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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. An inexpensive display that leaves merchandise in the original carton
Case Display
Horizontal Price Fixing
Cut Case
Retail Strategy
2. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Secondary Trading Area
Product/Trademark Franchising
Operations Blueprint
Differentiated Marketing
3. A listing of bipolar adjectives scales
Reverse Logistics
Mass Merchandising
Semantic Differential
Affinity
4. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Multiple-Unit Pricing
Frequency
Floor-Ready Merchandise
Robinson-Patman Act
5. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Experiment
Channel of Distribution
Graduated Lease
Retail Method of Accounting
6. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Single-Channel Retailing
Loss Leaders
Survey
Regional Shopping Center
7. A retailers commitment to a type of business and to a distinctive role in the marketplace
Ease of Entry
Storefront
Organizational Mission
Personal Selling
8. Involves an informal ranking of people based on income - occupation - education and other factors
Social Class
Incremental Budgeting
Balanced Tenancy
Point of Difference
9. The service level that customers want to receive from any retailer - such as basic employee courtesy
Reilly's Law of Retailing Gravitation
Business Format Franchising
Competitive Parity Method
Expected Customer Service
10. Involves oral communication with one or more prospective customers for the purpose of making a sale
Scrambled Merchandising
Outshopping
Specialty Store
Personal Selling
11. The profit earned after all costs and taxes have been deducted
Electronic Banking
Universal Product Code (UPC)
Cut Case
Net Profit After Taxes
12. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Off-Price Chain
Neighborhood Shopping Center
Markup Pricing
Revolving Credit Account
13. 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
Sorting Process
Probability (Random) Sample
Staple Merchandise
Reference Groups
14. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Advertising
Central Business District
Direct Selling
Category Killer
15. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Merchandising Philosophy
Competition-Oriented Pricing
Lifestyle Center
Hierarchy of Effects
16. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Feedback
Ethics
Vertical Retail Audit
Hierarchy of Authority
17. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Power Center
Percentage Variation Method
Direct Selling
Taxes
18. Beginning inventory - purchases - and transportation charges equal the cost of this
Mass Merchandising
Loss Leaders
Merchandise Available for Sale
Straight (Gridiron) Traffic Flow
19. Zeroing in on one specific group
Data Warehousing
Width of Assortment
Retail Strategy
Concentrated Marketing
20. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Semantic Differential
Quick Response (QR) Inventory Planning
Hierarchy of Authority
21. Whereby suppliers sell through as many retailers as possible
Mazur Plan
Expected Customer Service
Intensive Distribution
Sales Manager
22. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Recruitment
Dump Bin
Secondary Trading Area
Fashion Merchandise
23. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Basic Stock Method
Weeks' Supply Method
Customary Pricing
Everyday Low Pricing (EDLP)
24. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Extended Decision Making
Social Responsibility
Vertical Cooperative Advertising Agreement
Monthly Sales Index
25. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Evaluation of Alternatives
Financial Merchandise Management
Variable Pricing
Stimulus
26. Doubt that the correct decision has been made
Cognitive Dissonance
Independent
Extended Decision Making
Open-to-Buy
27. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Huff's Law of Shopper Attraction
Operations Management
Secondary Data
Direct Selling
28. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Operations Blueprint
Customer Satisfaction
Stimulus
29. Available from sources outside the firm
Classification Merchandising
Canned Sales Presentation
Everyday Low Pricing (EDLP)
External Secondary Data
30. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Video Kiosk
Category Killer
Top-Down Space Management Approach
Battle of the Brands
31. The difference between net sales and the total cost of goods sold
Quick Response (QR) Inventory Planning
Gross Margin
Value Delivery System
Retail Information System
32. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Nonstore Retailing
Maintained Markup
Physical Inventory System
Specialog
33. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Inventory Shrinkage
Odd Pricing
Supercenter
Distributed Promotion Effort
34. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Marquee
Inventory Shrinkage
Social Class
Conventional Supermarket
35. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Visual Merchandising
Semantic Differential
Hierarchy of Authority
Outsourcing
36. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Rack Display
Ease of Entry
Reverse Logistics
37. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Mass Marketing
Percentage Lease
Vending Machine
Electronic Banking
38. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Threats
Bottom-Up Space Management Approach
Cooperative Advertising
Leased Department
39. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Marketing Research In Retailing
Retail Promotion
Retail Method of Accounting
Gravity Model
40. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Positioning
Straight (Gridiron) Traffic Flow
Routine Decision Making
Reference Groups
41. A sign that displays the store's name
Marquee
Competitive Parity Method
Vendor-Managed Inventory (VMI)
Marketing Research In Retailing
42. Short-term selling and administrative costs in running a business
Operating Expenditures
Forecasts
Productivity
Assortment
43. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Word of Mouth (WOM)
Model Stock Approach
Merchandising
44. The aspects of business to which a retailers must adapt
Consumer Decision Process
Financial Merchandise Management
Demand-Oriented Pricing
Uncontrollable Variables
45. Based on the original retail value assigned to merchandise less the costs of the merchandise
Cross-Merchandising
Secondary Trading Area
Semantic Differential
Initial Markup
46. The cost of running a retail business
Operating Expenses
Basic Stock List
Cognitive Dissonance
Constrained Decision Making
47. Concentrates on selling one goods or service line - such as young women's apparel
Sorting Process
Need-Satisfaction Approach
Specialty Store
Seasonal Merchandise
48. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Video Kiosk
Gross Margin
Supermarket
Horizontal Price Fixing
49. A large - planned shopping facility appealing to a geographically dispersed market
PMs (Promotional or Push Monies)
Regional Shopping Center
Order-Taking Salesperson
Geographical Information System
50. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Chain
Constrained Decision Making
Horizontal Cooperative Advertising Agreement