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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. Based on the original retail value assigned to merchandise less the costs of the merchandise






2. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






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






6. 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






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






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






9. Graphically displays its hierarchical relationships created by a retailer






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






11. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter






12. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






13. Merchandise that generates high sales over a short time






14. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






15. The service level that customers want to receive from any retailer - such as basic employee courtesy






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






17. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






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






20. Every store - product - or customer has an equal or known chance of being chosen for a study






21. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






22. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






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






24. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






25. Determines the floor space necessary to carry and display a proper merchandise assortment






26. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






27. A retailers commitment to a type of business and to a distinctive role in the marketplace






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






29. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






30. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






31. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






32. Available from sources outside the firm






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






34. Based on the actual prices received for merchandise sold during a time period less merchandise cost






35. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






36. Zeroing in on one specific group






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






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






39. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






40. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






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






43. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






45. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






46. Objective - quantifiable - easily identifiable and measurable population data






47. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






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






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






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






Can you answer 50 questions in 15 minutes?



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