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Test your basic knowledge |
Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Retail Institution
Sole Proprietorship
Cost of Goods Sold
Pre-Training
2. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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3. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Control
Independent
Price-Quality Association
4. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Maintenance-Increase-Recoupment Lease
Bait-and-Switch Advertising
Secondary Trading Area
Frequency
5. Outlines a retailer's planned expenditures for a given time based on expected performance
Vendor-Managed Inventory (VMI)
Geographical Information System
Budgeting
Multi-Channel Retailing
6. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Goods/Service Category
Distributed Promotion Effort
Item Price Removal
All-You-Can-Afford Method
7. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Controllable Variables
Purchase Act
Customer Loyalty
Unit Control
8. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Leased Department
Reverse Logistics
Convenience Store
Tactics
9. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Trading Area Overlap
Prototype Stores
Debit Card System
Leader Pricing
10. Involves oral communication with one or more prospective customers for the purpose of making a sale
Personal Selling
Evaluation of Alternatives
Variable Pricing
Cost of Goods Sold
11. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Sales-Productivity Ratio
Core Customers
Traditional Department Store
Assortment Merchandise
12. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Control Units
Food-Based Superstore
Situation Analysis
Publicity
13. 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
Unit Pricing
Attitudes (Opinions)
Canned Sales Presentation
Retail Information System
14. A merchandising technique that some firms use to improve productivity
FIFO (first-in-first-out) Method
Experiential Merchandising
Category Management
Economic Base
15. There is more interactive relationship between a franchisor and a franchisee
Business Format Franchising
Image
Specialty Store
Customer Loyalty
16. 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
Single-Channel Retailing
Constrained Decision Making
Manufacturer (national) Brands
Automatic Reordering System
17. Displays merchandise by common end use
Huff's Law of Shopper Attraction
Weighted Application Blank
Net Lease
Functional Product Groupings
18. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Non-probability Sample
Sales Manager
Dual Marketing
Retailing
19. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Retailing
Consumer Cooperative
Direct Marketing
Value Chain
20. A retailers commitment to a type of business and to a distinctive role in the marketplace
Job Motivation
Reorder Point
Organizational Mission
Vertical Marketing System
21. the drive within people to attain work-related goals - can be positive or negative
Vending Machine
Fringe Trading Area
Niche Retailing
Job Motivation
22. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Simulation
Mass Marketing
Competitive Parity Method
Retail Audit
23. Calls for all maintenance costs to be paid by the retailer
Net Lease
Business Format Franchising
Competition-Oriented Pricing
Impulse Purchases
24. Used for products needing special handling
Storability Product Groupings
Item Price Removal
Top-Down Space Management Approach
Motives
25. The extent to which a person desires and pursues social status
Reilly's Law of Retailing Gravitation
Class Consciousness
Consignment Purchase
Never-Out List
26. Zeroing in on one specific group
Demographics
Zero-Based Budgeting
Concentrated Marketing
Incremental Budgeting
27. Places together various items that appeal to a given target market
Sales Promotion
Open-to-Buy
Market Segment Product Groupings
Competition-Oriented Pricing
28. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Variety Store
Cost of Goods Sold
Discretionary income
Off-Price Chain
29. Whereby each department is subdivided into further categories for related types of merchandise
Classification Merchandising
Yield Management Pricing
Lifestyles
Price Lining
30. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Need-Satisfaction Approach
Distributed Promotion Effort
Problem Awareness
Battle of the Brands
31. Payments that retailers require of vendors for providing shelf space
Family Life Cycle
Pre-Training
Specialog
Slotting Allowances
32. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Price Elasticity of Demand
Discretionary income
Gap Analysis
Personal Selling
33. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Term Occupancy
Cooperative Advertising
Primary Trading Area
Option Credit Account
34. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Monthly Sales Index
Flea Market
External Secondary Data
Consignment Purchase
35. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Odd Pricing
Value (customer)
Opportunities
Culture
36. 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
Dump Bin
Variable Pricing
Assortment Merchandise
Category Management
37. A case that holds piles of sale clothing - marked down books or other products
Percentage Lease
Financial Merchandise Management
Open-to-Buy
Dump Bin
38. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Gross Profit (margin)
Monthly Sales Index
Huff's Law of Shopper Attraction
39. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Private (dealer) Brands
Retail Information System
Off-Price Chain
Impulse Purchases
40. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Electronic Article Surveillance
Electronic Data Interchange (EDI)
Multi-Channel Retailing
One-Hundred Percent Location
41. 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
Competition-Oriented Pricing
Loss Leaders
Social Responsibility
Cost of Goods Sold
42. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Advertising
Central Business District
Information Search
43. 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
Universal Product Code (UPC)
Warehouse Store
Value Chain
Sorting Process
44. Represents how a given retailer is perceived by consumers and others
Training Programs
Direct Store Distribution (DSD)
Retail Life Cycle
Image
45. A retail firm owned by its customer members
Consumer Cooperative
Multi-Channel Retailing
Customer Service
Huff's Law of Shopper Attraction
46. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Customer Satisfaction
Gap Analysis
Assortment Display
Order-Taking Salesperson
47. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Vendor-Managed Inventory (VMI)
Chain
Control
48. Includes all the remaining customers - and they are the most widely dispersed
Fringe Trading Area
Seasonal Merchandise
Chargebacks
Flexible Pricing
49. Any item a retailer owns with monetary value
Routine Decision Making
Value Chain
Assets
Horizontal Price Fixing
50. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Consumer Cooperative
Word of Mouth (WOM)
Compensation
Basic Stock List
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