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Test your basic knowledge |
Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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
Dump Bin
Simulation
Frequency
Battle of the Brands
2. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Depth of Assortment
Mazur Plan
Mass Merchandising
Everyday Low Pricing (EDLP)
3. Graphically displays its hierarchical relationships created by a retailer
Secondary Business District (SBD)
Information Search
Maintenance-Increase-Recoupment Lease
Organization Chart
4. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Sales Opportunity Grid
Consumer Protection
Vending Machine
Culture
5. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Price Lining
Internet
Routine Decision Making
Outsourcing
6. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Opportunities
Strategy Mix
Electronic Banking
Service Retailing
7. The overall plan guiding a retail firm
Uncontrollable Variables
Convenience Store
Direct Selling
Retail Strategy
8. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Hidden Assets
Net Profit After Taxes
Bifurcated Retailing
Job Motivation
9. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Leader Pricing
Data Mining
Public Relations
Chain
10. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Equal Store Organization
LIFO (last-in-first-out) Method
Cooperative Advertising
Robinson-Patman Act
11. A large - planned shopping facility appealing to a geographically dispersed market
Primary Data
Regional Shopping Center
Top-Down Space Management Approach
Retail Method of Accounting
12. Includes all the remaining customers - and they are the most widely dispersed
Liabilities
Wheel of Retailing
Fringe Trading Area
Open Credit Account
13. Whereby each department is subdivided into further categories for related types of merchandise
Percentage-of-Sales Method
Classification Merchandising
Box (Limited-Line) Store
Channel Control
14. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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15. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Retail Promotion
Affinity
Post-Purchase Behavior
Food-Based Superstore
16. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Monthly Sales Index
Top-Down Space Management Approach
Value Delivery System
Opportunistic Buying
17. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Storefront
Incremental Budgeting
Micromarketing
Demand-Oriented Pricing
18. 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
Assortment Merchandise
All-You-Can-Afford Method
Horizontal Retail Audit
Family Life Cycle
19. A case that holds piles of sale clothing - marked down books or other products
Point-of-Purchase Display
Dump Bin
Fashion Merchandise
Dead Areas
20. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Horizontal Retail Audit
Assortment Merchandise
Supply Chain
Retail Life Cycle
21. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Nongoods Services
Budgeting
Image
22. A retailer sets its prices in accordance with competitors'
Benchmarking
Customer Satisfaction
Competition-Oriented Pricing
Constrained Decision Making
23. The sum total of an individuals traits - which make that individual unique
Infomercial
Fad Merchandise
Traditional Department Store
Personality
24. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
RFID (radio frequency identification)
Partnership
Budgeting
Specialty Store
25. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Term Occupancy
Cost of Goods Sold
Control
Financial Merchandise Management
26. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Family Life Cycle
Destination Retailer
Intensive Distribution
Private (dealer) Brands
27. Objective - quantifiable - easily identifiable and measurable population data
Everyday Low Pricing (EDLP)
Sales Opportunity Grid
Demographics
Niche Retailing
28. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Downsizing
Economic Base
Private (dealer) Brands
Membership (Warehouse) Club
29. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Lifestyle Center
Value (retailer)
Electronic Point of Sale System
Staple Merchandise
30. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Combination Store
Service Retailing
Controllable Variables
Public Relations
31. Determines the floor space necessary to carry and display a proper merchandise assortment
Direct Store Distribution (DSD)
Model Stock Approach
Item Price Removal
Monthly Sales Index
32. Whereby franchisors limit franchisee involvement in the strategic planning process
Single-Channel Retailing
Constrained Decision Making
Retail Organization
Horizontal Retail Audit
33. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Multiple-Unit Pricing
Single-Channel Retailing
Net Worth
Basic Stock List
34. Consists of the regular products carried by a retailer
Staple Merchandise
Manufacturer (national) Brands
Public Relations
Gravity Model
35. Actively involved with informing and persuading customers in closing sales
Variable Pricing
Order-Getting Salesperson
Multi-Channel Retailing
Stock Turnover
36. A listing of bipolar adjectives scales
Need-Satisfaction Approach
Model Stock Approach
Semantic Differential
Product/Trademark Franchising
37. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Retail Method of Accounting
Fad Merchandise
Exclusive Distribution
Retail Audit
38. 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
Book (Perpetual) Inventory System
Secondary Business District (SBD)
Battle of the Brands
Opportunities
39. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Need-Satisfaction Approach
Scrambled Merchandising
Odd Pricing
Trading Area
40. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Owned-Goods Services
Target Marketing
Automatic Reordering System
Order-Getting Salesperson
41. Any item a retailer owns with monetary value
Assets
Point of Difference
Publicity
RFID (radio frequency identification)
42. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Multiple-Unit Pricing
Limited Decision Making
Mass Marketing
Bait-and-Switch Advertising
43. The aspects of business that a firm can directly affect
Objective-and-Task Method
Width of Assortment
Operations Management
Controllable Variables
44. The line of business in which a retailer operates
Loss Leaders
Data Warehousing
Goods/Service Category
Community Shopping Center
45. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
LIFO (last-in-first-out) Method
Want Book (Want Slip)
Need-Satisfaction Approach
Secondary Trading Area
46. Where a consumer must pay the bill in full when it is due
Market Segment Product Groupings
Open Credit Account
Unit Control
Multiple-Unit Pricing
47. The cost of running a retail business
Consumer Decision Process
Channel Control
Multiple-Unit Pricing
Operating Expenses
48. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Gap Analysis
Public Relations
Consumer Loyalty (Frequent Shopper) Programs
Application Blank
49. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Product/Trademark Franchising
World Wide Web
Destination Retailer
50. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Vendor-Managed Inventory (VMI)
Reorder Point
Sorting Process
Fringe Trading Area
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