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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. Involves oral communication with one or more prospective customers for the purpose of making a sale
Personal Selling
Benchmarking
Cost of Goods Sold
Evaluation of Alternatives
2. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Intensive Distribution
Food-Based Superstore
Secondary Business District (SBD)
Gap Analysis
3. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Word of Mouth (WOM)
Cooperative Advertising
Horizontal Price Fixing
4. When a retailer looks at data that are collected to address the specific issue or problem under study
Downsizing
Retail Method of Accounting
Primary Data
Cross-Merchandising
5. Doubt that the correct decision has been made
Constrained Decision Making
Cognitive Dissonance
Weeks' Supply Method
Product Life Cycle
6. The mix of stores within a district or shopping center
Rented-Goods Services
Retail Balance
Regional Shopping Center
Core Customers
7. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Direct Store Distribution (DSD)
Leased Department
Mazur Plan
Class Consciousness
8. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Width of Assortment
Regional Shopping Center
Cost-Oriented Pricing
Scenario Analysis
9. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Lifestyle Center
Basic Stock List
Minimum-Price Laws
Family Life Cycle
10. 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
Fashion Merchandise
Analog Model
Diversification
Multi-Channel Retailing
11. The manner of providing a job environment that encourages employee accomplishment
Supervision
Prototype Stores
Cost-Oriented Pricing
Bait-and-Switch Advertising
12. Consists of all the levels of independently owned businesses along a channel of distribution
Vertical Marketing System
Open-to-Buy
Competitive Parity Method
Multi-Channel Retailing
13. Information is systematically gathered from respondents by communicating with them
Survey
Prototype Stores
Maintained Markup
Distributed Promotion Effort
14. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Positioning
Multi-Channel Retailing
Equal Store Organization
Markdown
15. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Multi-Channel Retailing
Need-Satisfaction Approach
Customary Pricing
Lifestyles
16. The form of research in which present behavior or the results of past behavior are noted and recorded
Variety Store
Partnership
Situation Analysis
Observation
17. 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
Marketing Research In Retailing
Chargebacks
Zero-Based Budgeting
Retail Organization
18. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Inventory Shrinkage
Cost of Goods Sold
Impulse Purchases
Sales Opportunity Grid
19. Projections of expected retail sales for given periods
Mergers
Battle of the Brands
Forecasts
Price-Quality Association
20. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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21. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Value Delivery System
Cooperative Buying
Value (retailer)
Multi-Channel Retailing
22. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Business Format Franchising
Never-Out List
Regression Model
Cross-Shopping
23. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Vertical Price Fixing
Retail Strategy
Dead Areas
Demand-Oriented Pricing
24. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Scenario Analysis
Uncontrollable Variables
Power Center
Micromerchandising
25. Suppliers sell through a moderate number of retailers
Mergers
Flexible Pricing
Selective Distribution
Intensive Distribution
26. 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
Reorder Point
Household Life Cycle
Recruitment
Customer Service
27. Occurs when a consumer makes full use of the decision process
Mystery Shoppers
Extended Decision Making
Leased Department
Distributed Promotion Effort
28. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Straight (Gridiron) Traffic Flow
Power Center
Retail Life Cycle
Combination Store
29. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Problem Awareness
Seasonal Merchandise
Video Kiosk
Uncontrollable Variables
30. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Ethics
Image
Data Warehousing
Unit Pricing
31. Represents the total bundle of benefits offered to consumers through a channel of distribution
Motives
Organization Chart
Value Chain
Attitudes (Opinions)
32. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Dollar Control
Data-Base Management
Stimulus
Balanced Tenancy
33. The overall plan or framework of action that guides a retailer
Consumer Loyalty (Frequent Shopper) Programs
Retail Strategy
Visual Merchandising
Quick Response (QR) Inventory Planning
34. Represents how a given retailer is perceived by consumers and others
Specialty Store
Cognitive Dissonance
Affinity
Image
35. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Application Blank
Competition-Oriented Pricing
Additional Markup
Order-Taking Salesperson
36. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Post-Purchase Behavior
Bifurcated Retailing
Incremental Budgeting
Mass Marketing
37. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Fringe Trading Area
Hierarchy of Effects
Feedback
Mazur Plan
38. 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
Demand-Oriented Pricing
Control
Operating Expenditures
Markdown
39. The difference between net sales and the total cost of goods sold
Gross Margin
Horizontal Cooperative Advertising Agreement
Value (customer)
HRM Process
40. 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
Pre-Training
Traditional Job Description
Full-Line Discount Store
Class Consciousness
41. There is more interactive relationship between a franchisor and a franchisee
Retail Strategy
Retail Information System
Reference Groups
Business Format Franchising
42. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Advertising
Incremental Method
Household Life Cycle
Consumer Decision Process
43. 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
Assets
Warehouse Store
Americans With Disabilities Act
Publicity
44. A sign that displays the store's name
Net Worth
Marquee
Inventory Management
Trading Area
45. Money left after paying taxes and buying necessities
Discretionary income
Retail Method of Accounting
Full-Line Discount Store
Food-Based Superstore
46. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Vending Machine
Book (Perpetual) Inventory System
Quick Response (QR) Inventory Planning
Opportunity Costs
47. The long-run and short-run performance targets a retailers hopes to attain
Word of Mouth (WOM)
Factory Outlet
Community Shopping Center
Objectives
48. Focuses on the sale of tangible phoducts
Goods Retailing
Diversification
Job Motivation
Dump Bin
49. Assumes new merchandise is sold first - while older stock remains in inventory
Americans With Disabilities Act
LIFO (last-in-first-out) Method
Operating Expenses
Issue (problem) Definition
50. Mandates that persons with disabilities be given appropriate access to retailing facilities
Maintenance-Increase-Recoupment Lease
Americans With Disabilities Act
Sorting Process
Rationalized Retailing