipolar adjectives scales






48. 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






49. Where the same customers are served by both branches






50. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status