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






2. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






3. Exhibits heavier - bulkier items than a rack holds






4. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






5. The line of business in which a retailer operates






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






7. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






8. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






10. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






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






14. A way to collect - store and use relevant information about customers






15. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






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






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






20. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






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






23. A formal way to record consumer requests for unstocked for out-of-stock merchandise






24. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






26. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






27. Consists of the regular products carried by a retailer






28. 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






29. Financial obligations a retailer incurs in operating a business






30. A merchandising technique that some firms use to improve productivity






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






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






33. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






34. The merchandise categories for which data are gathered






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






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






37. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






38. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






39. Available from sources outside the firm






40. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






41. Information is systematically gathered from respondents by communicating with them






42. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






45. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






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






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






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






49. The positive - neutral or negative feelings a person has about different topics






50. Refers to the variety in any one good/service (product line) a retailer carries







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