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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. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Opportunities
Maintained Markup
Universal Product Code (UPC)
2. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Outsourcing
Consumer Behavior
Cost-Oriented Pricing
Retail Balance
3. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Channel of Distribution
Prototype Stores
Percentage Lease
Liabilities
4. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Classification Merchandising
Marquee
Sales Manager
Ethics
5. The aspects of business to which a retailers must adapt
Personal Selling
Uncontrollable Variables
Single-Channel Retailing
Point-of-Purchase Display
6. Concentrates on selling one goods or service line - such as young women's apparel
Net Lease
Outshopping
Slotting Allowances
Specialty Store
7. 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
Markdown
Neighborhood Shopping Center
Intensive Distribution
Order-Getting Salesperson
8. The efficiency with which a retail strategy is carried out
Micromerchandising
Category Management
Retail Organization
Productivity
9. 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)
Objective-and-Task Method
Geographical Information System
Electronic Banking
Percentage-of-Sales Method
10. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Chain
Hierarchy of Effects
Situation Analysis
Cut Case
11. A large - planned shopping facility appealing to a geographically dispersed market
Marketing Research In Retailing
Regional Shopping Center
External Secondary Data
Positioning
12. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Incremental Method
Price-Quality Association
Full-Line Discount Store
Specialty Store
13. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Opportunistic Buying
Corporation
Unit Pricing
Food-Based Superstore
14. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Price-Quality Association
Experiment
Internet
Competition-Oriented Pricing
15. Typically supervises the on-floor selling and operational activities for a specific retail department
Loss Leaders
Sales Manager
Data Mining
Canned Sales Presentation
16. A sign that displays the store's name
Power Center
Point of Difference
Marquee
Full-Line Discount Store
17. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Vertical Price Fixing
Flea Market
Electronic Article Surveillance
Secondary Data
18. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Want Book (Want Slip)
Never-Out List
World Wide Web
Prototype Stores
19. A retailers best customers
Storability Product Groupings
Core Customers
Compensation
Downsizing
20. 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
One-Price Policy
Mazur Plan
Class Consciousness
21. Where a consumer must pay the bill in full when it is due
RFID (radio frequency identification)
Survey
Open Credit Account
Want Book (Want Slip)
22. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Category Management
Service Retailing
Electronic Data Interchange (EDI)
Simulation
23. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Operations Blueprint
Benchmarking
Warehouse Store
Balanced Tenancy
24. 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
Atmosphere (atmospherics)
Geographical Information System
Retail Strategy
Off-Price Chain
25. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Consumer Loyalty (Frequent Shopper) Programs
Ease of Entry
Vertical Retail Audit
Percentage-of-Sales Method
26. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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27. A retailer carries more items than expects to sell over a specified period
Consignment Purchase
Leader Pricing
Basic Stock Method
Cooperative Advertising
28. The long-run and short-run performance targets a retailers hopes to attain
Inventory Shrinkage
Expected Customer Service
Demographics
Objectives
29. Projections of expected retail sales for given periods
Video Kiosk
Basic Stock List
Forecasts
Contingency Pricing
30. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Memorandum Purchase
Need-Satisfaction Approach
Depth of Assortment
Infomercial
31. When retailers count on suppliers to participate in their inventory management programs
Vendor-Managed Inventory (VMI)
External Secondary Data
Affinity
Cognitive Dissonance
32. The cost of running a retail business
Cost-Oriented Pricing
Marquee
Operating Expenses
Infomercial
33. Involves oral communication with one or more prospective customers for the purpose of making a sale
Yield Management Pricing
Budgeting
Personal Selling
Frequency
34. When manufacturers and wholesales seek to control the retail prices of their goods and services
Trading Area
Graduated Lease
Flea Market
Vertical Price Fixing
35. 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
Vertical Retail Audit
Community Shopping Center
Secondary Data
Sorting Process
36. The criteria used to assess effectiveness
PMs (Promotional or Push Monies)
Consumer Decision Process
Performance Measures
Leader Pricing
37. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Pre-Training
Electronic Point of Sale System
Goods/Service Category
Mazur Plan
38. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Data Warehousing
Unit Control
Memorandum Purchase
Dump Bin
39. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Channel of Distribution
Fad Merchandise
Limited Decision Making
Horizontal Price Fixing
40. Payments that retailers require of vendors for providing shelf space
Prestige Pricing
Equal Store Organization
Slotting Allowances
Marquee
41. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Revolving Credit Account
Target Marketing
Analog Model
Diversified Retailer
42. Influence people's thought and behavior such as families - aspirational groups and membership groups
Class Consciousness
Sales Opportunity Grid
Job Motivation
Reference Groups
43. A retail firm that is formally incorporated under state law
Corporation
Retailing
Strategy Mix
Micromerchandising
44. An unincorporated retail firm owned by one person
Sole Proprietorship
Debit Card System
Distributed Promotion Effort
Stock Turnover
45. The extent to which a person desires and pursues social status
Objective-and-Task Method
Class Consciousness
Marquee
Cost of Goods Sold
46. A way to collect - store and use relevant information about customers
Category Management
Data-Base Retailing
Threats
Corporation
47. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Control
Contingency Pricing
Goal-Oriented Job Description
Basic Stock List
48. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Nonstore Retailing
Purchase Motivation Product Groupings
Intensive Distribution
Positioning
49. 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
Cost-Oriented Pricing
Direct Product Profitability (DPP)
Purchase Act
Balanced Tenancy
50. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Operations Management
Consumer Behavior
Cost-Oriented Pricing
Want Book (Want Slip)