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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. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Job Analysis
Non-probability Sample
Generic Brands
Opportunities
2. 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
Control
Retail Method of Accounting
Want Book (Want Slip)
Competitive Parity Method
3. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Retail Organization
Limited Decision Making
Wheel of Retailing
Consumer Behavior
4. An inexpensive display that leaves merchandise in the original carton
Cut Case
Exclusive Distribution
Direct Product Profitability (DPP)
Performance Measures
5. Refers to the variety in any one good/service (product line) a retailer carries
Horizontal Retail Audit
Curing (Free-Flowing) Traffic Flow
Depth of Assortment
Net Profit After Taxes
6. A retailer sets its prices in accordance with competitors'
All-You-Can-Afford Method
Fad Merchandise
Efficient Consumer Response (ECR)
Competition-Oriented Pricing
7. The sum total of an individuals traits - which make that individual unique
Benchmarking
Trading Area
Organization Chart
Personality
8. Involves oral communication with one or more prospective customers for the purpose of making a sale
Personal Selling
Hidden Assets
Inventory Shrinkage
Regression Model
9. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Net Profit After Taxes
Sales Opportunity Grid
Full-Line Discount Store
Prototype Stores
10. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control
Reilly's Law of Retailing Gravitation
Department Store
Stimulus
Objectives
11. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Data-Base Retailing
Goods/Service Category
Trading Area
Analog Model
12. An unincorporated retail firm owned by two or more persons - each with a financial interest
Cost of Method Accounting
Partnership
Price Lining
Customer Satisfaction
13. The difference between net sales and the total cost of goods sold
Marquee
Electronic Article Surveillance
Gross Margin
Box (Limited-Line) Store
14. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Consumer Decision Process
Perceived Risk
Mass Merchandising
Category Management
15. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Merchandise Available for Sale
Operating Expenses
Consignment Purchase
Total Retail Experience
16. Used by retailers that promote throughout the year
Loss Leaders
Goal-Oriented Job Description
Distributed Promotion Effort
Net Worth
17. A retailer charges the same price to all customers buying an item under similar conditions
One-Price Policy
Weighted Application Blank
Zero-Based Budgeting
Financial Merchandise Management
18. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Outsourcing
Image
Diversified Retailer
Horizontal Cooperative Advertising Agreement
19. A large - planned shopping facility appealing to a geographically dispersed market
Probability (Random) Sample
Additional Markup
Regional Shopping Center
Internet
20. Concentrates on selling one goods or service line - such as young women's apparel
External Secondary Data
Warehouse Store
Exclusive Distribution
Specialty Store
21. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Never-Out List
Geographical Information System
Full-Line Discount Store
Floor-Ready Merchandise
22. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Demand-Oriented Pricing
Retail Life Cycle
Routine Decision Making
Atmosphere (atmospherics)
23. The aspects of business to which a retailers must adapt
Memorandum Purchase
Variable Markup Policy
Purchase Act
Uncontrollable Variables
24. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
HRM Process
Retailing
Vending Machine
Flexible Pricing
25. Influence people's thought and behavior such as families - aspirational groups and membership groups
Prototype Stores
Stock Turnover
Reference Groups
Vertical Retail Audit
26. A retailer carries more items than expects to sell over a specified period
Secondary Trading Area
Massed Promotion Effort
Basic Stock Method
Sorting Process
27. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Price Elasticity of Demand
Geographical Information System
Prestige Pricing
Community Shopping Center
28. Financial obligations a retailer incurs in operating a business
Simulation
Liabilities
Feedback
Basic Stock List
29. Typically supervises the on-floor selling and operational activities for a specific retail department
Price Lining
Retail Audit
Sales Manager
Minimum-Price Laws
30. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Consumer Loyalty (Frequent Shopper) Programs
Dead Areas
Ensemble Display
31. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Demand-Oriented Pricing
Post-Purchase Behavior
Specialog
Rationalized Retailing
32. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Specialog
Contingency Pricing
Order-Taking Salesperson
Mass Marketing
33. Includes all the remaining customers - and they are the most widely dispersed
Frequency
Fringe Trading Area
Diversified Retailer
Functional Product Groupings
34. 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
Sales-Productivity Ratio
LIFO (last-in-first-out) Method
Destination Retailer
35. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Single-Channel Retailing
Net Worth
Resident Buying Office
Horizontal Retail Audit
36. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
LIFO (last-in-first-out) Method
Distributed Promotion Effort
Objective-and-Task Method
Retailing
37. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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38. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Trading Area Overlap
Organizational Mission
Differentiated Marketing
Cross-Shopping
39. A retailer wants to maintain a specified ratio of goods on hand to sales
Stock-to-Sales Method
Cooperative Buying
Debit Card System
Neighborhood Business District
40. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Competition-Oriented Pricing
Vertical Retail Audit
Information Search
Retail Promotion
41. Whereby consumers lease and use goods for specified periods of time
LIFO (last-in-first-out) Method
Opportunistic Buying
Rented-Goods Services
Demographics
42. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Employee Empowerment
Category Management
Data-Base Management
Marketing Research In Retailing
43. A retail firm owned by its customer members
Consumer Cooperative
Multi-Channel Retailing
Fringe Trading Area
Cross-Shopping
44. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Box (Limited-Line) Store
Operating Expenses
Prestige Pricing
Infomercial
45. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Target Marketing
Reference Groups
Operations Blueprint
46. A cash or card operated retailing format that dispenses goods and services
Chargebacks
Vending Machine
Item Price Removal
Unit Control
47. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Incremental Budgeting
Publicity
Category Management
Supply Chain
48. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Sales Opportunity Grid
Retail Promotion
Option Credit Account
Net Lease
49. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Full-Line Discount Store
Family Life Cycle
Objectives
Employee Empowerment
50. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Cost-Oriented Pricing
Reorder Point
Equal Store Organization
Ethics