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. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






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






3. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






4. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






5. The extent to which a person desires and pursues social status






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






7. 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






8. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






9. The basic format or structure of a business






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






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






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






13. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






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






16. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






17. 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






18. Refers to the variety in any one good/service (product line) a retailer carries






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






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






21. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






22. The line of business in which a retailer operates






23. A retailers best customers






24. Whereby goods owned by consumers are repaired - improved - or maintained






25. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






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






27. 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






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






29. There is more interactive relationship between a franchisor and a franchisee






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






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






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

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33. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






34. Any item a retailer owns with monetary value






35. Consists of products that sell well over nonconsecutive time periods






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






37. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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






39. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






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






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






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






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






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






46. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






47. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






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






49. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






50. Mandates that persons with disabilities be given appropriate access to retailing facilities






Can you answer 50 questions in 15 minutes?



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