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Test your basic knowledge |
Retail Management
Start Test
Study First
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. Doubt that the correct decision has been made
Need-Satisfaction Approach
Benchmarking
Cognitive Dissonance
Customer Service
2. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Direct Store Distribution (DSD)
Massed Promotion Effort
Flexible Pricing
Battle of the Brands
3. When retailers count on suppliers to participate in their inventory management programs
Vendor-Managed Inventory (VMI)
Data Warehousing
Gross Profit (margin)
Job Analysis
4. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Problem Awareness
Retailing Concept
Weeks' Supply Method
Pre-Training
5. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Top-Down Space Management Approach
Retail Life Cycle
Box (Limited-Line) Store
Reference Groups
6. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Intensive Distribution
Channel Control
Sole Proprietorship
All-You-Can-Afford Method
7. The optimum site for a particular store
Hierarchy of Authority
Merchandise Available for Sale
One-Hundred Percent Location
Net Sales
8. Graphically displays its hierarchical relationships created by a retailer
Weeks' Supply Method
Operations Blueprint
Organization Chart
Retail Method of Accounting
9. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Secondary Data
Experiment
Retail Balance
Scenario Analysis
10. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Visual Merchandising
Supervision
Infomercial
Theme-Setting Display
11. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Department Store
Threats
Resident Buying Office
12. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Revolving Credit Account
Computerized Checkout
Diversification
Leader Pricing
13. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Monthly Sales Index
Seasonal Merchandise
Perceived Risk
Value (customer)
14. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Percentage Variation Method
Forecasts
Trading Area
Micromerchandising
15. Short-term selling and administrative costs in running a business
Ensemble Display
Reference Groups
Operating Expenditures
Single-Channel Retailing
16. 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
Bait-and-Switch Advertising
Basic Stock Method
Box (Limited-Line) Store
Post-Purchase Behavior
17. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Marketing Research In Retailing
Direct Marketing
Private (dealer) Brands
Customer Loyalty
18. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Primary Data
Retail Strategy
Training Programs
Financial Merchandise Management
19. Mandates that persons with disabilities be given appropriate access to retailing facilities
Customer Service
Americans With Disabilities Act
Single-Channel Retailing
Cognitive Dissonance
20. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Zero-Based Budgeting
Open-to-Buy
Demographics
21. Factors having a high relationship with job success are given more weight than others
Consignment Purchase
Canned Sales Presentation
Ease of Entry
Weighted Application Blank
22. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Post-Purchase Behavior
Dead Areas
Consumer Protection
Hierarchy of Authority
23. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Cost-Oriented Pricing
Electronic Article Surveillance
Rationalized Retailing
Video Kiosk
24. 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
Food-Based Superstore
Retail Information System
Primary Trading Area
Channel of Distribution
25. The aspects of business that a firm can directly affect
Inventory Shrinkage
Controllable Variables
Rented-Goods Services
Extended Decision Making
26. A type of retail institution that is a department in a retail store that is rented to an outside party
Ease of Entry
Net Lease
Leased Department
Manufacturer (national) Brands
27. Involve the combination of separately owned retail firms
Geographical Information System
Mergers
Net Profit After Taxes
Universal Product Code (UPC)
28. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Canned Sales Presentation
Robinson-Patman Act
Universal Product Code (UPC)
Initial Markup
29. Customer orientation - coordinated effort - value driven and goal orientation
Uncontrollable Variables
Retailing Concept
Downsizing
Canned Sales Presentation
30. Whereby suppliers sell through as many retailers as possible
Intensive Distribution
Flexible Pricing
Advertising
Open-to-Buy
31. Represents how a given retailer is perceived by consumers and others
Need-Satisfaction Approach
Ensemble Display
Image
Fad Merchandise
32. 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
Private (dealer) Brands
Customer Service
Perceived Risk
Selective Distribution
33. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Everyday Low Pricing (EDLP)
Variable Markup Policy
Data-Base Management
Lifestyle Center
34. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Horizontal Retail Audit
Gravity Model
Augmented Customer Service
HRM Process
35. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Reverse Logistics
Outshopping
Retail Organization
Direct Product Profitability (DPP)
36. Used for products needing special handling
Experiential Merchandising
Hidden Assets
Point-of-Purchase Display
Storability Product Groupings
37. Has a primarily functional use: to neatly hang or present products
Rack Display
Manufacturer (national) Brands
Motives
Target Marketing
38. 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
Balanced Tenancy
Direct Marketing
Revolving Credit Account
Chain
39. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Application Blank
Regression Model
Reverse Logistics
Tactics
40. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Demand-Oriented Pricing
Consumer Loyalty (Frequent Shopper) Programs
Electronic Article Surveillance
Americans With Disabilities Act
41. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Scenario Analysis
Cross-Merchandising
Rack Display
Sorting Process
42. When a retailer looks at data that are collected to address the specific issue or problem under study
Specialog
Liabilities
Primary Data
Extended Decision Making
43. Exhibits heavier - bulkier items than a rack holds
Robinson-Patman Act
Supervision
Case Display
Core Customers
44. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Physical Inventory System
Financial Merchandise Management
Household Life Cycle
Visual Merchandising
45. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Atmosphere (atmospherics)
Objective-and-Task Method
Marquee
Channel of Distribution
46. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Experiential Merchandising
Channel of Distribution
Sorting Process
Consumer Decision Process
47. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Markup Pricing
Opportunistic Buying
Unit Control
Consumer Protection
48. The criteria used to assess effectiveness
Customer Satisfaction
Performance Measures
Internal Secondary Data
Cut Case
49. Available within the company - sometimes from the data bank of a retail information system
Reference Groups
Reverse Logistics
Pre-Training
Internal Secondary Data
50. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Classification Merchandising
Value Chain
Sorting Process