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. The form of research in which present behavior or the results of past behavior are noted and recorded






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






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






4. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






5. 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






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






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






8. 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






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






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






11. A retailer charges the same price to all customers buying an item under similar conditions






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






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






14. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






15. 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]






16. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






17. 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






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






19. A retailer purposely adjusts markups by merchandise category






20. 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






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






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






23. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






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






25. A type of retail institution in which a retailers owns one retail unit






26. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






27. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






28. Displays merchandise by common end use






29. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






31. Many retail vendors sell a range of products at discount prices in plain surroundings






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






33. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






34. Typically supervises the on-floor selling and operational activities for a specific retail department






35. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






36. the drive within people to attain work-related goals - can be positive or negative






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






38. Consumers feel high prices connote high quality and low prices connote low quality






39. 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






40. The line of business in which a retailer operates






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






42. Money left after paying taxes and buying necessities






43. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






45. 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






46. Influence people's thought and behavior such as families - aspirational groups and membership groups






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






48. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






49. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






50. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living