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 total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






2. An inexpensive display that leaves merchandise in the original carton






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






4. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






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






6. Shows the expected behavior of a good or service over its life






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






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






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






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






11. Projections of expected retail sales for given periods






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






13. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






15. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






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






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






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






20. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






21. Where a consumer must pay the bill in full when it is due






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






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






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






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






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






27. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






28. 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






29. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






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






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






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






34. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






35. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






36. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






37. The form of research in which present behavior or the results of past behavior are noted and recorded






38. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets






39. A form of multi-channel retailing which engages in more than one type of distribution arrangement






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






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






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






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






44. The difference between net sales and the total cost of goods sold






45. The cost of running a retail business






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






47. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






48. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






50. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point