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 criteria used to assess effectiveness






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






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






4. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






6. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






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

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9. A type of retail institution that is a department in a retail store that is rented to an outside party






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






11. Consists of the regular products carried by a retailer






12. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






13. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






14. Assigns floor space on the basis of sales or profit per foot






15. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






16. Used by retailers that promote throughout the year






17. Available from sources outside the firm






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






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






20. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






22. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






23. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






24. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






25. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






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






27. Depicts a product offering in a thematic manner and sets a specific mood






28. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






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






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






31. The overall plan or framework of action that guides a retailer






32. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






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






34. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






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






36. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






37. Any item a retailer owns with monetary value






38. A retail firm that is formally incorporated under state law






39. The merchandise categories for which data are gathered






40. Consists of products that sell well over nonconsecutive time periods






41. A type of retail institution in which a retailers owns one retail unit






42. A sign that displays the store's name






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






44. 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






45. Payments that retailers require of vendors for providing shelf space






46. Sets the guiding principles for all the merchandise decisions a retailers makes






47. 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






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






49. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations






50. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers