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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. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Secondary Data
Gap Analysis
Sales-Productivity Ratio
Book (Perpetual) Inventory System
2. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Point-of-Purchase Display
Internal Secondary Data
Atmosphere (atmospherics)
Straight (Gridiron) Traffic Flow
3. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Video Kiosk
Rack Display
Dead Areas
Equal Store Organization
4. A type of retail institution in which a retailers owns one retail unit
Open Credit Account
Retail Audit
Independent
Compensation
5. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Analog Model
Reorder Point
Functional Product Groupings
Employee Empowerment
6. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Americans With Disabilities Act
Goods Retailing
Outsourcing
7. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Canned Sales Presentation
Ethics
Consumer Behavior
Traditional Job Description
8. A retailer charges the same price to all customers buying an item under similar conditions
One-Price Policy
Vendor-Managed Inventory (VMI)
Liabilities
Consumer Loyalty (Frequent Shopper) Programs
9. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Seasonal Merchandise
Value Chain
Variable Pricing
Curing (Free-Flowing) Traffic Flow
10. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Staple Merchandise
Physical Inventory System
Forecasts
Internet
11. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Merchandise Available for Sale
Multi-Channel Retailing
Controllable Variables
Channel Control
12. 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
Retail Institution
Incremental Budgeting
Incremental Method
Traditional Department Store
13. Any item a retailer owns with monetary value
Opportunities
Leased Department
Rented-Goods Services
Assets
14. A retailers commitment to a type of business and to a distinctive role in the marketplace
Threats
Organizational Mission
Data-Base Management
String
15. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Retail Information System
Order-Taking Salesperson
Graduated Lease
Customer Satisfaction
16. Available within the company - sometimes from the data bank of a retail information system
Mazur Plan
Positioning
Internal Secondary Data
Mergers
17. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Initial Markup
Market Segment Product Groupings
Supervision
18. 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
Hierarchy of Authority
Bifurcated Retailing
Feedback
19. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
One-Price Policy
Personal Selling
Productivity
20. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Franchising
String
Control
Variety Store
21. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Experiential Merchandising
Electronic Article Surveillance
Downsizing
Cross-Shopping
22. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Option Credit Account
Business Format Franchising
Nongoods Services
Depth of Assortment
23. 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
Planogram
Business Format Franchising
Specialty Store
Huff's Law of Shopper Attraction
24. An unincorporated retail firm owned by one person
Sole Proprietorship
Public Relations
Simulation
Cost of Goods Sold
25. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Goods/Service Category
Mass Marketing
Net Sales
Storability Product Groupings
26. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Secondary Business District (SBD)
Internal Secondary Data
Forecasts
Data Mining
27. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Marketing Research In Retailing
Reference Groups
Competitive Parity Method
Customary Pricing
28. 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
Nongoods Services
Taxes
Merchandise Available for Sale
Reorder Point
29. Occurs when a consumer makes full use of the decision process
Category Management
Private (dealer) Brands
Core Customers
Extended Decision Making
30. The profit earned after all costs and taxes have been deducted
String
Routine Decision Making
Incremental Method
Net Profit After Taxes
31. 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
Net Profit After Taxes
Electronic Banking
Direct Product Profitability (DPP)
Canned Sales Presentation
32. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Full-Line Discount Store
Supervision
Niche Retailing
Secondary Trading Area
33. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Theme-Setting Display
Retail Strategy
Retail Information System
Supply Chain
34. 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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35. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Assortment Display
Public Relations
Direct Marketing
Simulation
36. Determines the floor space necessary to carry and display a proper merchandise assortment
Assortment Display
HRM Process
Model Stock Approach
Everyday Low Pricing (EDLP)
37. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Issue (problem) Definition
Fashion Merchandise
Control
Bifurcated Retailing
38. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Retail Organization
Chain
Seasonal Merchandise
String
39. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Mergers
Tactics
Cooperative Advertising
Retail Organization
40. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Everyday Low Pricing (EDLP)
Case Display
PMs (Promotional or Push Monies)
Operating Expenditures
41. Includes all the remaining customers - and they are the most widely dispersed
Incremental Budgeting
Fringe Trading Area
Motives
Objective-and-Task Method
42. 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
Benchmarking
Computerized Checkout
Net Profit After Taxes
Cross-Merchandising
43. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Graduated Lease
Public Relations
Job Motivation
Predatory Pricing
44. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Memorandum Purchase
Minimum-Price Laws
One-Hundred Percent Location
Basic Stock Method
45. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Uncontrollable Variables
Ethics
Mass Merchandising
Dual Marketing
46. 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
Percentage Lease
Off-Price Chain
Diversified Retailer
Scrambled Merchandising
47. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Convenience Store
Stock-to-Sales Method
Intensive Distribution
Chargebacks
48. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Dump Bin
Opportunity Costs
Cognitive Dissonance
Retail Promotion
49. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
LIFO (last-in-first-out) Method
Quick Response (QR) Inventory Planning
Product/Trademark Franchising
Augmented Customer Service
50. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Consumer Behavior
Sorting Process
Concentrated Marketing
Reference Groups