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






2. The sum total of an individuals traits - which make that individual unique






3. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






4. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






6. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






8. 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






9. Used by retailers that promote seasonally






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






11. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






12. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






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






14. 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






15. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






16. The overall plan guiding a retail firm






17. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






19. Signals or cues as to the success or failure of that each part of the strategy






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






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






22. Out-of-hometown shopping - is important for both local and surrounding retailers






23. The efficiency with which a retail strategy is carried out






24. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






25. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies






26. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






27. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






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






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






30. Retailers price selected items below cost to lure more customer traffic for those retailers






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






32. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






33. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






35. Short-term selling and administrative costs in running a business






36. 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






37. Available from sources outside the firm






38. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






39. 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






40. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






41. The aspects of business to which a retailers must adapt






42. When manufacturers and wholesales seek to control the retail prices of their goods and services






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






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






45. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






46. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






48. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






49. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






50. Involves oral communication with one or more prospective customers for the purpose of making a sale







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