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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. Logically assumes old merchandise is sold first - while newer items remain in inventory
Consumer Loyalty (Frequent Shopper) Programs
FIFO (first-in-first-out) Method
Diversification
Weighted Application Blank
2. Graphically displays its hierarchical relationships created by a retailer
Mystery Shoppers
Organization Chart
Product Life Cycle
Cognitive Dissonance
3. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Productivity
Stock Turnover
Basic Stock List
Community Shopping Center
4. Actively involved with informing and persuading customers in closing sales
Order-Getting Salesperson
Memorandum Purchase
Compensation
Reverse Logistics
5. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Service Retailing
Debit Card System
Customer Satisfaction
Threats
6. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Chain
Rack Display
Infomercial
All-You-Can-Afford Method
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
Sales Manager
Private (dealer) Brands
Selective Distribution
Discretionary income
8. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
One-Hundred Percent Location
Organizational Mission
All-You-Can-Afford Method
Off-Price Chain
9. Involves a clear statement of the topic to be studied
Competitive Parity Method
Issue (problem) Definition
Horizontal Price Fixing
Supervision
10. A case that holds piles of sale clothing - marked down books or other products
Robinson-Patman Act
Dump Bin
Storability Product Groupings
Business Format Franchising
11. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Retail Method of Accounting
Objective-and-Task Method
Private (dealer) Brands
12. Whereby goods owned by consumers are repaired - improved - or maintained
Owned-Goods Services
Inventory Management
Horizontal Cooperative Advertising Agreement
PMs (Promotional or Push Monies)
13. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Food-Based Superstore
Zero-Based Budgeting
Situation Analysis
Household Life Cycle
14. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Mazur Plan
Single-Channel Retailing
Universal Product Code (UPC)
Prestige Pricing
15. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Price Lining
Primary Trading Area
Need-Satisfaction Approach
Dead Areas
16. 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
Problem Awareness
Mergers
Multi-Channel Retailing
17. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Warehouse Store
Direct Selling
Incremental Budgeting
Net Profit After Taxes
18. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Value Chain
Monthly Sales Index
String
Destination Retailer
19. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Reference Groups
Order-Taking Salesperson
Ensemble Display
Objectives
20. Zeroing in on one specific group
Warehouse Store
HRM Process
Concentrated Marketing
Value (retailer)
21. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
External Secondary Data
Private (dealer) Brands
Supervision
Ensemble Display
22. 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
Situation Analysis
Goods/Service Category
Visual Merchandising
Rationalized Retailing
23. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Loss Leaders
Electronic Article Surveillance
Predatory Pricing
External Secondary Data
24. Signals or cues as to the success or failure of that each part of the strategy
Feedback
Specialty Store
Value Chain
Market Segment Product Groupings
25. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Application Blank
Vertical Cooperative Advertising Agreement
Term Occupancy
Mazur Plan
26. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Computerized Checkout
World Wide Web
Assortment Merchandise
Markdown
27. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Reorder Point
Gap Analysis
Positioning
28. Used for products needing special handling
Resident Buying Office
Assortment Merchandise
Supercenter
Storability Product Groupings
29. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Cooperative Buying
Stock Turnover
Primary Data
Threats
30. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Sales Promotion
Predatory Pricing
Debit Card System
Expected Customer Service
31. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Incremental Budgeting
Initial Markup
Computerized Checkout
Customer Loyalty
32. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Prototype Stores
Balanced Tenancy
Maintenance-Increase-Recoupment Lease
Point of Difference
33. 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
Strategy Mix
One-Hundred Percent Location
Rationalized Retailing
Option Credit Account
34. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Extended Decision Making
Generic Brands
Basic Stock Method
Bifurcated Retailing
35. 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
Supercenter
Private (dealer) Brands
Demand-Oriented Pricing
Assortment
36. When retailers count on suppliers to participate in their inventory management programs
Trading Area
Compensation
Central Business District
Vendor-Managed Inventory (VMI)
37. Ways in which individual consumers and families live and spend time and money
Model Stock Approach
Lifestyles
Consumer Loyalty (Frequent Shopper) Programs
Maintained Markup
38. 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
Cognitive Dissonance
Selective Distribution
Book (Perpetual) Inventory System
Off-Price Chain
39. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
40. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Supply Chain
Trading Area
Product/Trademark Franchising
Survey
41. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Net Sales
Personality
Supply Chain
Mass Marketing
42. The portion of revenues turned over to the federal - state and/or local government
Taxes
Huff's Law of Shopper Attraction
External Secondary Data
Specialty Store
43. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Single-Channel Retailing
Cost-Oriented Pricing
Retail Information System
Price-Quality Association
44. Sets the guiding principles for all the merchandise decisions a retailers makes
Vertical Retail Audit
Merchandising Philosophy
Net Worth
Classification Merchandising
45. A retailers carries complementary goods and services to encourage shoppers to buy more
Gravity Model
Mass Marketing
Variable Pricing
Cross-Merchandising
46. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
All-You-Can-Afford Method
Training Programs
Gravity Model
Control
47. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Social Responsibility
Cross-Merchandising
Data-Base Management
Mass Merchandising
48. Calls for all maintenance costs to be paid by the retailer
Net Lease
Horizontal Retail Audit
Value Chain
Weighted Application Blank
49. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Resident Buying Office
Positioning
Weighted Application Blank
Chargebacks
50. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
HRM Process
Maintained Markup
Top-Down Space Management Approach
Value Delivery System