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Retail quiz 1

Total questions: 92

Worksheet time: 1hrs 1mins

Name
Class
Date
1.
What is Internet Shopping?
a)
Shop without using the inter..
b)
Shoping in Hyperpanda
c)
Shop from home using internet
2.
Buying products over the internet is known as
a)
internet banking
b)
e-commerce
c)
e-safety
3.

The retailing process consists of ... (tick all that applies)

a)

Maintenance of store

b)

Customer service

c)

Cashier duties

d)

Cooking of food

4.

A characteristic of a specialty store is...

a)

sells products such as groceries and household items at cheaper prices

b)

sells a specific range of products

c)

sells fast-moving non-food items

d)

sells wide variety of products

5.

Which of the following products you WILL NOT find in a convenience store?

a)

sandwiches

b)

ready-to-eat meals

c)

sport items

d)

magazines

6.

A characteristic of a department store is...

a)

sells products such as groceries and household items at cheaper prices

b)

sells a specific range of products

c)

sells fast-moving non-food items

d)

sells wide variety of products

7.

A characteristic of a supermarket is...

a)

sells products such as groceries and household items at cheaper prices

b)

sells a specific range of products

c)

sells fast-moving non-food items

d)

sells wide variety of products

8.

TANGS is an example of

a)

Specialty store

b)

Hypermarket

c)

Supermarket

d)

Department store

9.

Sheng Siong is an example of

a)

Specialty store

b)

Hypermarket

c)

Supermarket

d)

Department store

10.

Cotton On is an example of

a)

Specialty store

b)

Hypermarket

c)

Supermarket

d)

Department store

11.

Furniture is sold in a

a)

Specialty store

b)

Convenience store

c)

Supermarket

d)

Department store

12.

Retail stores group their merchandise into categories ...

a)

to make customers spend more time finding the products

b)

to help customers find the merchandise easily

c)

to create work for store assistants

d)

to help create signs in the store

13.

True or False// Demographics refers to statistics that describe a population in terms of personal characteristics.

a)

True

b)

False

14.

What is geographic segmentation?

a)

grouping people with similar lifestyles

b)

age

c)

marital status

d)

where people live

15.

Demographic refers to: statistics that describe a population

a)

True

b)

False

16.

Distribution is deciding how:

a)

Much it cost

b)

Physically moving and storing goods

c)

Getting a product setup

d)

selling a product

17.
Which of the following is LEAST likely to be a benefit of cost cutting?
a)
Improved profit margins
b)
Improved productivity
c)
Improved customer satisfaction
18.
Which of the following will most likely reduce with reduced productivity?
a)
Costs
b)
Profits
c)
Training
19.

Describe why good customer service is important

a)

Bad customer service helps to retain customers and will maintain or increase sales

b)

It helps retain and gain customers, which will help maintain or increase sales and ultimately profit.

20.

When shopping online (E-Commerce), how might a business provide good customer service?

a)

Provide FAQs, Contact us and live chat on their E-Commerce website to help answer customer questions

b)

Have a customer service help desk, staff available to assist and staff serving on tills (EPOS) systems

21.

In a electrical shop, if the staff are not knowledgeable how will this impact on the business?

a)

Customers are unlikely to shop with the business as customer service is poor, sales would decrease

b)

Customers would be retained and new customers gained as they are, providing good customer service, this would increasing sales.

22.

In a recession, uncertainty about employment can deter spending. Which of the following is a synonym for “deter?”

a)

Discourage

b)

Enable

c)

Facilitate

d)

Permit

23.

The statement "recessions are a normal part of the business cycle" supports which of the following arguments?

a)

Recessions are especially hard on regular citizens

b)

Recessions are triggered by a drop in spending

c)

Recessions are not permanent

d)

Recessions are less severe than depressions

24.

Which of the following typically rises during a recession?

a)

Unemployment

b)

Average income

c)

Production

d)

Stock prices

25.
What is the main important factor for a retail business? 
a)
Labour Costs 
b)
Cost of raw materials 
c)
Footfall 
d)
Rent
26.
Refers to the number of people who pass a retail location during a given period of time.
a)
Passage
b)
Traffic
c)
Movement
d)
Patronage
27.

Which of the following is likely to be the main factor influencing the location of a small barber shop? Proximity to:

a)

Customers

b)

Labour

c)

Raw materials

d)

Competitors

28.

What would not affect a businesses decision on location?

a)

Proximity to labour

b)

Proximity to customers

c)

Internet access

d)

Proximity to the government

29.

