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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. 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
Class Consciousness
Trading Area Overlap
Limited Decision Making
Demand-Oriented Pricing
2. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Personality
Weeks' Supply Method
Equal Store Organization
3. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Conventional Supermarket
Manufacturer (national) Brands
Minimum-Price Laws
Supercenter
4. When manufacturers and wholesales seek to control the retail prices of their goods and services
Probability (Random) Sample
Benchmarking
Vertical Price Fixing
Variable Pricing
5. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Expected Customer Service
Direct Store Distribution (DSD)
Theme-Setting Display
Nongoods Services
6. The difference between net sales and the total cost of goods sold
Target Marketing
Factory Outlet
Gross Margin
Assets
7. Consists of all the levels of independently owned businesses along a channel of distribution
Electronic Banking
Power Center
Franchising
Vertical Marketing System
8. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
All-You-Can-Afford Method
Bait-and-Switch Advertising
Logistics
Term Occupancy
9. A sign that displays the store's name
Channel Control
Marquee
Debit Card System
Ethics
10. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Storefront
Horizontal Retail Audit
Electronic Data Interchange (EDI)
Secondary Data
11. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Chargebacks
Hierarchy of Effects
Performance Measures
Secondary Trading Area
12. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Markdown
Vendor-Managed Inventory (VMI)
Gap Analysis
Customer Loyalty
13. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Stimulus
Full-Line Discount Store
Maintenance-Increase-Recoupment Lease
Quick Response (QR) Inventory Planning
14. Beginning inventory - purchases - and transportation charges equal the cost of this
Rented-Goods Services
Merchandise Available for Sale
Marquee
Direct Selling
15. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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16. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Core Customers
Markup Pricing
Consumer Behavior
Electronic Point of Sale System
17. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Depth of Assortment
Financial Merchandise Management
Purchase Act
Business Format Franchising
18. Graphically displays its hierarchical relationships created by a retailer
Organization Chart
Owned-Goods Services
Physical Inventory System
Affinity
19. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Category Killer
Top-Down Space Management Approach
Concentrated Marketing
Culture
20. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Top-Down Space Management Approach
Micromerchandising
Reorder Point
Channel Control
21. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Consignment Purchase
Item Price Removal
RFID (radio frequency identification)
Limited Decision Making
22. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Mystery Shoppers
Organization Chart
Cost of Goods Sold
Conventional Supermarket
23. The service level that customers want to receive from any retailer - such as basic employee courtesy
Gravity Model
Secondary Data
Expected Customer Service
Taxes
24. An unincorporated retail firm owned by one person
Automatic Reordering System
Data-Base Retailing
Sole Proprietorship
Community Shopping Center
25. A retailer charges the same price to all customers buying an item under similar conditions
Retail Method of Accounting
One-Price Policy
Electronic Banking
Discretionary income
26. The manner of providing a job environment that encourages employee accomplishment
Horizontal Price Fixing
Consumer Decision Process
Single-Channel Retailing
Supervision
27. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Exclusive Distribution
Supercenter
Secondary Business District (SBD)
Opportunity Costs
28. A case that holds piles of sale clothing - marked down books or other products
Diversified Retailer
Massed Promotion Effort
Dump Bin
Data Warehousing
29. 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
Resident Buying Office
Vertical Price Fixing
Mazur Plan
Pre-Training
30. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Neighborhood Business District
Value (retailer)
Data Warehousing
Convenience Store
31. Used by retailers that promote seasonally
Massed Promotion Effort
Household Life Cycle
Weighted Application Blank
Cost of Goods Sold
32. Competition between manufacturers and retailers for shelf space and profits
Problem Awareness
Service Retailing
Battle of the Brands
Operations Blueprint
33. Every store - product - or customer has an equal or known chance of being chosen for a study
Factory Outlet
Community Shopping Center
Probability (Random) Sample
Differentiated Marketing
34. Factors having a high relationship with job success are given more weight than others
Weighted Application Blank
Employee Empowerment
Equal Store Organization
Secondary Business District (SBD)
35. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Goods/Service Category
Bifurcated Retailing
Model Stock Approach
Price Lining
36. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Pre-Training
Ethics
Consumer Protection
Dead Areas
37. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Information Search
Scenario Analysis
Ethics
Retailing
38. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Vertical Retail Audit
Cost of Goods Sold
Scrambled Merchandising
Financial Merchandise Management
39. Systematically lists all operating functions to be performed - their characteristics - and their timing
Mass Marketing
Trading Area
Prestige Pricing
Operations Blueprint
40. Involve the combination of separately owned retail firms
Theme-Setting Display
Class Consciousness
Basic Stock Method
Mergers
41. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Total Retail Experience
World Wide Web
Direct Marketing
Memorandum Purchase
42. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Department Store
Resident Buying Office
Variety Store
43. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Direct Product Profitability (DPP)
Trading Area
Operating Expenditures
44. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Franchising
Customer Satisfaction
Primary Trading Area
Customer Service
45. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Training Programs
Stock Turnover
Percentage Lease
Gross Margin
46. Whereby each department is subdivided into further categories for related types of merchandise
Mass Marketing
Classification Merchandising
Retail Organization
Consumer Protection
47. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Wheel of Retailing
Planogram
Model Stock Approach
Hidden Assets
48. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Case Display
Net Sales
Competitive Parity Method
Partnership
49. A planned shopping facility - with the largest store being a supermarket or a drugstore
Order-Taking Salesperson
Robinson-Patman Act
Huff's Law of Shopper Attraction
Neighborhood Shopping Center
50. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Product Life Cycle
Percentage-of-Sales Method
Data-Base Management
Intensive Distribution