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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. The long-run and short-run performance targets a retailers hopes to attain
Concentrated Marketing
Sole Proprietorship
Objectives
Direct Store Distribution (DSD)
2. Consists of the regular products carried by a retailer
Perceived Risk
Contingency Pricing
Staple Merchandise
Retail Organization
3. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Box (Limited-Line) Store
Inventory Management
Cooperative Advertising
Ensemble Display
4. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Goods/Service Category
Basic Stock List
Primary Data
Reverse Logistics
5. A retailer sets its prices in accordance with competitors'
Competition-Oriented Pricing
Leased Department
Basic Stock List
Retail Audit
6. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Inventory Shrinkage
Storefront
Value Chain
Information Search
7. Used by retailers that promote seasonally
Objectives
Owned-Goods Services
Massed Promotion Effort
Perceived Risk
8. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Hidden Assets
Customer Satisfaction
Cross-Merchandising
Dead Areas
9. The customer group sought by a retailer
Publicity
Sales Promotion
Retail Information System
Target Marketing
10. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Cooperative Advertising
Resident Buying Office
Data Mining
Logistics
11. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Channel of Distribution
Nongoods Services
Perceived Risk
Percentage-of-Sales Method
12. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Point-of-Purchase Display
Lifestyles
Direct Product Profitability (DPP)
Width of Assortment
13. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Width of Assortment
Private (dealer) Brands
Cooperative Buying
Relationship Retailing
14. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Frequency
Training Programs
Seasonal Merchandise
Membership (Warehouse) Club
15. 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
Situation Analysis
Basic Stock List
Information Search
Electronic Data Interchange (EDI)
16. 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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17. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Marquee
Post-Purchase Behavior
Convenience Store
Infomercial
18. Zeroing in on one specific group
Retail Method of Accounting
Concentrated Marketing
Lifestyles
Limited Decision Making
19. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Price Lining
Reference Groups
Direct Marketing
Mystery Shoppers
20. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Bifurcated Retailing
Purchase Act
Infomercial
Target Marketing
21. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Traditional Job Description
Merchandising
Variable Pricing
Hidden Assets
22. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Goal-Oriented Job Description
PMs (Promotional or Push Monies)
Goods Retailing
23. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Economic Base
Infomercial
Central Business District
Niche Retailing
24. The basic format or structure of a business
Retail Institution
Operations Blueprint
Cost of Goods Sold
Horizontal Retail Audit
25. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Yield Management Pricing
Markup Pricing
Retail Information System
Direct Marketing
26. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Niche Retailing
Compensation
One-Price Policy
27. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Universal Product Code (UPC)
Concentrated Marketing
Assortment Merchandise
Employee Empowerment
28. Takes place when the consumer buys out of habit and skips steps in the purchase process
Point of Difference
Dump Bin
Direct Store Distribution (DSD)
Routine Decision Making
29. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Opportunity Costs
RFID (radio frequency identification)
Fad Merchandise
Primary Trading Area
30. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Percentage-of-Sales Method
Objectives
Maintenance-Increase-Recoupment Lease
Competition-Oriented Pricing
31. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Lifestyle Center
Tactics
Micromerchandising
32. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Opportunistic Buying
Nonstore Retailing
Compensation
Sales Promotion
33. Concentrates on selling one goods or service line - such as young women's apparel
Consumer Protection
Primary Data
Job Analysis
Specialty Store
34. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Maintained Markup
Differentiated Marketing
Retailing
Routine Decision Making
35. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Product/Trademark Franchising
Depth of Assortment
Weeks' Supply Method
Traditional Department Store
36. 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
Full-Line Discount Store
Customary Pricing
Retail Information System
Incremental Budgeting
37. A way to collect - store and use relevant information about customers
Single-Channel Retailing
Data-Base Retailing
Operating Expenditures
Flea Market
38. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Percentage Lease
Memorandum Purchase
Sorting Process
Data Warehousing
39. 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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40. A case that holds piles of sale clothing - marked down books or other products
Outshopping
Inventory Management
Dump Bin
Constrained Decision Making
41. The number of distinct people exposed to a retailers promotion efforts in a specific period
Secondary Data
Reach
Basic Stock Method
Equal Store Organization
42. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Personal Selling
Scrambled Merchandising
Cost-Oriented Pricing
Case Display
43. An inexpensive display that leaves merchandise in the original carton
Monthly Sales Index
Cut Case
Want Book (Want Slip)
Job Motivation
44. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Variety Store
Problem Awareness
Marketing Research In Retailing
Sales Promotion
45. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Direct Marketing
Selective Distribution
Customer Satisfaction
Fashion Merchandise
46. Whereby suppliers sell through as many retailers as possible
Retail Promotion
Intensive Distribution
Regression Model
Outsourcing
47. Represents the total bundle of benefits offered to consumers through a channel of distribution
Channel of Distribution
Variable Pricing
Width of Assortment
Value Chain
48. Where the same customers are served by both branches
Horizontal Price Fixing
Trading Area Overlap
Category Killer
Benchmarking
49. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
String
Case Display
Situation Analysis
Household Life Cycle
50. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Chargebacks
Application Blank
Loss Leaders
Retail Information System