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 level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






3. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






4. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






5. Two or more retailers share an ad






6. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






7. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






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






10. Whereby franchisors limit franchisee involvement in the strategic planning process






11. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






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






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






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






15. The basic format or structure of a business






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






17. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






19. Retailers price selected items below cost to lure more customer traffic for those retailers






20. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






21. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






22. A multi-line firm operating under central ownership






23. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






25. The mix of stores within a district or shopping center






26. Consists of all the levels of independently owned businesses along a channel of distribution






27. The customer group sought by a retailer






28. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






29. The optimum site for a particular store






30. Doubt that the correct decision has been made






31. 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]






32. The overall plan guiding a retail firm






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






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






35. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






36. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






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






38. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






39. 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






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






41. A retailer carries more items than expects to sell over a specified period






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






43. The criteria used to assess effectiveness






44. 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






45. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






46. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






48. A sign that displays the store's name






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






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

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