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Retail Management
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Variety Store
Net Profit After Taxes
Horizontal Cooperative Advertising Agreement
World Wide Web
2. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Rationalized Retailing
Food-Based Superstore
Contingency Pricing
Controllable Variables
3. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Solution Selling
Open Credit Account
Retail Institution
Value Delivery System
4. 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
Routine Decision Making
Power Center
Specialty Store
Impulse Purchases
5. The aspects of business to which a retailers must adapt
Fringe Trading Area
Customary Pricing
Uncontrollable Variables
Exclusive Distribution
6. 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
Simulation
Merchandising Philosophy
Warehouse Store
Relationship Retailing
7. The activity whereby a retailer generates a list of job applicants
Information Search
Survey
Universal Product Code (UPC)
Recruitment
8. A memorized - repetitive speech given to all customers interested in a particular item
Channel Control
Canned Sales Presentation
Information Search
Product/Trademark Franchising
9. Payments that retailers require of vendors for providing shelf space
Customer Service
Slotting Allowances
Graduated Lease
Service Retailing
10. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Non-probability Sample
Reach
Secondary Data
11. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Neighborhood Shopping Center
Sales Manager
Gross Profit (margin)
Survey
12. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
String
Rationalized Retailing
Computerized Checkout
Objective-and-Task Method
13. Ways in which individual consumers and families live and spend time and money
Constrained Decision Making
Item Price Removal
Lifestyles
Semantic Differential
14. Places together various items that appeal to a given target market
Classification Merchandising
Ease of Entry
Market Segment Product Groupings
Video Kiosk
15. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Tactics
Customer Satisfaction
Atmosphere (atmospherics)
16. A merchandising technique that some firms use to improve productivity
Order-Taking Salesperson
Electronic Data Interchange (EDI)
Category Management
Customer Satisfaction
17. Used by retailers that promote throughout the year
Market Segment Product Groupings
Basic Stock List
Distributed Promotion Effort
Data-Base Retailing
18. 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
Problem Awareness
Threats
Mass Marketing
Percentage Variation Method
19. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Power Center
PMs (Promotional or Push Monies)
Impulse Purchases
Wheel of Retailing
20. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Non-probability Sample
Exclusive Distribution
Image
Category Killer
21. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Fad Merchandise
Robinson-Patman Act
Net Lease
Scenario Analysis
22. Whereby prices are marked only on shelves or signs and not on individual items
World Wide Web
Consumer Loyalty (Frequent Shopper) Programs
Item Price Removal
Graduated Lease
23. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Value (customer)
Geographical Information System
Mazur Plan
Category Management
24. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Supermarket
Stock Turnover
Independent
Massed Promotion Effort
25. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Merchandising Philosophy
Battle of the Brands
Purchase Act
26. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Value (retailer)
Box (Limited-Line) Store
Benchmarking
27. Whereby goods owned by consumers are repaired - improved - or maintained
Vertical Price Fixing
Additional Markup
Owned-Goods Services
Issue (problem) Definition
28. Beginning inventory - purchases - and transportation charges equal the cost of this
Warehouse Store
Issue (problem) Definition
Merchandise Available for Sale
Scrambled Merchandising
29. A type of retail institution that is a department in a retail store that is rented to an outside party
Niche Retailing
Motives
Leased Department
Loss Leaders
30. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
World Wide Web
Niche Retailing
Corporation
Reverse Logistics
31. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Power Center
Gap Analysis
Price Elasticity of Demand
Retail Promotion
32. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Product/Trademark Franchising
Social Responsibility
Outshopping
Unit Control
33. The manner of providing a job environment that encourages employee accomplishment
Inventory Management
Supervision
Differentiated Marketing
Benchmarking
34. 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
Opportunities
Sorting Process
Constrained Decision Making
Hierarchy of Authority
35. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Rationalized Retailing
Independent
Stimulus
Specialog
36. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Weeks' Supply Method
Gross Profit (margin)
Liabilities
Frequency
37. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
Gravity Model
Fringe Trading Area
Financial Merchandise Management
38. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Physical Inventory System
Independent
Cross-Shopping
Fringe Trading Area
39. Determines the floor space necessary to carry and display a proper merchandise assortment
Need-Satisfaction Approach
Model Stock Approach
Niche Retailing
Flea Market
40. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Analog Model
Data Warehousing
Target Marketing
Job Analysis
41. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Human Resource Management
Additional Markup
Service Retailing
Hierarchy of Authority
42. When manufacturers and wholesales seek to control the retail prices of their goods and services
Maintained Markup
Horizontal Retail Audit
Vertical Price Fixing
Order-Getting Salesperson
43. Represents how a given retailer is perceived by consumers and others
Hierarchy of Effects
Image
Marketing Research In Retailing
Nongoods Services
44. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Single-Channel Retailing
Sales-Productivity Ratio
Nonstore Retailing
Equal Store Organization
45. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Model Stock Approach
Tactics
Incremental Budgeting
Data Mining
46. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Never-Out List
Consignment Purchase
All-You-Can-Afford Method
Rented-Goods Services
47. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Off-Price Chain
Geographical Information System
Consumer Cooperative
Tactics
48. A sign that displays the store's name
Unit Control
Net Profit After Taxes
Marquee
Controllable Variables
49. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Assortment
Chargebacks
Cross-Merchandising
50. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Chain
Ensemble Display
Total Retail Experience
RFID (radio frequency identification)
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