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. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






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






3. The aspects of business that a firm can directly affect






4. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






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






6. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






7. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






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






9. 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






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






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






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






13. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






15. A retailer sets prices for goods and services and seeks to maintain them for an extended period






16. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






17. 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






18. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






20. Lets consumers bargain over prices; those who are good at it obtain lower prices






21. Money left after paying taxes and buying necessities






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






23. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






24. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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25. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






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






27. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






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. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






32. Concentrates on selling one goods or service line - such as young women's apparel






33. 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






34. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






35. Displays merchandise by common end use






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






37. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






38. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






39. 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






40. Involves an informal ranking of people based on income - occupation - education and other factors






41. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






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






44. The optimum site for a particular store






45. Consumers feel high prices connote high quality and low prices connote low quality






46. 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






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






48. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






49. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






50. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products