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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. The customer group sought by a retailer
Target Marketing
Hierarchy of Authority
Conventional Supermarket
Huff's Law of Shopper Attraction
2. 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
Demographics
Logistics
Multi-Channel Retailing
Extended Decision Making
3. Consists of products that sell well over nonconsecutive time periods
HRM Process
Frequency
Multiple-Unit Pricing
Seasonal Merchandise
4. Used by retailers that promote throughout the year
Information Search
Net Worth
Perceived Risk
Distributed Promotion Effort
5. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
HRM Process
Weeks' Supply Method
Manufacturer (national) Brands
Electronic Banking
6. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Neighborhood Shopping Center
Efficient Consumer Response (ECR)
Opportunity Costs
Category Management
7. The overall plan or framework of action that guides a retailer
Recruitment
Strategy Mix
Retail Strategy
Multi-Channel Retailing
8. Depicts a product offering in a thematic manner and sets a specific mood
Term Occupancy
Theme-Setting Display
Partnership
Perceived Risk
9. Involve the combination of separately owned retail firms
Economic Base
Mergers
Never-Out List
Slotting Allowances
10. 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
Limited Decision Making
Geographical Information System
Book (Perpetual) Inventory System
Constrained Decision Making
11. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Full-Line Discount Store
Forecasts
Direct Marketing
Chargebacks
12. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Assortment Display
Information Search
Price Lining
13. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Financial Merchandise Management
Motives
Application Blank
Vendor-Managed Inventory (VMI)
14. 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
Routine Decision Making
Net Worth
Internet
Markdown
15. Two or more retailers share an ad
Theme-Setting Display
Horizontal Cooperative Advertising Agreement
Purchase Motivation Product Groupings
Order-Taking Salesperson
16. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Order-Taking Salesperson
Traditional Job Description
Product/Trademark Franchising
Cognitive Dissonance
17. Ways in which individual consumers and families live and spend time and money
Lifestyles
Additional Markup
Net Profit After Taxes
Equal Store Organization
18. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Vertical Cooperative Advertising Agreement
Sorting Process
Mass Merchandising
Quick Response (QR) Inventory Planning
19. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Mystery Shoppers
Cost of Goods Sold
Storefront
Outshopping
20. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Opportunistic Buying
Corporation
Relationship Retailing
21. 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
Retail Information System
Secondary Trading Area
Class Consciousness
Core Customers
22. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Consumer Behavior
Analog Model
Customer Satisfaction
Consumer Decision Process
23. A retailers best customers
Selective Distribution
Core Customers
Information Search
Goal-Oriented Job Description
24. 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
Job Analysis
Franchising
Trading Area Overlap
Cognitive Dissonance
25. A large - planned shopping facility appealing to a geographically dispersed market
Cost of Goods Sold
Public Relations
Regional Shopping Center
Functional Product Groupings
26. Consumers feel high prices connote high quality and low prices connote low quality
Operating Expenses
Gravity Model
Price-Quality Association
Economic Base
27. Used for products needing special handling
Debit Card System
Stock Turnover
Storability Product Groupings
Staple Merchandise
28. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Observation
Situation Analysis
Affinity
29. 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
Expected Customer Service
Positioning
Retail Method of Accounting
Tactics
30. When a retailer acts in the best interests of society - as well as itself
Yield Management Pricing
Sales Manager
Social Responsibility
Retail Institution
31. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Feedback
Basic Stock List
Competition-Oriented Pricing
Monthly Sales Index
32. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Private (dealer) Brands
Single-Channel Retailing
Experiment
Cost of Goods Sold
33. The line of business in which a retailer operates
Micromerchandising
Goods/Service Category
Dead Areas
Demand-Oriented Pricing
34. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Operations Blueprint
Channel of Distribution
Specialog
Retail Balance
35. Money left after paying taxes and buying necessities
Augmented Customer Service
Objectives
Discretionary income
Threats
36. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Market Segment Product Groupings
Direct Product Profitability (DPP)
Sales Opportunity Grid
Horizontal Retail Audit
37. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Mass Merchandising
Purchase Motivation Product Groupings
Computerized Checkout
Multiple-Unit Pricing
38. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Ethics
Flexible Pricing
Electronic Point of Sale System
Specialty Store
39. Out-of-hometown shopping - is important for both local and surrounding retailers
Outshopping
Open-to-Buy
Point-of-Purchase Display
Human Resource Management
40. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Advertising
Merchandising Philosophy
Retail Life Cycle
Retailing
41. Financial obligations a retailer incurs in operating a business
Liabilities
Assortment Display
Family Life Cycle
Expected Customer Service
42. Customer orientation - coordinated effort - value driven and goal orientation
Frequency
Gravity Model
Operating Expenditures
Retailing Concept
43. The service level that customers want to receive from any retailer - such as basic employee courtesy
Expected Customer Service
Point-of-Purchase Display
Specialty Store
Neighborhood Business District
44. 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
Merchandising
Problem Awareness
Leader Pricing
Physical Inventory System
45. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Direct Selling
Relationship Retailing
Secondary Business District (SBD)
Product/Trademark Franchising
46. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Impulse Purchases
Debit Card System
Dollar Control
Bottom-Up Space Management Approach
47. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Incremental Budgeting
Off-Price Chain
Predatory Pricing
Cost-Oriented Pricing
48. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Performance Measures
Odd Pricing
Battle of the Brands
Single-Channel Retailing
49. Merchandise that generates high sales over a short time
Fad Merchandise
Ethics
Opportunistic Buying
Theme-Setting Display
50. Whereby each department is subdivided into further categories for related types of merchandise
Net Worth
Fashion Merchandise
Classification Merchandising
Marquee