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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. Calls for precise rent increases over a stated period of time
Graduated Lease
Maintained Markup
Opportunistic Buying
Neighborhood Shopping Center
2. The overall plan guiding a retail firm
Retail Balance
Retail Strategy
Reach
Observation
3. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Specialty Store
Percentage-of-Sales Method
Value Delivery System
Conventional Supermarket
4. Whereby franchisors limit franchisee involvement in the strategic planning process
Assortment Display
Constrained Decision Making
Problem Awareness
Competition-Oriented Pricing
5. A retailers commitment to a type of business and to a distinctive role in the marketplace
Membership (Warehouse) Club
Organizational Mission
Retail Audit
Dump Bin
6. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Outsourcing
Markup Pricing
Memorandum Purchase
Variable Pricing
7. Consumers feel high prices connote high quality and low prices connote low quality
Situation Analysis
Neighborhood Shopping Center
Price-Quality Association
Supercenter
8. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Survey
Single-Channel Retailing
Classification Merchandising
Scenario Analysis
9. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Maintenance-Increase-Recoupment Lease
Constrained Decision Making
Huff's Law of Shopper Attraction
Americans With Disabilities Act
10. 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
Term Occupancy
Dollar Control
Cut Case
Cost of Goods Sold
11. Describes how traditional family moves from bachelorhood to children to solitary retirement
Ethics
Regional Shopping Center
Word of Mouth (WOM)
Family Life Cycle
12. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Assortment Display
Dead Areas
Battle of the Brands
Warehouse Store
13. Involves oral communication with one or more prospective customers for the purpose of making a sale
Personal Selling
Merchandising
Electronic Banking
Value (customer)
14. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Maintenance-Increase-Recoupment Lease
Horizontal Retail Audit
Cross-Shopping
Supply Chain
15. Exhibits heavier - bulkier items than a rack holds
RFID (radio frequency identification)
Width of Assortment
Case Display
Sales-Productivity Ratio
16. 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
Basic Stock List
Consumer Protection
Post-Purchase Behavior
Incremental Method
17. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Mystery Shoppers
Equal Store Organization
Discretionary income
Cost-Oriented Pricing
18. 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
Direct Product Profitability (DPP)
Probability (Random) Sample
Percentage Variation Method
Observation
19. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Non-probability Sample
Product/Trademark Franchising
Neighborhood Business District
Job Analysis
20. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Hierarchy of Effects
Culture
Multiple-Unit Pricing
Automatic Reordering System
21. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Sales Promotion
Chargebacks
Retailing Concept
Post-Purchase Behavior
22. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Robinson-Patman Act
Fringe Trading Area
Situation Analysis
Cost of Goods Sold
23. Doubt that the correct decision has been made
Minimum-Price Laws
Cooperative Advertising
Cognitive Dissonance
Canned Sales Presentation
24. Assumes new merchandise is sold first - while older stock remains in inventory
Economic Base
LIFO (last-in-first-out) Method
Rack Display
Assets
25. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Convenience Store
Liabilities
Leader Pricing
Food-Based Superstore
26. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Consignment Purchase
Lifestyles
Merchandise Available for Sale
Product/Trademark Franchising
27. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Tactics
Micromerchandising
Minimum-Price Laws
Revolving Credit Account
28. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Resident Buying Office
Operations Blueprint
Household Life Cycle
Horizontal Retail Audit
29. Determines the floor space necessary to carry and display a proper merchandise assortment
Model Stock Approach
Bottom-Up Space Management Approach
Cross-Shopping
One-Hundred Percent Location
30. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Organization Chart
Order-Taking Salesperson
Marquee
Customer Satisfaction
31. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Everyday Low Pricing (EDLP)
Odd Pricing
Tactics
Goods Retailing
32. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Maintenance-Increase-Recoupment Lease
Advertising
External Secondary Data
33. When manufacturers and wholesales seek to control the retail prices of their goods and services
Off-Price Chain
Vertical Price Fixing
Horizontal Price Fixing
Diversification
34. 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
Initial Markup
Concentrated Marketing
Data Mining
Assortment Merchandise
35. Concentrates on selling one goods or service line - such as young women's apparel
Concentrated Marketing
Lifestyle Center
Specialty Store
Price Lining
36. A retailer sets its prices in accordance with competitors'
Relationship Retailing
Retail Strategy
Geographical Information System
Competition-Oriented Pricing
37. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Differentiated Marketing
Consumer Loyalty (Frequent Shopper) Programs
Electronic Article Surveillance
Gross Profit (margin)
38. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Theme-Setting Display
Quick Response (QR) Inventory Planning
Conventional Supermarket
39. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Gross Profit (margin)
Sole Proprietorship
Hierarchy of Effects
Assortment Merchandise
40. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Weighted Application Blank
Perceived Risk
Single-Channel Retailing
Percentage Variation Method
41. 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
Off-Price Chain
Retail Balance
Analog Model
Total Retail Experience
42. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Sorting Process
Net Lease
Regression Model
Motives
43. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Problem Awareness
RFID (radio frequency identification)
Classification Merchandising
Variable Markup Policy
44. The reasons for a consumers behavior
Exclusive Distribution
Horizontal Price Fixing
Motives
Diversification
45. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Net Worth
Customer Satisfaction
Monthly Sales Index
LIFO (last-in-first-out) Method
46. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Prestige Pricing
Differentiated Marketing
Full-Line Discount Store
Ease of Entry
47. 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]
Objectives
Compensation
Percentage Variation Method
Image
48. A merchandising technique that some firms use to improve productivity
Storefront
Category Management
Off-Price Chain
Huff's Law of Shopper Attraction
49. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Survey
Cost of Goods Sold
Fashion Merchandise
Traditional Department Store
50. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Mazur Plan
Financial Merchandise Management
Variable Pricing
Vertical Price Fixing