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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 cost of running a retail business
Pre-Training
Equal Store Organization
Infomercial
Operating Expenses
2. Two or more retailers share an ad
Ease of Entry
Corporation
Horizontal Cooperative Advertising Agreement
Mass Marketing
3. 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
Class Consciousness
Probability (Random) Sample
Compensation
Cost-Oriented Pricing
4. Whereby each department is subdivided into further categories for related types of merchandise
Public Relations
Functional Product Groupings
Classification Merchandising
Price Lining
5. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Trading Area Overlap
Flexible Pricing
Geographical Information System
Evaluation of Alternatives
6. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Opportunistic Buying
Dual Marketing
Employee Empowerment
Personal Selling
7. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Gravity Model
Secondary Business District (SBD)
Electronic Article Surveillance
Multi-Channel Retailing
8. The aspects of business to which a retailers must adapt
Unit Control
Culture
Objectives
Uncontrollable Variables
9. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Combination Store
Public Relations
Nongoods Services
PMs (Promotional or Push Monies)
10. 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
Supermarket
Leased Department
Marketing Research In Retailing
11. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Merchandising Philosophy
Planogram
Top-Down Space Management Approach
String
12. Out-of-hometown shopping - is important for both local and surrounding retailers
Variable Pricing
Order-Getting Salesperson
Forecasts
Outshopping
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
Forecasts
Performance Measures
Application Blank
Purchase Motivation Product Groupings
14. When a retailer acts in the best interests of society - as well as itself
Cut Case
Debit Card System
Social Responsibility
Item Price Removal
15. A planned shopping facility - with the largest store being a supermarket or a drugstore
Direct Marketing
Floor-Ready Merchandise
Neighborhood Shopping Center
Computerized Checkout
16. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Retailing
Mystery Shoppers
Micromerchandising
Reach
17. A retailer wants to maintain a specified ratio of goods on hand to sales
Taxes
Stock-to-Sales Method
Dollar Control
Supply Chain
18. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Corporation
Benchmarking
Personality
Trading Area
19. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Rationalized Retailing
Cost of Method Accounting
Stimulus
Operations Blueprint
20. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Non-probability Sample
Economic Base
Bottom-Up Space Management Approach
Ease of Entry
21. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Markdown
Quick Response (QR) Inventory Planning
Power Center
Net Sales
22. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
HRM Process
FIFO (first-in-first-out) Method
Retail Method of Accounting
23. 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
Consumer Behavior
Frequency
Cost of Goods Sold
Predatory Pricing
24. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Partnership
All-You-Can-Afford Method
Leader Pricing
Additional Markup
25. A retailers carries complementary goods and services to encourage shoppers to buy more
Rationalized Retailing
Cross-Merchandising
Secondary Trading Area
Basic Stock Method
26. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Customary Pricing
Controllable Variables
Stock Turnover
Intensive Distribution
27. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Infomercial
Personality
Factory Outlet
28. Incorporates life stages for both family and non-family households
Household Life Cycle
Sales Promotion
Option Credit Account
Cross-Shopping
29. Whereby a retailers sells to consumers through multiple retail formats
Diversification
Outsourcing
Multi-Channel Retailing
Rationalized Retailing
30. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Regression Model
Product/Trademark Franchising
Want Book (Want Slip)
Opportunistic Buying
31. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Supply Chain
Everyday Low Pricing (EDLP)
Retail Life Cycle
Community Shopping Center
32. Any item a retailer owns with monetary value
Assets
Organizational Mission
Control Units
Functional Product Groupings
33. The merchandise categories for which data are gathered
Control Units
Fad Merchandise
Net Worth
Reference Groups
34. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Retail Method of Accounting
Data-Base Retailing
Ease of Entry
Retail Audit
35. Mandates that persons with disabilities be given appropriate access to retailing facilities
Minimum-Price Laws
Americans With Disabilities Act
Net Sales
Consignment Purchase
36. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
One-Hundred Percent Location
Reference Groups
Classification Merchandising
37. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Central Business District
Service Retailing
Scrambled Merchandising
Want Book (Want Slip)
38. The customer group sought by a retailer
Multiple-Unit Pricing
Manufacturer (national) Brands
Robinson-Patman Act
Target Marketing
39. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Control Units
Ethics
Advertising
Assortment Display
40. A retail firm owned by its customer members
Consumer Cooperative
Cut Case
Operations Blueprint
Ease of Entry
41. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Liabilities
Information Search
Destination Retailer
42. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Stock-to-Sales Method
Economic Base
Secondary Data
43. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Nongoods Services
Incremental Method
Opportunistic Buying
Term Occupancy
44. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Unit Pricing
Target Marketing
Value (customer)
Personal Selling
45. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Supervision
Product/Trademark Franchising
Assortment Merchandise
Off-Price Chain
46. Takes a customer-centered approach and presents "solutions" rather than "products"
Solution Selling
Control Units
Depth of Assortment
Exclusive Distribution
47. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
PMs (Promotional or Push Monies)
World Wide Web
Personal Selling
Seasonal Merchandise
48. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Vertical Retail Audit
Storefront
Ease of Entry
49. The aspects of business that a firm can directly affect
Markdown
Controllable Variables
Downsizing
Option Credit Account
50. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Option Credit Account
Social Responsibility
Neighborhood Shopping Center
Consumer Loyalty (Frequent Shopper) Programs