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. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






2. Outlines a retailer's planned expenditures for a given time based on expected performance






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






4. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






6. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






7. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






8. A form of multi-channel retailing which engages in more than one type of distribution arrangement






9. The extent to which a person desires and pursues social status






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






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






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






13. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






14. Two or more retailers share an ad






15. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






16. Consists of products that may have cyclical sales due to changing tastes and lifestyles






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






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






19. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






20. Available from sources outside the firm






21. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






22. A retailers carries complementary goods and services to encourage shoppers to buy more






23. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






24. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






25. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






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






28. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






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






31. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






32. Exhibits heavier - bulkier items than a rack holds






33. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






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






35. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






36. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






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






39. Focuses on the sale of tangible phoducts






40. Suppliers sell through a moderate number of retailers






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






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






43. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






44. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






45. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






46. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






47. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






48. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






49. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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