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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. The difference between net sales and the total cost of goods sold
Initial Markup
Gross Margin
Diversified Retailer
Consumer Behavior
2. The portion of revenues turned over to the federal - state and/or local government
Taxes
Diversification
Positioning
Secondary Data
3. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Assortment Display
Floor-Ready Merchandise
All-You-Can-Afford Method
Image
4. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Horizontal Retail Audit
Advertising
Order-Getting Salesperson
Stock Turnover
5. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Monthly Sales Index
Neighborhood Shopping Center
Control Units
6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Price Lining
Quick Response (QR) Inventory Planning
Never-Out List
Huff's Law of Shopper Attraction
7. 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
Gravity Model
Top-Down Space Management Approach
Power Center
Department Store
8. 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
Private (dealer) Brands
Unit Pricing
Cost of Goods Sold
9. 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
Width of Assortment
Retail Information System
Price-Quality Association
Revolving Credit Account
10. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Multi-Channel Retailing
Perceived Risk
Membership (Warehouse) Club
11. Whereby prices are marked only on shelves or signs and not on individual items
Variable Markup Policy
Item Price Removal
Consignment Purchase
Selective Distribution
12. The line of business in which a retailer operates
Incremental Budgeting
Traditional Department Store
Situation Analysis
Goods/Service Category
13. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Category Management
Exclusive Distribution
Nonstore Retailing
Internal Secondary Data
14. A retail firm owned by its customer members
Cost of Goods Sold
Markup Pricing
Option Credit Account
Consumer Cooperative
15. There is more interactive relationship between a franchisor and a franchisee
Business Format Franchising
Option Credit Account
Quick Response (QR) Inventory Planning
Franchising
16. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Customary Pricing
Weighted Application Blank
Retail Information System
Assortment Display
17. A retailer sets its prices in accordance with competitors'
Electronic Banking
Customary Pricing
Scrambled Merchandising
Competition-Oriented Pricing
18. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Predatory Pricing
Multiple-Unit Pricing
Limited Decision Making
Prestige Pricing
19. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Flea Market
Ease of Entry
Partnership
Culture
20. 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
Control
Electronic Data Interchange (EDI)
Need-Satisfaction Approach
Augmented Customer Service
21. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
Direct Product Profitability (DPP)
Consumer Behavior
Vertical Cooperative Advertising Agreement
22. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Order-Taking Salesperson
Post-Purchase Behavior
Ease of Entry
Value (retailer)
23. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Horizontal Cooperative Advertising Agreement
Resident Buying Office
Chargebacks
HRM Process
24. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Advertising
Merchandising
String
Markup Pricing
25. Assumes new merchandise is sold first - while older stock remains in inventory
HRM Process
Want Book (Want Slip)
LIFO (last-in-first-out) Method
Theme-Setting Display
26. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Retail Strategy
Weighted Application Blank
Frequency
Mass Marketing
27. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Survey
Quick Response (QR) Inventory Planning
Specialog
Logistics
28. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Mazur Plan
Bait-and-Switch Advertising
Stock-to-Sales Method
Incremental Budgeting
29. Every store - product - or customer has an equal or known chance of being chosen for a study
Non-probability Sample
Probability (Random) Sample
Gap Analysis
Floor-Ready Merchandise
30. 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
Incremental Budgeting
Weighted Application Blank
Storefront
31. 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
Analog Model
Regional Shopping Center
Positioning
Convenience Store
32. Used for products needing special handling
Order-Taking Salesperson
Product/Trademark Franchising
Storability Product Groupings
Sales-Productivity Ratio
33. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Retailing
Flexible Pricing
Consignment Purchase
Need-Satisfaction Approach
34. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Bait-and-Switch Advertising
Convenience Store
Retailing Concept
Quick Response (QR) Inventory Planning
35. 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
Opportunistic Buying
Specialog
Value Delivery System
Cost of Goods Sold
36. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Full-Line Discount Store
Mass Merchandising
Regional Shopping Center
37. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Infomercial
Central Business District
Category Management
Cost of Method Accounting
38. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Training Programs
Performance Measures
Evaluation of Alternatives
Mazur Plan
39. The manner of providing a job environment that encourages employee accomplishment
Supervision
Reference Groups
World Wide Web
Full-Line Discount Store
40. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Outsourcing
Value (customer)
Fringe Trading Area
Trading Area
41. Systematically lists all operating functions to be performed - their characteristics - and their timing
Productivity
Debit Card System
Operations Blueprint
Point-of-Purchase Display
42. A retailers carries complementary goods and services to encourage shoppers to buy more
Classification Merchandising
Traditional Job Description
Cross-Merchandising
Bifurcated Retailing
43. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Open-to-Buy
Mergers
Ethics
Zero-Based Budgeting
44. Involve the combination of separately owned retail firms
Gross Profit (margin)
Mergers
Reverse Logistics
Width of Assortment
45. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Graduated Lease
Direct Marketing
Reilly's Law of Retailing Gravitation
Dual Marketing
46. Determines the floor space necessary to carry and display a proper merchandise assortment
Model Stock Approach
Top-Down Space Management Approach
Forecasts
Consumer Loyalty (Frequent Shopper) Programs
47. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Net Profit After Taxes
Mass Marketing
Customer Service
Percentage-of-Sales Method
48. A food-based discounter offering a moderate number of food items in a no-frills setting
Warehouse Store
Reference Groups
Compensation
Massed Promotion Effort
49. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Cross-Shopping
Primary Trading Area
Stimulus
Scenario Analysis
50. A type of retail institution that is a department in a retail store that is rented to an outside party
Cost of Goods Sold
Canned Sales Presentation
Simulation
Leased Department