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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. Competition between manufacturers and retailers for shelf space and profits
PMs (Promotional or Push Monies)
Retail Method of Accounting
HRM Process
Battle of the Brands
2. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Cooperative Buying
Electronic Article Surveillance
Secondary Business District (SBD)
Want Book (Want Slip)
3. Projections of expected retail sales for given periods
Classification Merchandising
Maintenance-Increase-Recoupment Lease
Forecasts
Combination Store
4. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Value (customer)
Warehouse Store
Geographical Information System
Automatic Reordering System
5. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Rack Display
Retail Audit
Merchandise Available for Sale
Budgeting
6. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Canned Sales Presentation
Outsourcing
Positioning
7. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
RFID (radio frequency identification)
Augmented Customer Service
Problem Awareness
Secondary Data
8. Relates to the quantites of merchandise a retailer handles during a stated period
Target Marketing
Unit Control
Unit Pricing
Operations Management
9. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Assortment
Generic Brands
Niche Retailing
Maintenance-Increase-Recoupment Lease
10. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Physical Inventory System
Corporation
Rationalized Retailing
Percentage-of-Sales Method
11. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Bait-and-Switch Advertising
Retail Method of Accounting
Open-to-Buy
Product Life Cycle
12. A multi-line firm operating under central ownership
Secondary Data
Diversified Retailer
Retail Life Cycle
Positioning
13. Represents how a given retailer is perceived by consumers and others
Planogram
LIFO (last-in-first-out) Method
Image
Dump Bin
14. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Flea Market
Cross-Merchandising
Infomercial
Chargebacks
15. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
Manufacturer (national) Brands
Nonstore Retailing
Need-Satisfaction Approach
16. A retailer sets its prices in accordance with competitors'
Niche Retailing
Predatory Pricing
Factory Outlet
Competition-Oriented Pricing
17. Consists of products that sell well over nonconsecutive time periods
Seasonal Merchandise
Job Analysis
Traditional Department Store
Item Price Removal
18. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Flea Market
Mazur Plan
Supercenter
Planogram
19. 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
Experiment
Taxes
Problem Awareness
Incremental Method
20. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Discretionary income
Ethics
All-You-Can-Afford Method
Loss Leaders
21. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cognitive Dissonance
Primary Data
Zero-Based Budgeting
Cost of Goods Sold
22. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Chain
Corporation
Multiple-Unit Pricing
23. 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
Seasonal Merchandise
Cost of Goods Sold
Variety Store
Neighborhood Shopping Center
24. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Classification Merchandising
Mass Merchandising
Hierarchy of Effects
Cost of Method Accounting
25. Has a primarily functional use: to neatly hang or present products
Rack Display
Diversification
HRM Process
Monthly Sales Index
26. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Revolving Credit Account
Efficient Consumer Response (ECR)
Bait-and-Switch Advertising
Incremental Method
27. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Niche Retailing
Information Search
Customer Satisfaction
Evaluation of Alternatives
28. Zeroing in on one specific group
Household Life Cycle
Maintenance-Increase-Recoupment Lease
Scrambled Merchandising
Concentrated Marketing
29. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Job Motivation
Ethics
Graduated Lease
Debit Card System
30. 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
Vertical Retail Audit
Simulation
Flea Market
Hierarchy of Effects
31. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
String
Stock-to-Sales Method
Vertical Retail Audit
Contingency Pricing
32. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
LIFO (last-in-first-out) Method
Application Blank
Option Credit Account
Electronic Banking
33. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
World Wide Web
Total Retail Experience
Additional Markup
Downsizing
34. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Balanced Tenancy
Resident Buying Office
Dual Marketing
Equal Store Organization
35. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
RFID (radio frequency identification)
Vertical Cooperative Advertising Agreement
Order-Taking Salesperson
Debit Card System
36. 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
Logistics
Predatory Pricing
Visual Merchandising
Additional Markup
37. Lets consumers bargain over prices; those who are good at it obtain lower prices
Destination Retailer
Flexible Pricing
Mass Merchandising
Equal Store Organization
38. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Bottom-Up Space Management Approach
Franchising
Taxes
Percentage Lease
39. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
RFID (radio frequency identification)
Vending Machine
Retail Promotion
Basic Stock Method
40. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Consumer Loyalty (Frequent Shopper) Programs
Yield Management Pricing
Planogram
Competitive Parity Method
41. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Issue (problem) Definition
Augmented Customer Service
Combination Store
Exclusive Distribution
42. Outlines a retailer's planned expenditures for a given time based on expected performance
Trading Area Overlap
Open-to-Buy
Selective Distribution
Budgeting
43. A retailers carries complementary goods and services to encourage shoppers to buy more
Routine Decision Making
Cross-Merchandising
Consumer Decision Process
Partnership
44. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Data-Base Management
Expected Customer Service
Retail Balance
45. The extent to which a person desires and pursues social status
Niche Retailing
Class Consciousness
Bifurcated Retailing
Fashion Merchandise
46. A planned shopping facility - with the largest store being a supermarket or a drugstore
Cost-Oriented Pricing
Goods/Service Category
Point-of-Purchase Display
Neighborhood Shopping Center
47. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Manufacturer (national) Brands
Merchandising
Everyday Low Pricing (EDLP)
Geographical Information System
48. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Fad Merchandise
Rationalized Retailing
Experiment
Physical Inventory System
49. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Problem Awareness
Food-Based Superstore
Issue (problem) Definition
50. Whereby suppliers sell through as many retailers as possible
Ensemble Display
Class Consciousness
Traditional Job Description
Intensive Distribution