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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. Ways in which individual consumers and families live and spend time and money
Fashion Merchandise
Percentage Variation Method
Lifestyles
Reverse Logistics
2. An unincorporated retail firm owned by two or more persons - each with a financial interest
Sales-Productivity Ratio
Partnership
Leader Pricing
Horizontal Cooperative Advertising Agreement
3. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Horizontal Cooperative Advertising Agreement
Maintenance-Increase-Recoupment Lease
Cut Case
Channel Control
4. Consists of products that sell well over nonconsecutive time periods
Seasonal Merchandise
Reference Groups
Data-Base Management
Staple Merchandise
5. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Controllable Variables
All-You-Can-Afford Method
Financial Merchandise Management
Internal Secondary Data
6. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Computerized Checkout
Logistics
Rationalized Retailing
Secondary Data
7. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Experiment
Objectives
Sales Opportunity Grid
Consumer Protection
8. A retailer sets its prices in accordance with competitors'
Outshopping
Benchmarking
Competition-Oriented Pricing
Personal Selling
9. 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
Operations Management
Reorder Point
Feedback
World Wide Web
10. The merchandise categories for which data are gathered
Incremental Budgeting
Combination Store
Convenience Store
Control Units
11. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Vertical Cooperative Advertising Agreement
Sales Promotion
Value Chain
Liabilities
12. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Publicity
Data Mining
Competition-Oriented Pricing
Order-Taking Salesperson
13. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Inventory Management
Manufacturer (national) Brands
Term Occupancy
Human Resource Management
14. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Channel Control
Compensation
Solution Selling
Ease of Entry
15. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Diversified Retailer
Ease of Entry
Order-Taking Salesperson
Strategy Mix
16. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Retail Information System
Combination Store
Value Chain
Franchising
17. Occurs when one consumer talks to others; can build a chain of customers
Word of Mouth (WOM)
Performance Measures
Retail Information System
Need-Satisfaction Approach
18. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Combination Store
Horizontal Price Fixing
Specialog
Public Relations
19. 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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20. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Leader Pricing
Retail Method of Accounting
Robinson-Patman Act
Generic Brands
21. A merchandising technique that some firms use to improve productivity
Value (customer)
Category Management
Trading Area
Organizational Mission
22. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Incremental Method
Variable Pricing
Video Kiosk
Specialog
23. Competition between manufacturers and retailers for shelf space and profits
Internal Secondary Data
Exclusive Distribution
Positioning
Battle of the Brands
24. 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
Analog Model
Exclusive Distribution
Mass Marketing
Recruitment
25. 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
Chain
All-You-Can-Afford Method
Downsizing
26. Two or more retailers share an ad
Horizontal Cooperative Advertising Agreement
Value Chain
Sorting Process
Net Profit After Taxes
27. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Neighborhood Shopping Center
Retail Balance
Ethics
28. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Micromarketing
Consumer Loyalty (Frequent Shopper) Programs
Rented-Goods Services
Regression Model
29. 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
Multi-Channel Retailing
Owned-Goods Services
Horizontal Retail Audit
Retailing Concept
30. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Category Killer
Productivity
Want Book (Want Slip)
Depth of Assortment
31. The overall plan or framework of action that guides a retailer
Retail Strategy
Model Stock Approach
Term Occupancy
Physical Inventory System
32. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Conventional Supermarket
Semantic Differential
Atmosphere (atmospherics)
Situation Analysis
33. 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
Niche Retailing
Manufacturer (national) Brands
Direct Marketing
Flea Market
34. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Nongoods Services
Supermarket
Ensemble Display
Atmosphere (atmospherics)
35. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Traditional Job Description
Cut Case
Inventory Shrinkage
Routine Decision Making
36. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Cut Case
Equal Store Organization
Predatory Pricing
Gross Profit (margin)
37. The activity whereby a retailer generates a list of job applicants
Purchase Motivation Product Groupings
Recruitment
Gross Profit (margin)
Weeks' Supply Method
38. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Physical Inventory System
Internet
Culture
Financial Merchandise Management
39. The long-run and short-run performance targets a retailers hopes to attain
Objectives
Operations Management
Post-Purchase Behavior
Cross-Shopping
40. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Yield Management Pricing
Outsourcing
Term Occupancy
Specialog
41. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Leader Pricing
Category Management
Dump Bin
42. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Goods/Service Category
Robinson-Patman Act
Open-to-Buy
Product/Trademark Franchising
43. 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
Gross Margin
Cost of Goods Sold
Logistics
Maintenance-Increase-Recoupment Lease
44. 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
Diversification
Benchmarking
Unit Control
Battle of the Brands
45. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Weighted Application Blank
Value (customer)
Dual Marketing
Maintenance-Increase-Recoupment Lease
46. Out-of-hometown shopping - is important for both local and surrounding retailers
Economic Base
Outshopping
Bottom-Up Space Management Approach
Job Analysis
47. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Problem Awareness
Employee Empowerment
Power Center
Semantic Differential
48. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Factory Outlet
Secondary Trading Area
Item Price Removal
Gross Profit (margin)
49. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Scrambled Merchandising
Personality
Specialog
Word of Mouth (WOM)
50. 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)
Assortment Display
Objective-and-Task Method
Logistics
Straight (Gridiron) Traffic Flow