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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. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Supply Chain
Reorder Point
Control
Application Blank
2. Systematically lists all operating functions to be performed - their characteristics - and their timing
Operations Blueprint
Service Retailing
Net Profit After Taxes
Retail Audit
3. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Consumer Behavior
Variable Markup Policy
Operations Blueprint
Memorandum Purchase
4. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Community Shopping Center
Need-Satisfaction Approach
Generic Brands
5. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Unit Control
Cooperative Buying
Trading Area Overlap
Slotting Allowances
6. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Taxes
Limited Decision Making
Retail Method of Accounting
Customer Satisfaction
7. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Compensation
Primary Trading Area
Experiment
Performance Measures
8. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Limited Decision Making
Electronic Data Interchange (EDI)
Straight (Gridiron) Traffic Flow
Corporation
9. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Infomercial
Maintenance-Increase-Recoupment Lease
Opportunistic Buying
Culture
10. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Limited Decision Making
Vertical Marketing System
Retail Audit
Goods/Service Category
11. Whereby suppliers sell through as many retailers as possible
Ensemble Display
Intensive Distribution
Diversification
Mass Marketing
12. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Tactics
Recruitment
Retail Strategy
Minimum-Price Laws
13. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Mass Merchandising
Compensation
Product/Trademark Franchising
Supply Chain
14. Information is systematically gathered from respondents by communicating with them
Survey
Micromerchandising
Off-Price Chain
Financial Merchandise Management
15. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Regional Shopping Center
Data Warehousing
Horizontal Retail Audit
Sales Promotion
16. There is more interactive relationship between a franchisor and a franchisee
Multi-Channel Retailing
Business Format Franchising
Limited Decision Making
Goal-Oriented Job Description
17. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Cost of Method Accounting
Service Retailing
Chargebacks
RFID (radio frequency identification)
18. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Forecasts
Category Management
Lifestyle Center
All-You-Can-Afford Method
19. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Value (customer)
Inventory Management
Flea Market
Leader Pricing
20. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Specialog
Niche Retailing
One-Hundred Percent Location
Mazur Plan
21. A sign that displays the store's name
Marquee
Exclusive Distribution
Everyday Low Pricing (EDLP)
Ease of Entry
22. Money left after paying taxes and buying necessities
Pre-Training
Reach
Discretionary income
Cognitive Dissonance
23. 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
Equal Store Organization
Order-Taking Salesperson
Differentiated Marketing
Demand-Oriented Pricing
24. Graphically displays its hierarchical relationships created by a retailer
Organization Chart
Neighborhood Business District
Zero-Based Budgeting
Additional Markup
25. Based on the original retail value assigned to merchandise less the costs of the merchandise
Sales Promotion
Data Mining
Initial Markup
Job Analysis
26. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Primary Trading Area
Central Business District
Economic Base
Americans With Disabilities Act
27. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Operations Blueprint
Universal Product Code (UPC)
Data Mining
Corporation
28. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Secondary Trading Area
Rack Display
Partnership
Internet
29. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Hierarchy of Authority
Price Lining
Retail Organization
Discretionary income
30. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Organizational Mission
Conventional Supermarket
Experiential Merchandising
Competition-Oriented Pricing
31. Ways in which individual consumers and families live and spend time and money
Lifestyles
Stimulus
PMs (Promotional or Push Monies)
Simulation
32. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Social Responsibility
Scrambled Merchandising
Net Worth
Hidden Assets
33. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
String
Vertical Cooperative Advertising Agreement
Order-Getting Salesperson
Community Shopping Center
34. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Equal Store Organization
Situation Analysis
Factory Outlet
Gross Profit (margin)
35. 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
Objective-and-Task Method
Problem Awareness
Target Marketing
Americans With Disabilities Act
36. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Floor-Ready Merchandise
Incremental Budgeting
Issue (problem) Definition
Horizontal Retail Audit
37. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Warehouse Store
Data-Base Management
Canned Sales Presentation
Markdown
38. A listing of bipolar adjectives scales
Product/Trademark Franchising
RFID (radio frequency identification)
Semantic Differential
Cost of Goods Sold
39. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
Sales Promotion
Vertical Retail Audit
Seasonal Merchandise
Open-to-Buy
40. 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
Physical Inventory System
Visual Merchandising
Leader Pricing
Electronic Point of Sale System
41. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Nongoods Services
Probability (Random) Sample
Point-of-Purchase Display
Net Profit After Taxes
42. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Everyday Low Pricing (EDLP)
Operations Management
Specialog
Never-Out List
43. Takes a customer-centered approach and presents "solutions" rather than "products"
Retail Strategy
Stimulus
Inventory Shrinkage
Solution Selling
44. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Open Credit Account
Control
Franchising
Never-Out List
45. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Additional Markup
Retailing Concept
Revolving Credit Account
Routine Decision Making
46. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Loss Leaders
Traditional Job Description
Relationship Retailing
Value (customer)
47. Involve the combination of separately owned retail firms
Perceived Risk
Value (customer)
Mergers
Net Lease
48. Financial obligations a retailer incurs in operating a business
Secondary Data
Liabilities
Consignment Purchase
Leased Department
49. Payments that retailers require of vendors for providing shelf space
Primary Trading Area
Percentage Variation Method
Objectives
Slotting Allowances
50. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
World Wide Web
Incremental Budgeting
Variable Pricing
Supercenter