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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. Concentrates on selling one goods or service line - such as young women's apparel
Full-Line Discount Store
Reach
Specialty Store
Open Credit Account
2. A multi-line firm operating under central ownership
Diversified Retailer
Retail Institution
Width of Assortment
Resident Buying Office
3. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Point of Difference
Nonstore Retailing
Bifurcated Retailing
Information Search
4. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Regression Model
Sole Proprietorship
RFID (radio frequency identification)
Convenience Store
5. Displays merchandise by common end use
Zero-Based Budgeting
Option Credit Account
Functional Product Groupings
Loss Leaders
6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Category Killer
Forecasts
Quick Response (QR) Inventory Planning
Experiment
7. A retailers best customers
Direct Product Profitability (DPP)
Variety Store
Core Customers
Rack Display
8. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Purchase Act
Battle of the Brands
Post-Purchase Behavior
Competition-Oriented Pricing
9. A large - planned shopping facility appealing to a geographically dispersed market
Benchmarking
Sales-Productivity Ratio
Regional Shopping Center
Discretionary income
10. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
FIFO (first-in-first-out) Method
Training Programs
Scrambled Merchandising
Computerized Checkout
11. Consists of the regular products carried by a retailer
Top-Down Space Management Approach
Expected Customer Service
Retailing Concept
Staple Merchandise
12. 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
Vertical Price Fixing
Direct Marketing
Loss Leaders
Incremental Method
13. Typically supervises the on-floor selling and operational activities for a specific retail department
Specialty Store
Demand-Oriented Pricing
Customary Pricing
Sales Manager
14. Consumers feel high prices connote high quality and low prices connote low quality
Evaluation of Alternatives
Price-Quality Association
Secondary Trading Area
Horizontal Price Fixing
15. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Organization Chart
Exclusive Distribution
Mass Merchandising
Secondary Business District (SBD)
16. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Unit Control
Internal Secondary Data
Sales Opportunity Grid
Downsizing
17. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Niche Retailing
Variety Store
Factory Outlet
Consumer Protection
18. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Customary Pricing
Controllable Variables
Monthly Sales Index
Option Credit Account
19. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Customer Satisfaction
FIFO (first-in-first-out) Method
Want Book (Want Slip)
Situation Analysis
20. Beginning inventory - purchases - and transportation charges equal the cost of this
Mazur Plan
Merchandise Available for Sale
Forecasts
Taxes
21. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Wheel of Retailing
Secondary Business District (SBD)
Service Retailing
Market Segment Product Groupings
22. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Affinity
Massed Promotion Effort
Frequency
Specialog
23. Involves an informal ranking of people based on income - occupation - education and other factors
Social Class
Factory Outlet
Goods/Service Category
Generic Brands
24. The cost of running a retail business
Job Motivation
Retail Organization
Operating Expenses
Purchase Act
25. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Customer Loyalty
Reference Groups
Cooperative Advertising
26. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Vendor-Managed Inventory (VMI)
Value (customer)
Electronic Data Interchange (EDI)
Variety Store
27. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Mergers
Value (customer)
Vendor-Managed Inventory (VMI)
Merchandising
28. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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29. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Financial Merchandise Management
Sole Proprietorship
Assets
Outsourcing
30. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Forecasts
Tactics
Order-Taking Salesperson
Customer Service
31. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Item Price Removal
Lifestyle Center
Micromerchandising
Box (Limited-Line) Store
32. Any item a retailer owns with monetary value
Retail Institution
Culture
Assets
Retail Organization
33. Where the same customers are served by both branches
Core Customers
Minimum-Price Laws
Trading Area Overlap
Retail Strategy
34. 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
Markdown
Planogram
Electronic Point of Sale System
Price Elasticity of Demand
35. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Lifestyle Center
Infomercial
Reference Groups
Order-Taking Salesperson
36. The portion of revenues turned over to the federal - state and/or local government
Internal Secondary Data
Taxes
Zero-Based Budgeting
All-You-Can-Afford Method
37. 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
Logistics
Exclusive Distribution
Chain
38. The extent to which a person desires and pursues social status
Convenience Store
Basic Stock List
Objectives
Class Consciousness
39. 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
Neighborhood Business District
Demand-Oriented Pricing
Dead Areas
Gross Margin
40. 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)
Merchandising Philosophy
Objective-and-Task Method
Price Elasticity of Demand
Value Delivery System
41. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Purchase Motivation Product Groupings
Data Warehousing
Net Lease
Customary Pricing
42. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Outsourcing
Control
Regional Shopping Center
Hidden Assets
43. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Category Management
Reorder Point
Inventory Shrinkage
44. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Assortment
Corporation
Value (customer)
Markup Pricing
45. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Channel of Distribution
Merchandising
Term Occupancy
Corporation
46. Focuses on the sale of tangible phoducts
Goods Retailing
Leader Pricing
Sales Opportunity Grid
Total Retail Experience
47. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Opportunistic Buying
Economic Base
Consumer Behavior
Nongoods Services
48. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Micromarketing
Economic Base
Electronic Point of Sale System
Control Units
49. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Predatory Pricing
Staple Merchandise
Channel of Distribution
Assets
50. Incorporates life stages for both family and non-family households
Neighborhood Shopping Center
Rented-Goods Services
Retail Promotion
Household Life Cycle