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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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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. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Merchandising
Storability Product Groupings
Marquee
Household Life Cycle
2. Relates to the quantites of merchandise a retailer handles during a stated period
One-Price Policy
Internal Secondary Data
One-Hundred Percent Location
Unit Control
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
Benchmarking
Maintenance-Increase-Recoupment Lease
Secondary Business District (SBD)
Trading Area
4. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Downsizing
Theme-Setting Display
Marketing Research In Retailing
5. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Incremental Method
Impulse Purchases
Direct Store Distribution (DSD)
Depth of Assortment
6. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Markup Pricing
Variable Markup Policy
Nonstore Retailing
Mergers
7. A way to collect - store and use relevant information about customers
Data-Base Retailing
Battle of the Brands
Positioning
Minimum-Price Laws
8. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Rented-Goods Services
Information Search
Organizational Mission
Assortment Display
9. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Scenario Analysis
Open-to-Buy
Experiential Merchandising
Economic Base
10. Competition between manufacturers and retailers for shelf space and profits
Battle of the Brands
Bottom-Up Space Management Approach
Contingency Pricing
Inventory Management
11. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Percentage-of-Sales Method
Wheel of Retailing
Data Warehousing
Goods Retailing
12. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Cooperative Buying
Survey
Vendor-Managed Inventory (VMI)
Width of Assortment
13. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Box (Limited-Line) Store
Publicity
Retail Method of Accounting
Nonstore Retailing
14. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Cost-Oriented Pricing
Reorder Point
Customer Satisfaction
Organization Chart
15. 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
Inventory Management
Supply Chain
Benchmarking
Cross-Merchandising
16. Based on the original retail value assigned to merchandise less the costs of the merchandise
Value Delivery System
Initial Markup
Weeks' Supply Method
Multi-Channel Retailing
17. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Food-Based Superstore
Open-to-Buy
Department Store
18. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Customer Service
Horizontal Retail Audit
Operations Management
Regression Model
19. An unincorporated retail firm owned by one person
Sole Proprietorship
Household Life Cycle
Rented-Goods Services
Exclusive Distribution
20. A multi-line firm operating under central ownership
Diversified Retailer
Zero-Based Budgeting
Consumer Behavior
Customer Satisfaction
21. Displays merchandise by common end use
Functional Product Groupings
Compensation
Attitudes (Opinions)
Internal Secondary Data
22. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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23. Whereby each department is subdivided into further categories for related types of merchandise
Tactics
Sole Proprietorship
Multi-Channel Retailing
Classification Merchandising
24. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Merchandising Philosophy
Full-Line Discount Store
Retailing
25. A sign that displays the store's name
Marquee
Multi-Channel Retailing
Diversified Retailer
Robinson-Patman Act
26. An unincorporated retail firm owned by two or more persons - each with a financial interest
Partnership
Data Warehousing
Data-Base Retailing
Secondary Business District (SBD)
27. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Productivity
Analog Model
Option Credit Account
28. A type of retail institution in which a retailers owns one retail unit
Cross-Merchandising
Goods/Service Category
Hierarchy of Effects
Independent
29. Whereby a retailers sells to consumers through multiple retail formats
Multi-Channel Retailing
Electronic Data Interchange (EDI)
Huff's Law of Shopper Attraction
Product Life Cycle
30. An inexpensive display that leaves merchandise in the original carton
Financial Merchandise Management
Functional Product Groupings
Lifestyles
Cut Case
31. The mix of stores within a district or shopping center
Sales Opportunity Grid
Retail Balance
Consignment Purchase
Percentage Variation Method
32. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Uncontrollable Variables
Sales Promotion
Routine Decision Making
Stock Turnover
33. The profit earned after all costs and taxes have been deducted
Vertical Cooperative Advertising Agreement
Vending Machine
Merchandising
Net Profit After Taxes
34. Sets the guiding principles for all the merchandise decisions a retailers makes
Ethics
Merchandising Philosophy
Evaluation of Alternatives
Differentiated Marketing
35. Available from sources outside the firm
Net Worth
Memorandum Purchase
External Secondary Data
Video Kiosk
36. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Micromerchandising
Direct Store Distribution (DSD)
Secondary Trading Area
Off-Price Chain
37. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Micromerchandising
Perceived Risk
Membership (Warehouse) Club
Gap Analysis
38. Used by retailers that promote seasonally
Human Resource Management
Massed Promotion Effort
Operations Management
Recruitment
39. 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
World Wide Web
Analog Model
Channel Control
Markup Pricing
40. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Forecasts
Price Elasticity of Demand
Performance Measures
Retail Information System
41. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Strategy Mix
HRM Process
Job Analysis
Job Motivation
42. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Economic Base
Experiment
Service Retailing
Retail Strategy
43. The extent to which a person desires and pursues social status
Class Consciousness
Concentrated Marketing
Mass Merchandising
Private (dealer) Brands
44. 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
Retail Balance
Floor-Ready Merchandise
Horizontal Retail Audit
Market Segment Product Groupings
45. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Productivity
Organization Chart
Value (retailer)
Electronic Article Surveillance
46. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Electronic Article Surveillance
Stimulus
Prototype Stores
Goods Retailing
47. A merchandising technique that some firms use to improve productivity
Semantic Differential
Ease of Entry
Category Management
Consumer Behavior
48. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Opportunities
Business Format Franchising
Basic Stock Method
Cross-Shopping
49. Typically supervises the on-floor selling and operational activities for a specific retail department
Infomercial
Debit Card System
Sales Manager
Markup Pricing
50. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Quick Response (QR) Inventory Planning
Atmosphere (atmospherics)
Social Class
Secondary Data
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