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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. A planned shopping facility - with the largest store being a supermarket or a drugstore
Point-of-Purchase Display
Goods Retailing
Neighborhood Shopping Center
Organization Chart
2. The basic format or structure of a business
Extended Decision Making
Planogram
Retail Institution
Marquee
3. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Hierarchy of Effects
Uncontrollable Variables
Reilly's Law of Retailing Gravitation
Secondary Trading Area
4. Involves oral communication with one or more prospective customers for the purpose of making a sale
Bifurcated Retailing
Personal Selling
Performance Measures
Supervision
5. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Lifestyle Center
Primary Trading Area
Competition-Oriented Pricing
Community Shopping Center
6. Short-term selling and administrative costs in running a business
Operating Expenditures
Memorandum Purchase
Application Blank
Pre-Training
7. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Net Lease
Micromarketing
Predatory Pricing
Downsizing
8. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Trading Area Overlap
Logistics
Goal-Oriented Job Description
Experiential Merchandising
9. Projections of expected retail sales for given periods
Forecasts
Sales Manager
Control
Canned Sales Presentation
10. 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
Cost of Goods Sold
Inventory Management
Prestige Pricing
Option Credit Account
11. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Micromerchandising
Job Motivation
Impulse Purchases
12. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Convenience Store
Cost-Oriented Pricing
Household Life Cycle
Order-Taking Salesperson
13. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Robinson-Patman Act
Percentage Variation Method
Supermarket
Sales Opportunity Grid
14. A retailer charges the same price to all customers buying an item under similar conditions
Bifurcated Retailing
Revolving Credit Account
Opportunistic Buying
One-Price Policy
15. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Traditional Department Store
Straight (Gridiron) Traffic Flow
Bait-and-Switch Advertising
Social Class
16. Competition between manufacturers and retailers for shelf space and profits
Analog Model
Net Worth
Battle of the Brands
Inventory Shrinkage
17. A retailer sets its prices in accordance with competitors'
Family Life Cycle
Incremental Budgeting
Competition-Oriented Pricing
Computerized Checkout
18. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Horizontal Retail Audit
Retail Institution
Impulse Purchases
Universal Product Code (UPC)
19. 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
Competition-Oriented Pricing
Diversified Retailer
Primary Trading Area
20. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Rented-Goods Services
Destination Retailer
Family Life Cycle
Partnership
21. The number of distinct people exposed to a retailers promotion efforts in a specific period
Opportunity Costs
Experiential Merchandising
Direct Marketing
Reach
22. A sign that displays the store's name
Basic Stock List
Demand-Oriented Pricing
Opportunities
Marquee
23. An inexpensive display that leaves merchandise in the original carton
Observation
Rack Display
Price Elasticity of Demand
Cut Case
24. Whereby goods owned by consumers are repaired - improved - or maintained
Channel of Distribution
Personal Selling
Owned-Goods Services
Purchase Motivation Product Groupings
25. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Analog Model
Percentage Variation Method
Mazur Plan
Traditional Job Description
26. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Marketing Research In Retailing
Augmented Customer Service
Reach
27. Typically supervises the on-floor selling and operational activities for a specific retail department
Franchising
Sales Manager
Information Search
Rented-Goods Services
28. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Compensation
Off-Price Chain
Tactics
Storefront
29. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Horizontal Price Fixing
Ethics
Retail Method of Accounting
30. Information is systematically gathered from respondents by communicating with them
Mass Marketing
Purchase Motivation Product Groupings
Survey
Primary Data
31. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Mystery Shoppers
Geographical Information System
Full-Line Discount Store
32. Many retail vendors sell a range of products at discount prices in plain surroundings
Mass Marketing
Direct Marketing
Demand-Oriented Pricing
Flea Market
33. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Combination Store
Secondary Data
Scrambled Merchandising
Bait-and-Switch Advertising
34. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Attitudes (Opinions)
Vending Machine
Rationalized Retailing
Gravity Model
35. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Affinity
World Wide Web
Consumer Behavior
Ethics
36. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Automatic Reordering System
Supply Chain
RFID (radio frequency identification)
Floor-Ready Merchandise
37. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
One-Hundred Percent Location
Strategy Mix
Customary Pricing
Perceived Risk
38. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Rented-Goods Services
Need-Satisfaction Approach
Atmosphere (atmospherics)
Graduated Lease
39. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Competitive Parity Method
Economic Base
Percentage-of-Sales Method
Opportunities
40. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Cost of Goods Sold
Budgeting
Regional Shopping Center
41. A retailer purposely adjusts markups by merchandise category
Cross-Shopping
Specialty Store
Combination Store
Variable Markup Policy
42. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Physical Inventory System
Primary Trading Area
Corporation
43. A type of retail institution that is a department in a retail store that is rented to an outside party
Lifestyle Center
Reorder Point
Leased Department
Food-Based Superstore
44. Whereby prices are marked only on shelves or signs and not on individual items
Staple Merchandise
Item Price Removal
Forecasts
All-You-Can-Afford Method
45. Assigns floor space on the basis of sales or profit per foot
Control Units
Single-Channel Retailing
Sales-Productivity Ratio
Box (Limited-Line) Store
46. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Customer Satisfaction
Combination Store
Visual Merchandising
Maintenance-Increase-Recoupment Lease
47. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Value (customer)
Assortment Display
Width of Assortment
Gross Profit (margin)
48. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Cognitive Dissonance
Chargebacks
Vending Machine
Incremental Budgeting
49. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Cost of Goods Sold
Weighted Application Blank
Mystery Shoppers
Forecasts
50. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Chargebacks
Zero-Based Budgeting
Trading Area
Control Units