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 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






2. Risk is still low - but a retailer takes title on delivery and is responsible for damages






3. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






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






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






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






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






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






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






11. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






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






14. When retailers count on suppliers to participate in their inventory management programs






15. 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






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






17. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






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






20. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






21. Doubt that the correct decision has been made






22. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






23. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






24. Displays merchandise by common end use






25. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






26. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






28. A large - planned shopping facility appealing to a geographically dispersed market






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






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






31. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






32. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






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






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






36. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






37. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






38. Occurs when one consumer talks to others; can build a chain of customers






39. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






42. 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






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






44. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






46. Whereby consumers lease and use goods for specified periods of time






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






48. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






49. Merchandise that generates high sales over a short time






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