Which of the following would be the least important when locating a new hair salon?

a)

Competition

b)

Customers

c)

Staff

d)

Suppliers

30.
Decisions involving what kinds of merchandise and services to be offered, prices to charge, store location, advertising, displays, sales associates, and other factors.
a)
Retail Mix
b)
Target Market
c)
Market Segmentation
d)
Target Market Profile
31.
Specific group of people a retailer focuses merchandise decisions
a)
Retail Mix
b)
Target Market
c)
Target-Market Profile
d)
Market Segmentation
32.
A description of the target-market customers
a)
Target Market Profile
b)
Target Market
c)
Retail Mix
d)
Market Segmentation
33.
Analyzing a market by specific characteristics in order to create a target market
a)
Market Segmentation
b)
Demographics
c)
Psychographics
d)
Geographics
34.
Personal characteristics such as age, gender, income, occupation, education
a)
Demographics
b)
Psychographics
c)
Geographics
35.
Studies of consumer lifestyles such as attitudes, interests, and opinions.
a)
Psychographics
b)
Demographics
c)
Geographics
36.
Where customers live, cool or warm climate, urban, suburban or rual areas
a)
Psychographics
b)
Demographics
c)
Geographics
37.
The number and kinds of services offered by a retail establishment
a)
Services Mix
b)
Product Mix
38.
Everyday expenses such as rent, office supplies, telephone, internet
a)
Operating Expenses
b)
Interest Expenses
c)
Cost of Goods Sold
39.
Expenses a retailer pays to finance any loans the business obtains
a)
Operating Expenses
b)
Interest Expenses
c)
Cost of Goods Sold
40.

More owners means more disagreements for what type of structure?

a)

Public Limited

b)

Partnerships

c)

Private Limited

d)

Sole Trader

41.

_______________is a legal term for being held accountable

a)

Liability

b)

Assets

c)

Bankruptcy

d)

Claim

42.

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Limited liability company

43.
Which of the following is not a feature of a private limited company?
a)
Shares can be issued to raise capital
b)
Shares can be bought  and sold on the Stock Exchange
c)
All owners of the business have limited liability
d)
The business continues after the death of a shareholder
44.
An Ltd (Private limited company)
a)
Has unlimited liability
b)
Has limited liability
c)
Is listed on the stock market
d)
Can have up to 100 investors
45.
Refers to the number of people who pass a retail location during a given period of time.
a)
Passage
b)
Traffic
c)
Movement
d)
Patronage
46.
The customers you would most like to attract are referred to as your
a)
competition
b)
market segments
c)
target market
d)
demographics
47.
A competitor's strengths should be viewed as threats to your business.
a)
True
b)
False
48.
Which of the following best describes a target market?
a)
Close competitors of a business
b)
The people who buy a business's products
c)
Groups that do not buy a business's products
d)
The people who a business's marketing is aimed at
49.
The oldest form of advertising.
a)
News Paper
b)
Radio
c)
TV
d)
Words of mouth
50.

Which of the following statements is true in relation to business aims and objectives?

a)

Aims are specific and objectives are general

b)

Aims and objectives are both general

c)

Aims are general and objectives are specific

d)

Aimsandobjectivesarebothspecific

51.

Which of the following stakeholders is most likely to have profit as an objective?

a)

Owners

b)

Employees

c)

Suppliers

d)

Customers

52.

Which of the following type of objective would an entrepreneur set who is aiming to ensure revenue is greater than total costs?

a)

Personal objective

b)

Profit objective

c)

Social objective

d)

Market share objective

53.

Survival in a business situation means:

a)

Making products cheaper than competitors

b)

Making sure the business continues to operate

c)

Making less profit than last year

d)

Providing good service rather than making profit

54.

All partnerships must be 50 - 50?

a)

True

b)

False

55.

A sole proprietor can be described as

a)

Having a partner

b)

being self-employed

c)

have a boss

d)

having stock options

56.

Cost price is...

a)

how much you pay for something.

b)

how much you sell something for.

57.

The computer game you have asked for is "out of stock" means...

a)

There is no computer game in the shop.

b)

The computer game is outside

c)

The computer game has been ordered

d)

The computer game is unreliable

58.

The delivery fee is ...

a)

the bill you receive from the transport firm

b)

the money you pay for the transport service

c)

the money you pay for the packaging

d)

the receipt you get on delivery

59.
Which of the following steps are involved in the process of verifying a credit card? 
a)
Check the credit spending limit 
b)
Check the card against list of stolen cards
c)
Check expiration dates 
d)
All of the above 
60.
Explain why it is beneficial for a business to use checks when paying bills. 
a)
checks help make record keeping easier; a cancelled check provides evidence of payment; checks are usually more convenient than cash
b)
Checks are a faster way for money to be transferred 
c)
Checks are safer than cash because they cannot be forged 
61.
Calculate the sales tax for the following items at 6.125%. Assume that all items are taxable. 
A. Ten bags of lawn fertilizer at $6.50 each 
B. Radio for your tractor, $105
C. Lumber repairs, $88
a)
A. $3.98
B. $6.43
C. $5.39
b)
 A. $5.39
B. $3.98
C. $6.43
c)
A. $6.43
B. $5.39
C. $3.98
62.

Retailing is composed of all of the business activities that add value to the products and services customers buy. This includes:

a)

Merchandise assortment

b)

packaging

c)

customer service

d)

all of the above

63.

Which of the following choices lists the elements of the distribution channel in the correct order?

a)

Manufacturer, Wholesaler, Retailer, Customer

b)

Wholesaler, Customer, Manufacturer, Retailer

c)

Retailer, Manufacturer, Customer, Wholesaler

d)

Manufacturer, Retailer, Wholesaler, Customer

64.

