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. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






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






3. Relates to the quantites of merchandise a retailer handles during a stated period






4. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






5. 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






6. A multi-line firm operating under central ownership






7. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






13. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






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






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






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






17. The portion of revenues turned over to the federal - state and/or local government






18. 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






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






20. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






21. 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






22. 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






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






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






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






26. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






27. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






28. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






29. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






31. A food-based discounter offering a moderate number of food items in a no-frills setting






32. Influence people's thought and behavior such as families - aspirational groups and membership groups






33. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






34. Money left after paying taxes and buying necessities






35. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






36. 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






37. 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






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






39. The overall plan guiding a retail firm






40. Outlines a retailer's planned expenditures for a given time based on expected performance






41. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






42. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






44. Beginning inventory - purchases - and transportation charges equal the cost of this






45. Payments that retailers require of vendors for providing shelf space






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






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






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






49. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






50. Displays merchandise by common end use