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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. The portion of revenues turned over to the federal - state and/or local government
Supermarket
Wheel of Retailing
Solution Selling
Taxes
2. A retailers carries complementary goods and services to encourage shoppers to buy more
Fashion Merchandise
Motives
Term Occupancy
Cross-Merchandising
3. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Rack Display
Prototype Stores
Memorandum Purchase
Limited Decision Making
4. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Relationship Retailing
Price-Quality Association
Ensemble Display
5. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Reorder Point
Percentage-of-Sales Method
Maintenance-Increase-Recoupment Lease
Operations Blueprint
6. The basic format or structure of a business
Distributed Promotion Effort
Perceived Risk
Retail Institution
String
7. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Automatic Reordering System
Private (dealer) Brands
Direct Marketing
Constrained Decision Making
8. A food-based discounter offering a moderate number of food items in a no-frills setting
Horizontal Retail Audit
Post-Purchase Behavior
Trading Area
Warehouse Store
9. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
RFID (radio frequency identification)
Vertical Retail Audit
Variable Markup Policy
Order-Taking Salesperson
10. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Additional Markup
Incremental Budgeting
Dead Areas
Traditional Job Description
11. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Feedback
Prestige Pricing
Cross-Merchandising
Limited Decision Making
12. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Planogram
Cognitive Dissonance
Retail Strategy
13. Money left after paying taxes and buying necessities
Curing (Free-Flowing) Traffic Flow
Width of Assortment
Discretionary income
Scrambled Merchandising
14. 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
Independent
Sorting Process
Objectives
Price Lining
15. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Retail Information System
Cross-Shopping
Objectives
Merchandising Philosophy
16. Payments that retailers require of vendors for providing shelf space
Owned-Goods Services
Option Credit Account
Vertical Retail Audit
Slotting Allowances
17. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Data Warehousing
Human Resource Management
Target Marketing
Customer Service
18. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Cost-Oriented Pricing
Stock-to-Sales Method
Nonstore Retailing
Affinity
19. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Primary Data
Single-Channel Retailing
Vertical Cooperative Advertising Agreement
Box (Limited-Line) Store
20. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Incremental Budgeting
Secondary Trading Area
Product/Trademark Franchising
Situation Analysis
21. Available from sources outside the firm
Battle of the Brands
Trading Area Overlap
External Secondary Data
Retail Promotion
22. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Control Units
Mazur Plan
Employee Empowerment
23. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Issue (problem) Definition
Operating Expenses
Secondary Data
Order-Taking Salesperson
24. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Canned Sales Presentation
Customer Satisfaction
Order-Taking Salesperson
Multiple-Unit Pricing
25. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Employee Empowerment
Additional Markup
Stock-to-Sales Method
Incremental Method
26. A sign that displays the store's name
Consumer Decision Process
Marquee
Franchising
Box (Limited-Line) Store
27. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Maintained Markup
String
Supercenter
Electronic Data Interchange (EDI)
28. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Primary Trading Area
Net Sales
Strategy Mix
Factory Outlet
29. Based on the original retail value assigned to merchandise less the costs of the merchandise
Advertising
Direct Marketing
Want Book (Want Slip)
Initial Markup
30. Marketplace opening that exist because other retailers have not yet capitalized on them
Video Kiosk
Percentage Lease
Specialog
Opportunities
31. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Customer Loyalty
Competitive Parity Method
Universal Product Code (UPC)
Productivity
32. Logically assumes old merchandise is sold first - while newer items remain in inventory
Vertical Cooperative Advertising Agreement
FIFO (first-in-first-out) Method
Job Motivation
Incremental Method
33. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Top-Down Space Management Approach
Cost-Oriented Pricing
Category Killer
Experiential Merchandising
34. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Price Elasticity of Demand
Incremental Method
String
Stock Turnover
35. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Micromarketing
Quick Response (QR) Inventory Planning
Wheel of Retailing
Multiple-Unit Pricing
36. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Reorder Point
Supermarket
Simulation
Loss Leaders
37. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Merchandise Available for Sale
Minimum-Price Laws
Consumer Cooperative
Slotting Allowances
38. The service level that customers want to receive from any retailer - such as basic employee courtesy
Destination Retailer
Personality
Expected Customer Service
Value Delivery System
39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Storefront
Physical Inventory System
Customer Loyalty
Dollar Control
40. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Straight (Gridiron) Traffic Flow
Retail Organization
Supervision
Physical Inventory System
41. An unincorporated retail firm owned by one person
Full-Line Discount Store
Contingency Pricing
Sole Proprietorship
Vertical Retail Audit
42. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Assortment Merchandise
Culture
Bottom-Up Space Management Approach
Word of Mouth (WOM)
43. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Wheel of Retailing
Post-Purchase Behavior
Opportunities
Sales Manager
44. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Motives
Power Center
Factory Outlet
Value Chain
45. Doubt that the correct decision has been made
Visual Merchandising
Box (Limited-Line) Store
Percentage Lease
Cognitive Dissonance
46. The extent to which a person desires and pursues social status
Convenience Store
Class Consciousness
Supermarket
Benchmarking
47. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Diversified Retailer
Corporation
Internet
Problem Awareness
48. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Retail Audit
Dual Marketing
Simulation
Trading Area Overlap
49. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Specialog
Service Retailing
Uncontrollable Variables
Merchandising
50. A merchandising technique that some firms use to improve productivity
Category Management
Goods/Service Category
Cost of Method Accounting
Micromarketing