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. A large - planned shopping facility appealing to a geographically dispersed market






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






3. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






4. Factors having a high relationship with job success are given more weight than others






5. Describes how traditional family moves from bachelorhood to children to solitary retirement






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

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






8. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






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






10. Based on the original retail value assigned to merchandise less the costs of the merchandise






11. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






13. Out-of-hometown shopping - is important for both local and surrounding retailers






14. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






15. Takes place when the consumer buys out of habit and skips steps in the purchase process






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






17. Selling goods and services to a broad spectrum of consumers






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






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






20. Every store - product - or customer has an equal or known chance of being chosen for a study






21. Any item a retailer owns with monetary value






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






23. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






24. Based on the actual prices received for merchandise sold during a time period less merchandise cost






25. Equals the cost of merchandise available for sale minus the cost value of ending inventory






26. A memorized - repetitive speech given to all customers interested in a particular item






27. Projections of expected retail sales for given periods






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






29. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






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






31. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






32. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






33. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






34. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning






35. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






36. The manner of providing a job environment that encourages employee accomplishment






37. 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






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






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






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






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






42. 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






43. Exhibits heavier - bulkier items than a rack holds






44. 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






45. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






47. 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






48. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






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