Question 1

Which of these is a commonly used method of retail outlet classification?

Accepted Answer

Retail outlets are commonly classified by the level of service they provide, such as self-service, limited service, or full service.

Question 2

There are three general forms of retail ownership: contractual system, independent retailer, and

Accepted Answer

Corporate chain is a form of retail ownership where multiple retail outlets are owned and operated by a single organization.

Question 3

Your neighborhood dry cleaner or florist is likely to be categorized as an independent retailer. This means it is owned by

Accepted Answer

An independent retailer is typically owned by an individual or a family, rather than being part of a larger corporate chain, consortium, or cooperative.

Question 4

Which form of retail outlet would most likely offer customers convenience, quality personal service, and lifestyle compatibility?

Accepted Answer

Independent retailers often provide personalized service, convenience, and cater to specific lifestyle needs, making them more adaptable to individual customer preferences.

Question 5

Which of these statements regarding corporate chains is most accurate?

Accepted Answer

Corporate chains are defined as multiple retail outlets under common ownership, allowing them to benefit from economies of scale and centralized management.

Question 6

The three key methods of classifying retail operations are

Accepted Answer

The three key methods of classifying retail operations are form of ownership, level of service, and merchandise line. These criteria help in distinguishing different types of retail businesses based on who owns them, the type of service they provide, and the variety of products they offer.

Question 7

The sustainability and environmental responsibility trend has become so important that evaluates eight indicators of environmental performance to provide annual "green rankings" of large companies.

Accepted Answer

Newsweek is known for providing annual "green rankings" of large companies based on their environmental performance.

Question 8

Bloomingdale's stores are part of the Macy's

Accepted Answer

The answer of Bloomingdale's stores are part of the Macy's
...

Question 9

The ________ distinguishes types of retail outlets, with independent retailers, corporate chains, or contractual systems being the three general forms.

Accepted Answer

The form of ownership distinguishes types of retail outlets into independent retailers, corporate chains, or contractual systems.

Question 10

Level of service is used to describe the degree of service provided to the customer. Three levels of service are provided by self-, ________, and full-service retailers.

Accepted Answer

Limited-service retailers provide a moderate level of service, falling between self-service and full-service, offering some assistance to customers.

Question 11

Independent retailers account for most of the ________ retail establishments in the United States.

Accepted Answer

Independent retailers account for most of the 3.8 million retail establishments in the United States, as they make up a significant portion of the retail landscape.

Question 12

A method of classification that describes how many different types of products a store carries and in what assortment is referred to as a

Accepted Answer

The answer of A method of classification that describes how...

Question 13

One method of classification categorizes a retailer as self-, limited-, or full-

Accepted Answer

The answer of One method of classification categorizes a retailer...

Question 14

When Home Depot switched its in-store light fixture displays to compact fluorescent light and LED bulbs, painted the roofs of its stores white, and installed solar panels, it reduced its energy use by ________ percent.

Accepted Answer

Home Depot's energy reduction efforts, including switching to energy-efficient lighting, painting roofs white, and installing solar panels, resulted in a 20% reduction in energy use.

Question 15

Most of the 3.8 million retail establishments in the United States, including hardware stores, convenience stores, clothing stores, and electronics stores, are considered

Accepted Answer

Most retail establishments in the United States are independent retailers, meaning they are independently owned and operated, rather than being part of larger corporate chains or systems.

Question 16

Retail corporate chains benefit consumers in part because

Accepted Answer

Chains offer multiple outlets with consistent merchandise and management policies, providing convenience and reliability for consumers.

Question 17

Consumers benefit in dealing with retail corporate chains because

Accepted Answer

Chains can negotiate better prices with manufacturers due to their large order volumes, allowing them to offer lower prices to consumers.

Question 18

A form of ownership that involves multiple outlets under common ownership is referred to as

Accepted Answer

A corporate chain refers to multiple outlets or stores that are owned and operated by a single organization or company, allowing for centralized management and uniformity across locations.

Question 19

One of the most common forms of retail ownership is the ________ owned by an individual.

Accepted Answer

An independent retailer is a common form of retail ownership where the business is owned and operated by an individual, allowing for personal management and decision-making.

Question 20

Aeon, Carrefour, Tesco, and Metro Group are

Accepted Answer

Aeon, Carrefour, Tesco, and Metro Group are all large retail companies operating primarily outside of the United States.

Quiz 16: Retailing and Wholesaling