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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. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Consumer Behavior
Fashion Merchandise
Supply Chain
Sole Proprietorship
2. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Central Business District
Family Life Cycle
Strategy Mix
Case Display
3. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Canned Sales Presentation
Solution Selling
Computerized Checkout
Leader Pricing
4. Zeroing in on one specific group
Concentrated Marketing
Diversified Retailer
Retail Information System
Frequency
5. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Public Relations
Ethics
Human Resource Management
Exclusive Distribution
6. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Retail Audit
Lifestyle Center
Intensive Distribution
Ethics
7. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Financial Merchandise Management
Cost of Goods Sold
Debit Card System
8. Typically supervises the on-floor selling and operational activities for a specific retail department
Vertical Cooperative Advertising Agreement
Trading Area
Sales Manager
Rented-Goods Services
9. A retailer wants to maintain a specified ratio of goods on hand to sales
Net Profit After Taxes
Direct Store Distribution (DSD)
Regional Shopping Center
Stock-to-Sales Method
10. Marketplace opening that exist because other retailers have not yet capitalized on them
Outsourcing
Box (Limited-Line) Store
Opportunities
Situation Analysis
11. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Cost of Goods Sold
Reach
Book (Perpetual) Inventory System
Top-Down Space Management Approach
12. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Horizontal Price Fixing
Flexible Pricing
Prototype Stores
Point-of-Purchase Display
13. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Equal Store Organization
Rack Display
Publicity
Gravity Model
14. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Direct Selling
Minimum-Price Laws
Direct Marketing
Full-Line Discount Store
15. Used by retailers that promote seasonally
Corporation
Massed Promotion Effort
Balanced Tenancy
Consumer Decision Process
16. The optimum site for a particular store
Relationship Retailing
One-Hundred Percent Location
Term Occupancy
Consumer Protection
17. 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
Opportunistic Buying
Channel Control
Experiment
Secondary Business District (SBD)
18. An unincorporated retail firm owned by one person
Personal Selling
Sole Proprietorship
Forecasts
Cross-Merchandising
19. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Slotting Allowances
Loss Leaders
Reorder Point
20. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Width of Assortment
Budgeting
Perceived Risk
21. Represents how a given retailer is perceived by consumers and others
Motives
Survey
Threats
Image
22. Where a consumer must pay the bill in full when it is due
Open Credit Account
Word of Mouth (WOM)
Regression Model
Economic Base
23. A retail firm owned by its customer members
Stimulus
Product Life Cycle
Consumer Cooperative
Customer Loyalty
24. Whereby a retailers sells to consumers through multiple retail formats
Multi-Channel Retailing
Cooperative Advertising
Trading Area Overlap
Purchase Motivation Product Groupings
25. Available within the company - sometimes from the data bank of a retail information system
Retail Balance
Debit Card System
One-Hundred Percent Location
Internal Secondary Data
26. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Killer
Household Life Cycle
Monthly Sales Index
Forecasts
27. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Recruitment
Sorting Process
FIFO (first-in-first-out) Method
28. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Problem Awareness
Incremental Method
Secondary Data
Post-Purchase Behavior
29. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Prestige Pricing
Central Business District
Routine Decision Making
Nongoods Services
30. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Controllable Variables
Customer Satisfaction
All-You-Can-Afford Method
Objectives
31. Where the same customers are served by both branches
Sales-Productivity Ratio
Visual Merchandising
Regional Shopping Center
Trading Area Overlap
32. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Semantic Differential
Wheel of Retailing
Logistics
Problem Awareness
33. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Top-Down Space Management Approach
Fashion Merchandise
Product/Trademark Franchising
Cut Case
34. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Constrained Decision Making
Social Class
Training Programs
Intensive Distribution
35. The portion of revenues turned over to the federal - state and/or local government
Physical Inventory System
Nongoods Services
Micromarketing
Taxes
36. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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37. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Lifestyle Center
Full-Line Discount Store
Data-Base Management
Category Management
38. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Retail Audit
Experiment
Food-Based Superstore
Stimulus
39. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Sorting Process
Operations Management
Threats
Job Analysis
40. Based on the original retail value assigned to merchandise less the costs of the merchandise
Massed Promotion Effort
Supervision
Wheel of Retailing
Initial Markup
41. 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
Purchase Act
Net Worth
Retail Strategy
Automatic Reordering System
42. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Demand-Oriented Pricing
Relationship Retailing
Mergers
Price Lining
43. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Scrambled Merchandising
Selective Distribution
Non-probability Sample
Single-Channel Retailing
44. 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
Operations Management
Direct Marketing
Operations Blueprint
Electronic Point of Sale System
45. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Limited Decision Making
Cost of Goods Sold
Owned-Goods Services
Destination Retailer
46. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Markup Pricing
Contingency Pricing
Affinity
Depth of Assortment
47. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Consignment Purchase
Trading Area
Basic Stock Method
Purchase Motivation Product Groupings
48. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Forecasts
Combination Store
Assortment Display
Nonstore Retailing
49. Exhibits heavier - bulkier items than a rack holds
Variable Pricing
Dead Areas
Case Display
Attitudes (Opinions)
50. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Generic Brands
Multiple-Unit Pricing
Analog Model
Probability (Random) Sample