SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Physical Inventory System
Productivity
Quick Response (QR) Inventory Planning
Class Consciousness
2. 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
Assortment Display
Open Credit Account
Destination Retailer
Robinson-Patman Act
3. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Consumer Loyalty (Frequent Shopper) Programs
Contingency Pricing
Ensemble Display
Household Life Cycle
4. An inexpensive display that leaves merchandise in the original carton
Cut Case
Direct Marketing
Direct Product Profitability (DPP)
Human Resource Management
5. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Storability Product Groupings
Consumer Decision Process
Multiple-Unit Pricing
Control
6. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Destination Retailer
Fad Merchandise
Top-Down Space Management Approach
One-Hundred Percent Location
7. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Customer Service
Evaluation of Alternatives
Atmosphere (atmospherics)
8. Money left after paying taxes and buying necessities
Retail Information System
Floor-Ready Merchandise
One-Hundred Percent Location
Discretionary income
9. Ways in which individual consumers and families live and spend time and money
Business Format Franchising
Multiple-Unit Pricing
Lifestyles
Information Search
10. Whereby a retailers sells to consumers through multiple retail formats
Stock-to-Sales Method
Multi-Channel Retailing
Leased Department
Job Motivation
11. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Hierarchy of Effects
Value Delivery System
Value (customer)
12. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Operations Management
RFID (radio frequency identification)
Merchandise Available for Sale
Supervision
13. The customer group sought by a retailer
Stock-to-Sales Method
Target Marketing
Hierarchy of Effects
Operating Expenditures
14. 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
Balanced Tenancy
Reorder Point
Membership (Warehouse) Club
Geographical Information System
15. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Word of Mouth (WOM)
Purchase Motivation Product Groupings
Competitive Parity Method
Diversification
16. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Slotting Allowances
Sales Opportunity Grid
Gravity Model
Value Chain
17. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Incremental Budgeting
Diversification
Internal Secondary Data
Solution Selling
18. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
PMs (Promotional or Push Monies)
Box (Limited-Line) Store
Expected Customer Service
Dollar Control
19. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Horizontal Retail Audit
Augmented Customer Service
Mass Marketing
Term Occupancy
20. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Storability Product Groupings
Dollar Control
Situation Analysis
Pre-Training
21. The merchandise categories for which data are gathered
Incremental Budgeting
Control Units
Open Credit Account
Maintained Markup
22. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Direct Selling
Competition-Oriented Pricing
Human Resource Management
Culture
23. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Outsourcing
Category Management
Taxes
Consignment Purchase
24. Influence people's thought and behavior such as families - aspirational groups and membership groups
Theme-Setting Display
Data Warehousing
Reference Groups
Taxes
25. Involves a clear statement of the topic to be studied
Motives
Percentage-of-Sales Method
Issue (problem) Definition
Cost of Goods Sold
26. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Lifestyle Center
Compensation
Assortment Merchandise
Independent
27. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Budgeting
Vertical Retail Audit
Open Credit Account
Destination Retailer
28. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Memorandum Purchase
Single-Channel Retailing
Human Resource Management
Simulation
29. 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
Vendor-Managed Inventory (VMI)
Bait-and-Switch Advertising
Percentage Variation Method
Efficient Consumer Response (ECR)
30. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Computerized Checkout
Assortment
Net Sales
Advertising
31. An unincorporated retail firm owned by one person
Sole Proprietorship
Merchandising Philosophy
Vertical Retail Audit
Unit Pricing
32. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Sole Proprietorship
Sales-Productivity Ratio
Sales Manager
Resident Buying Office
33. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Financial Merchandise Management
Cost of Method Accounting
Core Customers
Threats
34. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Word of Mouth (WOM)
Memorandum Purchase
Competitive Parity Method
Mystery Shoppers
35. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Goal-Oriented Job Description
Affinity
Frequency
Performance Measures
36. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Multiple-Unit Pricing
Electronic Data Interchange (EDI)
Consignment Purchase
Direct Marketing
37. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Retail Promotion
Category Management
Full-Line Discount Store
Operating Expenses
38. Involve the combination of separately owned retail firms
Operating Expenses
Manufacturer (national) Brands
Mergers
Bottom-Up Space Management Approach
39. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Vertical Price Fixing
Competition-Oriented Pricing
Debit Card System
Dump Bin
40. The overall plan or framework of action that guides a retailer
Neighborhood Business District
Fad Merchandise
Retail Strategy
Zero-Based Budgeting
41. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Ease of Entry
Survey
Minimum-Price Laws
Constrained Decision Making
42. Any item a retailer owns with monetary value
Mass Marketing
Assets
Retail Strategy
Training Programs
43. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Convenience Store
Net Worth
Vertical Cooperative Advertising Agreement
Direct Selling
44. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Universal Product Code (UPC)
Limited Decision Making
Item Price Removal
Gravity Model
45. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Order-Taking Salesperson
Differentiated Marketing
String
Width of Assortment
46. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Data Warehousing
Competitive Parity Method
Primary Data
Diversification
47. 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
Human Resource Management
Retailing Concept
Problem Awareness
Retail Method of Accounting
48. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Conventional Supermarket
Ensemble Display
Exclusive Distribution
Assortment Merchandise
49. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
FIFO (first-in-first-out) Method
Competitive Parity Method
Regional Shopping Center
50. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Bifurcated Retailing
Power Center
Concentrated Marketing
Differentiated Marketing