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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. Influence people's thought and behavior such as families - aspirational groups and membership groups
Memorandum Purchase
Debit Card System
Reference Groups
Price Elasticity of Demand
2. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Budgeting
Rationalized Retailing
Secondary Business District (SBD)
Department Store
3. Sets the guiding principles for all the merchandise decisions a retailers makes
Nongoods Services
Category Killer
Electronic Point of Sale System
Merchandising Philosophy
4. The aspects of business that a firm can directly affect
Job Motivation
Ethics
Controllable Variables
Dual Marketing
5. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Micromarketing
Equal Store Organization
Reference Groups
Zero-Based Budgeting
6. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Generic Brands
Cooperative Buying
Marquee
Mazur Plan
7. 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)
Experiment
Vertical Price Fixing
Rack Display
Objective-and-Task Method
8. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Opportunities
Cost of Method Accounting
Leader Pricing
Customary Pricing
9. The basic format or structure of a business
Data-Base Management
Electronic Banking
Goods Retailing
Retail Institution
10. A retailer charges the same price to all customers buying an item under similar conditions
Value (retailer)
Publicity
One-Price Policy
Job Motivation
11. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Single-Channel Retailing
Dead Areas
Box (Limited-Line) Store
Basic Stock Method
12. A listing of bipolar adjectives scales
Affinity
Semantic Differential
Trading Area
Control Units
13. The portion of revenues turned over to the federal - state and/or local government
Trading Area Overlap
Merchandise Available for Sale
Unit Control
Taxes
14. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Gross Profit (margin)
Category Killer
Stimulus
Minimum-Price Laws
15. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Electronic Point of Sale System
Family Life Cycle
Logistics
Membership (Warehouse) Club
16. Payments that retailers require of vendors for providing shelf space
Retail Strategy
Automatic Reordering System
World Wide Web
Slotting Allowances
17. 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
Case Display
Resident Buying Office
Diversified Retailer
Problem Awareness
18. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Off-Price Chain
Markup Pricing
Unit Control
Graduated Lease
19. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Everyday Low Pricing (EDLP)
Weighted Application Blank
Visual Merchandising
Gap Analysis
20. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Diversified Retailer
Curing (Free-Flowing) Traffic Flow
Cost of Goods Sold
One-Price Policy
21. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Percentage Variation Method
Bait-and-Switch Advertising
External Secondary Data
Selective Distribution
22. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Logistics
Chargebacks
Maintained Markup
Core Customers
23. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Vendor-Managed Inventory (VMI)
Box (Limited-Line) Store
Regression Model
Weighted Application Blank
24. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Social Responsibility
Recruitment
Household Life Cycle
Need-Satisfaction Approach
25. Where a consumer must pay the bill in full when it is due
Outshopping
Depth of Assortment
Recruitment
Open Credit Account
26. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Corporation
Percentage Lease
Full-Line Discount Store
Logistics
27. Embodied by a series of activities and processes that provides a certain value for the consumer
Family Life Cycle
Competition-Oriented Pricing
Cost of Goods Sold
Value (retailer)
28. The long-run and short-run performance targets a retailers hopes to attain
Basic Stock Method
Goods Retailing
Category Killer
Objectives
29. The positive - neutral or negative feelings a person has about different topics
Mystery Shoppers
Customer Satisfaction
Attitudes (Opinions)
Classification Merchandising
30. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Price-Quality Association
Horizontal Cooperative Advertising Agreement
Power Center
Post-Purchase Behavior
31. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Class Consciousness
Computerized Checkout
Publicity
Net Lease
32. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Product Life Cycle
Hierarchy of Effects
Purchase Motivation Product Groupings
Rationalized Retailing
33. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Customer Satisfaction
Price Elasticity of Demand
Retail Audit
Opportunistic Buying
34. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Model Stock Approach
Channel of Distribution
Corporation
Membership (Warehouse) Club
35. 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
Cost of Goods Sold
Hidden Assets
Never-Out List
Selective Distribution
36. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Controllable Variables
Resident Buying Office
Warehouse Store
Partnership
37. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Basic Stock Method
Direct Store Distribution (DSD)
Zero-Based Budgeting
Purchase Act
38. The activity whereby a retailer generates a list of job applicants
Diversification
Recruitment
Consumer Protection
Rack Display
39. Whereby each department is subdivided into further categories for related types of merchandise
Classification Merchandising
Intensive Distribution
Core Customers
Dual Marketing
40. Competition between manufacturers and retailers for shelf space and profits
Battle of the Brands
Bottom-Up Space Management Approach
Leased Department
Purchase Motivation Product Groupings
41. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Customary Pricing
Prototype Stores
Neighborhood Shopping Center
42. Occurs when one consumer talks to others; can build a chain of customers
Multi-Channel Retailing
Category Killer
Maintained Markup
Word of Mouth (WOM)
43. Consumers feel high prices connote high quality and low prices connote low quality
Electronic Article Surveillance
Nonstore Retailing
Classification Merchandising
Price-Quality Association
44. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Ensemble Display
Bifurcated Retailing
Observation
Supervision
45. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Bifurcated Retailing
Memorandum Purchase
Incremental Method
Cut Case
46. A multi-line firm operating under central ownership
Diversified Retailer
Partnership
Merchandising
Bait-and-Switch Advertising
47. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Ensemble Display
Department Store
Maintenance-Increase-Recoupment Lease
Gross Profit (margin)
48. Mandates that persons with disabilities be given appropriate access to retailing facilities
Information Search
Americans With Disabilities Act
LIFO (last-in-first-out) Method
Goods/Service Category
49. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Liabilities
Specialty Store
Unit Pricing
Customer Satisfaction
50. Used by retailers that promote throughout the year
Gross Profit (margin)
Direct Marketing
Distributed Promotion Effort
HRM Process
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