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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. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Price Elasticity of Demand
Reilly's Law of Retailing Gravitation
Wheel of Retailing
Regression Model
2. Used by retailers that promote throughout the year
Stock Turnover
Distributed Promotion Effort
Job Analysis
Consumer Loyalty (Frequent Shopper) Programs
3. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Maintenance-Increase-Recoupment Lease
Classification Merchandising
Organizational Mission
Control
4. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Sales-Productivity Ratio
Recruitment
Dead Areas
Reorder Point
5. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Concentrated Marketing
Marquee
Vendor-Managed Inventory (VMI)
6. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Horizontal Price Fixing
Trading Area Overlap
Impulse Purchases
Price Lining
7. Merchandise that generates high sales over a short time
Merchandise Available for Sale
Fad Merchandise
One-Price Policy
Competition-Oriented Pricing
8. A retailers best customers
Core Customers
World Wide Web
Seasonal Merchandise
Floor-Ready Merchandise
9. Competition between manufacturers and retailers for shelf space and profits
Flea Market
Diversified Retailer
World Wide Web
Battle of the Brands
10. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Horizontal Cooperative Advertising Agreement
Experiential Merchandising
Percentage Variation Method
Ethics
11. Assumes new merchandise is sold first - while older stock remains in inventory
Diversified Retailer
LIFO (last-in-first-out) Method
Value Delivery System
Value (customer)
12. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Value Delivery System
Survey
RFID (radio frequency identification)
Training Programs
13. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Order-Taking Salesperson
Box (Limited-Line) Store
Conventional Supermarket
Publicity
14. Represents the total bundle of benefits offered to consumers through a channel of distribution
Channel of Distribution
Diversified Retailer
All-You-Can-Afford Method
Value Chain
15. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Cut Case
Trading Area
Seasonal Merchandise
16. 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
Analog Model
Expected Customer Service
Job Analysis
Economic Base
17. 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
Opportunistic Buying
Inventory Management
Horizontal Price Fixing
Leader Pricing
18. Out-of-hometown shopping - is important for both local and surrounding retailers
Multi-Channel Retailing
Cost of Goods Sold
Outshopping
Traditional Job Description
19. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Fringe Trading Area
Incremental Budgeting
Merchandising
Nongoods Services
20. Embodied by a series of activities and processes that provides a certain value for the consumer
RFID (radio frequency identification)
Dead Areas
Value (retailer)
Neighborhood Shopping Center
21. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Sales Opportunity Grid
Experiential Merchandising
Depth of Assortment
Exclusive Distribution
22. Exhibits heavier - bulkier items than a rack holds
Customer Loyalty
Threats
Case Display
Specialog
23. 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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24. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
HRM Process
Marquee
Electronic Article Surveillance
Leased Department
25. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Central Business District
FIFO (first-in-first-out) Method
Forecasts
Business Format Franchising
26. A cash or card operated retailing format that dispenses goods and services
Vending Machine
Gross Margin
Supermarket
Functional Product Groupings
27. A retail firm owned by its customer members
Retail Audit
Consumer Cooperative
Price-Quality Association
Social Responsibility
28. The basic format or structure of a business
Problem Awareness
Retail Institution
Motives
Zero-Based Budgeting
29. Refers to the variety in any one good/service (product line) a retailer carries
Planogram
Neighborhood Business District
Retail Balance
Depth of Assortment
30. Represents how a given retailer is perceived by consumers and others
Membership (Warehouse) Club
Initial Markup
Image
Sole Proprietorship
31. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Depth of Assortment
Training Programs
World Wide Web
Net Worth
32. Whereby goods owned by consumers are repaired - improved - or maintained
Gap Analysis
Percentage Lease
Open Credit Account
Owned-Goods Services
33. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Private (dealer) Brands
Direct Store Distribution (DSD)
Nonstore Retailing
Competition-Oriented Pricing
34. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Supply Chain
Taxes
Differentiated Marketing
Supervision
35. Appeals to price-conscious consumers - who must be members to shop there
Manufacturer (national) Brands
Positioning
Membership (Warehouse) Club
Central Business District
36. Selling goods and services to a broad spectrum of consumers
Mass Marketing
String
Mass Merchandising
Exclusive Distribution
37. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Everyday Low Pricing (EDLP)
Solution Selling
Family Life Cycle
Partnership
38. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Incremental Method
Chargebacks
Owned-Goods Services
RFID (radio frequency identification)
39. Involve the combination of separately owned retail firms
Human Resource Management
Primary Trading Area
Mergers
Image
40. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Convenience Store
Hierarchy of Effects
Sales Manager
Lifestyles
41. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Manufacturer (national) Brands
Percentage Lease
Membership (Warehouse) Club
Direct Selling
42. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Option Credit Account
Retailing Concept
Value Delivery System
Unit Control
43. The form of research in which present behavior or the results of past behavior are noted and recorded
Observation
Atmosphere (atmospherics)
Point-of-Purchase Display
Market Segment Product Groupings
44. Sets the guiding principles for all the merchandise decisions a retailers makes
Tactics
Merchandising Philosophy
Outshopping
Net Lease
45. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Liabilities
Diversification
Personal Selling
Opportunities
46. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Flea Market
Opportunistic Buying
Value Delivery System
Traditional Department Store
47. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Opportunity Costs
Width of Assortment
Neighborhood Business District
Control
48. Projections of expected retail sales for given periods
Forecasts
Computerized Checkout
Purchase Act
Yield Management Pricing
49. A way to collect - store and use relevant information about customers
Neighborhood Business District
Data-Base Retailing
Personal Selling
Marketing Research In Retailing
50. A retailer purposely adjusts markups by merchandise category
Family Life Cycle
Bait-and-Switch Advertising
Operating Expenditures
Variable Markup Policy