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Test your basic knowledge |
Retail Management
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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. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Scenario Analysis
Service Retailing
Direct Selling
Visual Merchandising
2. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Cost of Goods Sold
Diversified Retailer
Predatory Pricing
Combination Store
3. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Consumer Protection
Manufacturer (national) Brands
Off-Price Chain
Electronic Data Interchange (EDI)
4. Payments that retailers require of vendors for providing shelf space
Zero-Based Budgeting
Slotting Allowances
Inventory Management
Intensive Distribution
5. Suppliers sell through a moderate number of retailers
Household Life Cycle
Secondary Business District (SBD)
Internal Secondary Data
Selective Distribution
6. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Price Elasticity of Demand
Rack Display
Infomercial
Central Business District
7. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Option Credit Account
Robinson-Patman Act
One-Hundred Percent Location
Flexible Pricing
8. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Sales Opportunity Grid
Markup Pricing
Objectives
Maintenance-Increase-Recoupment Lease
9. An unincorporated retail firm owned by one person
Rented-Goods Services
Box (Limited-Line) Store
Sole Proprietorship
Need-Satisfaction Approach
10. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Staple Merchandise
Value Chain
Video Kiosk
Planogram
11. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Net Profit After Taxes
Variable Pricing
Outshopping
Food-Based Superstore
12. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Liabilities
Sales Opportunity Grid
Customer Service
Universal Product Code (UPC)
13. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Culture
Advertising
Niche Retailing
Resident Buying Office
14. Systematically lists all operating functions to be performed - their characteristics - and their timing
Operations Blueprint
Selective Distribution
Data Mining
Perceived Risk
15. The profit earned after all costs and taxes have been deducted
Equal Store Organization
Net Profit After Taxes
Operations Blueprint
Corporation
16. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Stimulus
Cooperative Advertising
Bifurcated Retailing
Model Stock Approach
17. Occurs when a consumer makes full use of the decision process
Outsourcing
Word of Mouth (WOM)
Extended Decision Making
Infomercial
18. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Business Format Franchising
Opportunity Costs
Leader Pricing
Flea Market
19. A retailer sets its prices in accordance with competitors'
Community Shopping Center
Competition-Oriented Pricing
Point-of-Purchase Display
Image
20. When retailers count on suppliers to participate in their inventory management programs
Battle of the Brands
Regional Shopping Center
Control
Vendor-Managed Inventory (VMI)
21. 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
Corporation
Analog Model
Data Mining
Job Motivation
22. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Direct Marketing
Retail Organization
Food-Based Superstore
Variable Pricing
23. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Weighted Application Blank
Direct Store Distribution (DSD)
Goods/Service Category
Cost of Goods Sold
24. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Demographics
Fashion Merchandise
Combination Store
Manufacturer (national) Brands
25. The aspects of business that a firm can directly affect
Service Retailing
Controllable Variables
Gross Profit (margin)
Goods Retailing
26. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Liabilities
Downsizing
Consumer Decision Process
Financial Merchandise Management
27. The service level that customers want to receive from any retailer - such as basic employee courtesy
Efficient Consumer Response (ECR)
Expected Customer Service
Retail Life Cycle
Independent
28. Mandates that persons with disabilities be given appropriate access to retailing facilities
Cooperative Buying
Americans With Disabilities Act
Bottom-Up Space Management Approach
Horizontal Price Fixing
29. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Control Units
Opportunistic Buying
Evaluation of Alternatives
Electronic Article Surveillance
30. 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
Maintained Markup
Franchising
Positioning
Compensation
31. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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32. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Nongoods Services
Franchising
Merchandising
Bifurcated Retailing
33. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Impulse Purchases
Culture
Cognitive Dissonance
34. The reasons for a consumers behavior
HRM Process
Benchmarking
Motives
Routine Decision Making
35. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Specialty Store
Warehouse Store
Non-probability Sample
Image
36. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Retail Strategy
Cooperative Buying
Memorandum Purchase
Regression Model
37. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Evaluation of Alternatives
Stimulus
Inventory Management
Consignment Purchase
38. 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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39. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Market Segment Product Groupings
Ethics
Weighted Application Blank
Electronic Data Interchange (EDI)
40. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Publicity
Purchase Motivation Product Groupings
Scrambled Merchandising
Retail Method of Accounting
41. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Electronic Point of Sale System
Job Analysis
Nongoods Services
Reach
42. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Retail Information System
Secondary Business District (SBD)
Internet
Solution Selling
43. Outlines a retailer's planned expenditures for a given time based on expected performance
Everyday Low Pricing (EDLP)
One-Hundred Percent Location
Budgeting
Dump Bin
44. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Organizational Mission
Merchandise Available for Sale
Differentiated Marketing
Prestige Pricing
45. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Reilly's Law of Retailing Gravitation
Fad Merchandise
Incremental Method
46. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Evaluation of Alternatives
Value Chain
Retailing
Incremental Method
47. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Word of Mouth (WOM)
Operations Management
Prototype Stores
Direct Product Profitability (DPP)
48. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Primary Data
Ethics
Convenience Store
Hierarchy of Effects
49. 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
Horizontal Retail Audit
Reilly's Law of Retailing Gravitation
Cross-Shopping
50. Increases an item's original price because demand is unexpectedly high or costs are rising
Percentage Lease
Computerized Checkout
Additional Markup
Loss Leaders
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