Ashley Furniture is an example of what type of retailer?

a)

Direct selling

b)

Wholesale club

c)

Specialty store

d)

Convenience store

65.

The terms "multichannel" and "omnichannel" are very similar. Which of them places the focus on creating a seamless customer experience?

a)

Multichannel

b)

Omnichannel

c)

None of the above

66.

A good retailer will try to be

a)

All things to all people

b)

All things to some people

c)

Some things to some people

d)

Some things to all people

67.

Which of the following is an inaccurate description regarding the distribution process?

a)

Manufacturer→ retailer→ wholesaler→ end user

b)

Manufacturer→ end user

c)

Manufacturer→ wholesaler → end user

d)

Manufacturer→ wholesaler→ retailer→ end user

68.

The person who makes quick purchase decisions. These purchases are often fairly inexpensive items and don't have a high importance.

a)

Innovative Customer

b)

Diverse Shopper

c)

Impulse Buyer

d)

Recreational Shopper

69.

Which of the following terms describes retail?

a)

Individually selling products directly to the customer

b)

The sale of products in bulk directly from the manufacturer

c)

Locations where manufacturers distribute and sell their goods

d)

Large self-service grocery stores

70.

Which of the following terms describes wholesale?

a)

Individually selling products directly to the customer

b)

The sale of products in bulk directly from the manufacturer

c)

Locations where manufacturers distribute and sell their goods

d)

Large self-service grocery stores

71.

What is a niche market?

a)

A store which has developed branches offering the same product in different locations

b)

Locations where manufacturers distribute and sell their goods through retailers

c)

An open-air form of retail outlet which often includes multiple sellers gathering in a central location at a designated time

d)

A specialized area of sales targeting a specific group rather than the mass

72.

Which of the following is true of a non-franchised chain?

a)

Are owned and operated by an individual owner rather than the company

b)

Are owned by the company and run by a manager hired by the parent company

c)

Generate more profit than franchise chains

d)

Explain how a mall in one state has many of the same stores and products as a mall in another state

73.

Which of the following is NOT an example of distance retailing?

a)

Websites

b)

Infomercials

c)

Catalogs

d)

Door-to-door retailing

74.

Which of the following is an example of party retailing?

a)

Mary-Kay Cosmetics®

b)

Wal-Mart®

c)

Target®

d)

Miss Me Jeans®

75.

Which of the following is NOT an example of street markets?

a)

Online retailers

b)

Farmer’s markets

c)

Flea markets

d)

Trade days

76.

Which of the following is an example of an accessory store?

a)

An auto parts store

b)

A shoe store

c)

An electronics store

d)

A bridal alterations store

77.

Which of the following retail outlets often sells in bulk?

a)

Supermarkets

b)

Department stores

c)

Warehouse clubs

d)

Chain stores

78.

Which of the following is an example of a distance retailer which does NOT have a physical location?

a)

Kohl’s.com

b)

Amazon.com

c)

Wal-Mart.com

d)

Target.com

79.

Sale of products in bulk directly from the manufacturer; often to retailers who then re-sell the product to the customer.

a)

Franchise

b)

Retail Outlet

c)

Wholesale

d)

Street Market

80.

An open-air form of retail outlet which often includes multiple sellers gathering in a central location at a designated time.

a)

Retail Outlet

b)

Street Market

c)

Supermarket

d)

Wholesale

81.

Locations where manufacturers distribute and sell their goods through retailers.

a)

Street Market

b)

Franchise

c)

Retail Outlet

d)

Department Store

82.

Large stores offering a variety of goods; often broken into departments with separate managers.

a)

Supermarket

b)

Retail Outlet

c)

Department store

d)

Street Market

83.

Store which has developed branches offering the same product in different locations.

a)

Niche Market

b)

Retail

c)

Franchise

d)

Chain

84.

Large self-service grocery stores. → Supermarket

a)

True

b)

False

85.

To grant authorization for a designated person or location to sell a company's products. → Wholesale

a)

True

b)

False

86.

Individually selling products directly to the customer. → Retail Outlet

a)

True

b)

False

87.

Specialized area of sales targeting a specific group rather than the mass. → Niche Market

a)

True

b)

False

88.

The first thing that a sales staff can do to make any person at ease is by

a)

smiling

b)

shaking hands

c)

standing upright

d)

greeting with self-introduction

89.

Which one of the following is NOT an element of good greeting?

a)

Immediate recognition.

b)

Avoid “May I help you?”.

c)

Look away from customer.

d)

Make greeting warm and sincere.

90.

An example of a want is

a)

rice

b)

handphone

c)

education

d)

drinking water

91.

Open questions asks by the salesperson allow the customers to

a)

gain a better deal.

b)

take control of the conversation.

c)

make the buying process quicker but less pleasant.

d)

share more information to reduce misunderstanding.

92.

Sales staff are important to retailers because they

a)

decide on discounts to be given to loyal customers.

b)

maintain the warehouse inventory records.

c)

assist to retain customers by giving excellent customer service.

d)

help customers to retrieve products from the stockroom.

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