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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 mix of stores within a district or shopping center
Product Life Cycle
Demographics
One-Price Policy
Retail Balance
2. Any item a retailer owns with monetary value
Assets
Retail Method of Accounting
Advertising
Order-Taking Salesperson
3. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Sales Manager
Value (customer)
Objective-and-Task Method
Manufacturer (national) Brands
4. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Food-Based Superstore
Consumer Decision Process
RFID (radio frequency identification)
5. An unincorporated retail firm owned by two or more persons - each with a financial interest
Feedback
Financial Merchandise Management
Partnership
Robinson-Patman Act
6. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Employee Empowerment
Video Kiosk
Maintained Markup
Central Business District
7. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Private (dealer) Brands
Bottom-Up Space Management Approach
Primary Data
Competitive Parity Method
8. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Scenario Analysis
One-Hundred Percent Location
Relationship Retailing
9. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Scrambled Merchandising
Private (dealer) Brands
Taxes
Top-Down Space Management Approach
10. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Warehouse Store
Multiple-Unit Pricing
Term Occupancy
11. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Consumer Loyalty (Frequent Shopper) Programs
Diversification
Secondary Business District (SBD)
Bait-and-Switch Advertising
12. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Efficient Consumer Response (ECR)
Minimum-Price Laws
Extended Decision Making
Logistics
13. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Objective-and-Task Method
Retailing Concept
Threats
Balanced Tenancy
14. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Regional Shopping Center
Retail Method of Accounting
Simulation
Cut Case
15. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Publicity
Book (Perpetual) Inventory System
Internet
Competition-Oriented Pricing
16. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Vending Machine
Unit Control
Sorting Process
Food-Based Superstore
17. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Reference Groups
Regression Model
Traditional Department Store
Mass Merchandising
18. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Problem Awareness
Operating Expenses
Fashion Merchandise
Secondary Data
19. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Franchising
Automatic Reordering System
Public Relations
Limited Decision Making
20. When manufacturers and wholesales seek to control the retail prices of their goods and services
Single-Channel Retailing
Vertical Price Fixing
Factory Outlet
Wheel of Retailing
21. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Automatic Reordering System
Point-of-Purchase Display
Public Relations
22. The efficiency with which a retail strategy is carried out
Secondary Data
Slotting Allowances
Productivity
Employee Empowerment
23. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Retail Strategy
Dollar Control
String
Budgeting
24. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Book (Perpetual) Inventory System
Monthly Sales Index
Constrained Decision Making
Horizontal Retail Audit
25. Many retail vendors sell a range of products at discount prices in plain surroundings
Flea Market
Training Programs
Uncontrollable Variables
Reorder Point
26. Describes how traditional family moves from bachelorhood to children to solitary retirement
Electronic Point of Sale System
Retail Life Cycle
Family Life Cycle
Ethics
27. The manner of providing a job environment that encourages employee accomplishment
Predatory Pricing
Supervision
Central Business District
Cost of Goods Sold
28. When retailers count on suppliers to participate in their inventory management programs
Stimulus
Vendor-Managed Inventory (VMI)
Point-of-Purchase Display
Quick Response (QR) Inventory Planning
29. When a retailer looks at data that are collected to address the specific issue or problem under study
Sole Proprietorship
Assortment Merchandise
Secondary Data
Primary Data
30. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Vending Machine
Vertical Cooperative Advertising Agreement
Probability (Random) Sample
31. Projections of expected retail sales for given periods
Forecasts
Lifestyles
Mazur Plan
Concentrated Marketing
32. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Horizontal Cooperative Advertising Agreement
Primary Trading Area
Customer Satisfaction
Economic Base
33. The merchandise categories for which data are gathered
Control Units
Nongoods Services
Micromerchandising
Retail Life Cycle
34. Shows the expected behavior of a good or service over its life
Product Life Cycle
Nongoods Services
One-Price Policy
Purchase Act
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
Mystery Shoppers
Balanced Tenancy
Regression Model
Product/Trademark Franchising
36. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Word of Mouth (WOM)
Conventional Supermarket
Experiment
Data Mining
37. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Assets
Value (retailer)
Unit Pricing
Bifurcated Retailing
38. The activity whereby a retailer generates a list of job applicants
Exclusive Distribution
Motives
Recruitment
Basic Stock Method
39. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Hierarchy of Authority
Vertical Cooperative Advertising Agreement
Expected Customer Service
Community Shopping Center
40. The overall plan guiding a retail firm
Purchase Motivation Product Groupings
Retail Strategy
Net Worth
Value Chain
41. 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
Want Book (Want Slip)
Ethics
Merchandise Available for Sale
Horizontal Retail Audit
42. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Purchase Motivation Product Groupings
Fringe Trading Area
Constrained Decision Making
Service Retailing
43. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Survey
Box (Limited-Line) Store
Additional Markup
Sole Proprietorship
44. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Variety Store
Vertical Cooperative Advertising Agreement
Percentage Lease
Financial Merchandise Management
45. The form of research in which present behavior or the results of past behavior are noted and recorded
Vertical Retail Audit
Information Search
Observation
Competitive Parity Method
46. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Direct Marketing
Percentage-of-Sales Method
Customer Loyalty
Net Sales
47. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Product/Trademark Franchising
Reilly's Law of Retailing Gravitation
Equal Store Organization
Taxes
48. Determines the floor space necessary to carry and display a proper merchandise assortment
Merchandise Available for Sale
Model Stock Approach
Fashion Merchandise
Equal Store Organization
49. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Diversified Retailer
Full-Line Discount Store
Cut Case
Maintained Markup
50. 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
Retail Audit
Value Delivery System
Compensation
Niche Retailing