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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. Involve the combination of separately owned retail firms
Feedback
Additional Markup
Data Warehousing
Mergers
2. Focuses on the sale of tangible phoducts
Outsourcing
Visual Merchandising
Goods Retailing
Product/Trademark Franchising
3. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Opportunity Costs
Compensation
Cooperative Buying
Budgeting
4. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Regional Shopping Center
Merchandise Available for Sale
Pre-Training
Central Business District
5. 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
Compensation
Economic Base
Book (Perpetual) Inventory System
Mergers
6. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Ethics
Item Price Removal
Objective-and-Task Method
Customer Service
7. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
One-Price Policy
Wheel of Retailing
Differentiated Marketing
Mass Marketing
8. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Equal Store Organization
Channel of Distribution
Supercenter
Point of Difference
9. A retailer sets its prices in accordance with competitors'
Competition-Oriented Pricing
Secondary Business District (SBD)
Frequency
Expected Customer Service
10. Occurs when a consumer makes full use of the decision process
Extended Decision Making
Nonstore Retailing
Loss Leaders
Incremental Budgeting
11. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Generic Brands
RFID (radio frequency identification)
Scrambled Merchandising
Full-Line Discount Store
12. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Vertical Marketing System
Vertical Retail Audit
Nonstore Retailing
Value Delivery System
13. A retailers carries complementary goods and services to encourage shoppers to buy more
Balanced Tenancy
Fad Merchandise
Visual Merchandising
Cross-Merchandising
14. Two or more retailers share an ad
Employee Empowerment
Horizontal Cooperative Advertising Agreement
Objective-and-Task Method
Vertical Marketing System
15. 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
Mazur Plan
Competitive Parity Method
Option Credit Account
Horizontal Price Fixing
16. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Conventional Supermarket
LIFO (last-in-first-out) Method
Monthly Sales Index
Customer Satisfaction
17. A listing of bipolar adjectives scales
Semantic Differential
Affinity
Business Format Franchising
Merchandise Available for Sale
18. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
LIFO (last-in-first-out) Method
Diversified Retailer
Purchase Motivation Product Groupings
Financial Merchandise Management
19. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Unit Control
Retail Strategy
Case Display
20. Zeroing in on one specific group
Concentrated Marketing
Market Segment Product Groupings
Cooperative Buying
Classification Merchandising
21. The reasons for a consumers behavior
World Wide Web
Retailing Concept
Consumer Protection
Motives
22. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Controllable Variables
Infomercial
Ensemble Display
Markup Pricing
23. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Markdown
Hidden Assets
Top-Down Space Management Approach
Video Kiosk
24. Every store - product - or customer has an equal or known chance of being chosen for a study
Flea Market
Regression Model
Monthly Sales Index
Probability (Random) Sample
25. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Downsizing
Channel Control
Consumer Loyalty (Frequent Shopper) Programs
Functional Product Groupings
26. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Loss Leaders
Demand-Oriented Pricing
Ease of Entry
Goods/Service Category
27. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Universal Product Code (UPC)
Family Life Cycle
Customer Satisfaction
Central Business District
28. Increases an item's original price because demand is unexpectedly high or costs are rising
Data-Base Retailing
Additional Markup
Price Lining
Horizontal Retail Audit
29. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Traditional Department Store
Reorder Point
Channel of Distribution
Stock Turnover
30. When a retailer looks at data that are collected to address the specific issue or problem under study
Private (dealer) Brands
Primary Data
Competition-Oriented Pricing
Hierarchy of Effects
31. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Consumer Behavior
Additional Markup
Retail Method of Accounting
32. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Cooperative Advertising
Quick Response (QR) Inventory Planning
Service Retailing
Geographical Information System
33. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Evaluation of Alternatives
Computerized Checkout
Consignment Purchase
Percentage Lease
34. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
World Wide Web
Scrambled Merchandising
Convenience Store
Reverse Logistics
35. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Liabilities
Need-Satisfaction Approach
Marketing Research In Retailing
Inventory Shrinkage
36. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Variable Markup Policy
Culture
Combination Store
Recruitment
37. 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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38. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Food-Based Superstore
Multiple-Unit Pricing
Video Kiosk
Balanced Tenancy
39. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Benchmarking
Vending Machine
Revolving Credit Account
Traditional Job Description
40. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Automatic Reordering System
Personal Selling
Niche Retailing
Competition-Oriented Pricing
41. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Social Responsibility
Data-Base Management
Augmented Customer Service
Perceived Risk
42. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Post-Purchase Behavior
Nonstore Retailing
Debit Card System
Assortment Merchandise
43. Typically supervises the on-floor selling and operational activities for a specific retail department
Order-Getting Salesperson
Assortment
Probability (Random) Sample
Sales Manager
44. 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
Resident Buying Office
Simulation
Image
Opportunity Costs
45. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Zero-Based Budgeting
Benchmarking
World Wide Web
Culture
46. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Model Stock Approach
Ease of Entry
Incremental Method
Off-Price Chain
47. Financial obligations a retailer incurs in operating a business
Liabilities
Cost of Method Accounting
Classification Merchandising
Goods/Service Category
48. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Information Search
Food-Based Superstore
Order-Taking Salesperson
Affinity
49. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Storefront
Household Life Cycle
Single-Channel Retailing
Classification Merchandising
50. The extent to which a person desires and pursues social status
Equal Store Organization
Gravity Model
Frequency
Class Consciousness