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. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






3. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






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






5. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






6. 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






7. 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






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






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






10. Relates to the quantites of merchandise a retailer handles during a stated period






11. Competition between manufacturers and retailers for shelf space and profits






12. The portion of revenues turned over to the federal - state and/or local government






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






14. When a retailer looks at data that are collected to address the specific issue or problem under study






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






16. Represents how a given retailer is perceived by consumers and others






17. A retailer wants to maintain a specified ratio of goods on hand to sales






18. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






19. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






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






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






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






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






24. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






25. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






26. The aspects of business to which a retailers must adapt






27. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






28. When a retailer acts in the best interests of society - as well as itself






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






30. Money left after paying taxes and buying necessities






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






32. Whereby goods owned by consumers are repaired - improved - or maintained






33. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






34. Whereby prices are marked only on shelves or signs and not on individual items






35. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






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






38. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






39. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






40. Incorporates life stages for both family and non-family households






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






42. 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






43. Has a primarily functional use: to neatly hang or present products






44. A retailer purposely adjusts markups by merchandise category






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






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






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






48. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






49. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






50. Used for products needing special handling