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Test your basic knowledge |
Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Based on the original retail value assigned to merchandise less the costs of the merchandise
Initial Markup
Conventional Supermarket
Niche Retailing
Assortment Display
2. Many retail vendors sell a range of products at discount prices in plain surroundings
Value (retailer)
Flea Market
Impulse Purchases
One-Price Policy
3. 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
Benchmarking
Yield Management Pricing
Loss Leaders
4. 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
Publicity
Job Analysis
Planogram
Economic Base
5. Merchandise that generates high sales over a short time
Geographical Information System
Fad Merchandise
Net Sales
Dump Bin
6. 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
Consumer Cooperative
Issue (problem) Definition
Opportunistic Buying
Micromerchandising
7. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Compensation
Order-Taking Salesperson
Benchmarking
Multiple-Unit Pricing
8. A retailers commitment to a type of business and to a distinctive role in the marketplace
Organizational Mission
Class Consciousness
Opportunity Costs
Leased Department
9. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Performance Measures
Data Warehousing
Differentiated Marketing
Direct Store Distribution (DSD)
10. The mix of stores within a district or shopping center
Assortment
Recruitment
Retail Balance
Merchandise Available for Sale
11. 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
Value Delivery System
Term Occupancy
Electronic Point of Sale System
Horizontal Retail Audit
12. Represents how a given retailer is perceived by consumers and others
Image
Discretionary income
Consumer Behavior
Operations Blueprint
13. Any item a retailer owns with monetary value
Reference Groups
Assets
Top-Down Space Management Approach
Opportunity Costs
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
Specialty Store
Geographical Information System
Concentrated Marketing
Opportunities
15. Lets consumers bargain over prices; those who are good at it obtain lower prices
Flexible Pricing
Weeks' Supply Method
Performance Measures
Prototype Stores
16. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Retail Information System
Data-Base Management
Combination Store
Retail Balance
17. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Direct Marketing
Reorder Point
Predatory Pricing
Combination Store
18. Graphically displays its hierarchical relationships created by a retailer
Organization Chart
Competition-Oriented Pricing
Solution Selling
Lifestyles
19. Available within the company - sometimes from the data bank of a retail information system
Single-Channel Retailing
Minimum-Price Laws
Application Blank
Internal Secondary Data
20. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Electronic Article Surveillance
Additional Markup
Perceived Risk
Ensemble Display
21. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Food-Based Superstore
Ethics
Price-Quality Association
Operating Expenditures
22. A retailers carries complementary goods and services to encourage shoppers to buy more
Controllable Variables
Data Mining
Nonstore Retailing
Cross-Merchandising
23. A merchandising technique that some firms use to improve productivity
Category Management
Bottom-Up Space Management Approach
Benchmarking
Slotting Allowances
24. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Personality
Social Class
Weeks' Supply Method
Storefront
25. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Net Profit After Taxes
Channel Control
Dump Bin
Retail Promotion
26. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Niche Retailing
Internet
RFID (radio frequency identification)
Consumer Behavior
27. 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
Cost of Goods Sold
All-You-Can-Afford Method
Impulse Purchases
Never-Out List
28. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Value (customer)
Micromarketing
Leased Department
Cooperative Advertising
29. Embodied by a series of activities and processes that provides a certain value for the consumer
Equal Store Organization
Assets
Value (retailer)
Opportunistic Buying
30. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Generic Brands
Customer Satisfaction
Massed Promotion Effort
Information Search
31. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Everyday Low Pricing (EDLP)
Chargebacks
Customary Pricing
Consumer Decision Process
32. Actively involved with informing and persuading customers in closing sales
Hidden Assets
Traditional Department Store
Purchase Act
Order-Getting Salesperson
33. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Video Kiosk
Retail Organization
Weeks' Supply Method
Bifurcated Retailing
34. The line of business in which a retailer operates
Top-Down Space Management Approach
Ethics
Goods/Service Category
Cross-Merchandising
35. The form of research in which present behavior or the results of past behavior are noted and recorded
Pre-Training
Observation
Consumer Loyalty (Frequent Shopper) Programs
Wheel of Retailing
36. Places together various items that appeal to a given target market
Mystery Shoppers
Market Segment Product Groupings
Community Shopping Center
Competitive Parity Method
37. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Bifurcated Retailing
Point of Difference
Trading Area
Pre-Training
38. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Specialog
Market Segment Product Groupings
Data-Base Retailing
Opportunity Costs
39. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Percentage Lease
Cooperative Buying
Opportunities
Business Format Franchising
40. The cost of running a retail business
Retail Institution
Operating Expenses
Retail Information System
Secondary Trading Area
41. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Benchmarking
Category Killer
Price Lining
Resident Buying Office
42. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Personality
Electronic Data Interchange (EDI)
All-You-Can-Afford Method
Cooperative Advertising
43. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Leader Pricing
Intensive Distribution
Differentiated Marketing
Markdown
44. 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)
Mergers
Maintenance-Increase-Recoupment Lease
Personal Selling
Objective-and-Task Method
45. Focuses on the sale of tangible phoducts
Goods Retailing
Outsourcing
Data Warehousing
String
46. Zeroing in on one specific group
Concentrated Marketing
Loss Leaders
Downsizing
Infomercial
47. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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48. The sum total of an individuals traits - which make that individual unique
Franchising
Bait-and-Switch Advertising
Personality
Combination Store
49. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Social Responsibility
Secondary Trading Area
Variable Pricing
50. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Resident Buying Office
Sales Manager
Channel Control
Consumer Cooperative
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