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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. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Automatic Reordering System
Generic Brands
Regression Model
Sales-Productivity Ratio
2. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Job Motivation
Chain
Fringe Trading Area
Cost of Goods Sold
3. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Consignment Purchase
Situation Analysis
Open-to-Buy
Secondary Data
4. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Open-to-Buy
Sole Proprietorship
Stock Turnover
Incremental Method
5. The optimum site for a particular store
Functional Product Groupings
One-Hundred Percent Location
Maintenance-Increase-Recoupment Lease
Americans With Disabilities Act
6. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Recruitment
Operating Expenditures
Open-to-Buy
7. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Consumer Behavior
Reorder Point
Gross Profit (margin)
Operations Blueprint
8. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Contingency Pricing
Leader Pricing
Storability Product Groupings
Ethics
9. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Basic Stock Method
Net Worth
Direct Selling
10. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Operations Blueprint
Operations Management
Cost of Method Accounting
Canned Sales Presentation
11. The manner of providing a job environment that encourages employee accomplishment
Merchandise Available for Sale
Flea Market
Supervision
Resident Buying Office
12. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Supercenter
Extended Decision Making
Attitudes (Opinions)
Tactics
13. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Price Elasticity of Demand
Opportunities
Survey
Owned-Goods Services
14. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Huff's Law of Shopper Attraction
Value (retailer)
Infomercial
World Wide Web
15. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Contingency Pricing
Lifestyle Center
Secondary Business District (SBD)
Infomercial
16. The aspects of business to which a retailers must adapt
Hidden Assets
Uncontrollable Variables
One-Price Policy
Loss Leaders
17. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Control
Equal Store Organization
Probability (Random) Sample
Retail Balance
18. Displays merchandise by common end use
Value Delivery System
Strategy Mix
Customer Satisfaction
Functional Product Groupings
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
Percentage-of-Sales Method
Stock-to-Sales Method
Product/Trademark Franchising
Retail Information System
20. Places together various items that appeal to a given target market
Market Segment Product Groupings
Power Center
Cognitive Dissonance
Bottom-Up Space Management Approach
21. The profit earned after all costs and taxes have been deducted
Net Profit After Taxes
Visual Merchandising
Never-Out List
Ethics
22. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Storefront
Resident Buying Office
Automatic Reordering System
Incremental Budgeting
23. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Consumer Cooperative
Automatic Reordering System
Job Analysis
Stimulus
24. The merchandise categories for which data are gathered
Stock-to-Sales Method
Control Units
Retail Audit
Image
25. Based on the original retail value assigned to merchandise less the costs of the merchandise
Sales-Productivity Ratio
Opportunistic Buying
Product/Trademark Franchising
Initial Markup
26. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Lifestyles
Net Worth
Ease of Entry
Product/Trademark Franchising
27. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Multi-Channel Retailing
Household Life Cycle
Gross Profit (margin)
Job Analysis
28. Appeals to price-conscious consumers - who must be members to shop there
Situation Analysis
Competition-Oriented Pricing
Vertical Price Fixing
Membership (Warehouse) Club
29. A retailer carries more items than expects to sell over a specified period
Variable Pricing
Full-Line Discount Store
Slotting Allowances
Basic Stock Method
30. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Limited Decision Making
Horizontal Price Fixing
Wheel of Retailing
Distributed Promotion Effort
31. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Incremental Budgeting
Monthly Sales Index
Video Kiosk
Supercenter
32. The portion of revenues turned over to the federal - state and/or local government
Social Class
RFID (radio frequency identification)
Household Life Cycle
Taxes
33. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Household Life Cycle
Direct Selling
Cognitive Dissonance
Minimum-Price Laws
34. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Atmosphere (atmospherics)
Cost-Oriented Pricing
Debit Card System
Ethics
35. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Logistics
Value (customer)
Robinson-Patman Act
Supervision
36. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Semantic Differential
Consignment Purchase
Data Warehousing
Term Occupancy
37. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Merchandise Available for Sale
Cost of Goods Sold
Opportunity Costs
Productivity
38. Money left after paying taxes and buying necessities
Incremental Method
Probability (Random) Sample
Infomercial
Discretionary income
39. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
String
Post-Purchase Behavior
Assortment Merchandise
Dual Marketing
40. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Consumer Decision Process
Family Life Cycle
Video Kiosk
Vertical Price Fixing
41. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Demand-Oriented Pricing
Exclusive Distribution
Selective Distribution
Motives
42. A type of retail institution in which a retailers owns one retail unit
Retail Balance
Independent
Reverse Logistics
Unit Pricing
43. Represents the total bundle of benefits offered to consumers through a channel of distribution
Information Search
Value Chain
Discretionary income
Direct Marketing
44. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Cross-Shopping
Membership (Warehouse) Club
Reach
Chain
45. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Social Class
Customary Pricing
Micromarketing
Odd Pricing
46. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Primary Trading Area
Vending Machine
Rationalized Retailing
Merchandising
47. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Markup Pricing
Compensation
Mass Merchandising
Price Elasticity of Demand
48. Where a consumer must pay the bill in full when it is due
Open Credit Account
Gravity Model
Direct Store Distribution (DSD)
Product Life Cycle
49. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Incremental Budgeting
Power Center
Inventory Management
Geographical Information System
50. Signals or cues as to the success or failure of that each part of the strategy
Additional Markup
Feedback
Marketing Research In Retailing
Debit Card System