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. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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

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






4. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






6. Calls for precise rent increases over a stated period of time






7. 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






8. 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






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






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






11. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






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






13. 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






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






15. The activity whereby a retailer generates a list of job applicants






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






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






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






19. Involve the combination of separately owned retail firms






20. A retailer purposely adjusts markups by merchandise category






21. A case that holds piles of sale clothing - marked down books or other products






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






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






24. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






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






26. 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






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






28. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






29. A retailers best customers






30. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






31. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






32. 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






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






34. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






35. Places together various items that appeal to a given target market






36. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






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






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






40. A retailer sets its prices in accordance with competitors'






41. Exhibits heavier - bulkier items than a rack holds






42. 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






43. When two or more retailers or a manufacturers/wholesalers share the advertising costs






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






45. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






46. Appeals to price-conscious consumers - who must be members to shop there






47. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






48. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






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