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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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study here
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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. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Regional Shopping Center
Opportunities
Micromarketing
Situation Analysis
2. The sum total of an individuals traits - which make that individual unique
Consumer Loyalty (Frequent Shopper) Programs
Personality
Percentage Variation Method
Incremental Budgeting
3. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
HRM Process
Retail Strategy
Percentage Lease
Compensation
4. The number of distinct people exposed to a retailers promotion efforts in a specific period
Mergers
Reach
Unit Pricing
Class Consciousness
5. 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
Intensive Distribution
Supply Chain
Chargebacks
Logistics
6. A retailers commitment to a type of business and to a distinctive role in the marketplace
Electronic Point of Sale System
Horizontal Cooperative Advertising Agreement
Organizational Mission
Purchase Motivation Product Groupings
7. 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
Reach
Traditional Department Store
Simulation
Positioning
8. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Markdown
Experiential Merchandising
Regression Model
Reverse Logistics
9. A retail firm that is formally incorporated under state law
Corporation
Dead Areas
Ensemble Display
Value Delivery System
10. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Zero-Based Budgeting
Application Blank
Corporation
11. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Fad Merchandise
Secondary Business District (SBD)
Trading Area
Value Delivery System
12. The cost of running a retail business
Retail Balance
Operating Expenses
Supervision
Controllable Variables
13. A cash or card operated retailing format that dispenses goods and services
Vending Machine
Food-Based Superstore
Nongoods Services
Issue (problem) Definition
14. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Concentrated Marketing
Price Elasticity of Demand
Variety Store
Combination Store
15. Used for products needing special handling
Storability Product Groupings
Hidden Assets
Core Customers
Corporation
16. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Secondary Business District (SBD)
Dollar Control
Convenience Store
Class Consciousness
17. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Gross Margin
Discretionary income
Scenario Analysis
18. A listing of bipolar adjectives scales
Micromarketing
Chargebacks
Convenience Store
Semantic Differential
19. Merchandise that generates high sales over a short time
Fad Merchandise
Theme-Setting Display
Limited Decision Making
Net Profit After Taxes
20. Assigns floor space on the basis of sales or profit per foot
RFID (radio frequency identification)
Recruitment
Sales-Productivity Ratio
Mass Marketing
21. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Incremental Budgeting
Family Life Cycle
Taxes
22. The extent to which a person desires and pursues social status
Micromerchandising
Contingency Pricing
Memorandum Purchase
Class Consciousness
23. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Odd Pricing
Warehouse Store
Solution Selling
Secondary Trading Area
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
Operating Expenditures
Off-Price Chain
Merchandising
Opportunities
25. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Central Business District
Inventory Shrinkage
Battle of the Brands
Item Price Removal
26. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Training Programs
Service Retailing
Opportunistic Buying
Memorandum Purchase
27. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Nonstore Retailing
Retail Life Cycle
Publicity
Incremental Method
28. Shows the expected behavior of a good or service over its life
Employee Empowerment
Item Price Removal
Product Life Cycle
Competitive Parity Method
29. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Sales Manager
Primary Data
Resident Buying Office
Need-Satisfaction Approach
30. A retailers best customers
Core Customers
Recruitment
Electronic Article Surveillance
Affinity
31. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Variable Pricing
Staple Merchandise
Chargebacks
Ethics
32. Whereby franchisors limit franchisee involvement in the strategic planning process
Rationalized Retailing
Constrained Decision Making
Opportunity Costs
Supercenter
33. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Data-Base Management
Revolving Credit Account
Rented-Goods Services
Logistics
34. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Basic Stock Method
Lifestyle Center
Business Format Franchising
Expected Customer Service
35. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Intensive Distribution
Order-Taking Salesperson
Opportunities
Direct Selling
36. 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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37. Determines the floor space necessary to carry and display a proper merchandise assortment
Consumer Loyalty (Frequent Shopper) Programs
Primary Data
Physical Inventory System
Model Stock Approach
38. A manufacturer and a retailer or a wholesales and a retailer share an ad
Merchandising
Vertical Cooperative Advertising Agreement
Word of Mouth (WOM)
Traditional Department Store
39. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Nongoods Services
Open Credit Account
Hidden Assets
Ethics
40. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Solution Selling
Computerized Checkout
Partnership
Regression Model
41. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Relationship Retailing
Market Segment Product Groupings
Prototype Stores
Consumer Cooperative
42. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Net Profit After Taxes
Lifestyle Center
Forecasts
43. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Customer Service
Inventory Shrinkage
Electronic Data Interchange (EDI)
Regional Shopping Center
44. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Weighted Application Blank
Pre-Training
Survey
Convenience Store
45. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Video Kiosk
Food-Based Superstore
Electronic Article Surveillance
Value Chain
46. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Nongoods Services
Zero-Based Budgeting
Reach
47. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Mass Marketing
Operations Management
Incremental Budgeting
Purchase Motivation Product Groupings
48. Based on the original retail value assigned to merchandise less the costs of the merchandise
Theme-Setting Display
Initial Markup
Bifurcated Retailing
Impulse Purchases
49. Involves oral communication with one or more prospective customers for the purpose of making a sale
Need-Satisfaction Approach
Personal Selling
Advertising
Supervision
50. The mix of stores within a district or shopping center
Retail Method of Accounting
Job Analysis
Retail Balance
LIFO (last-in-first-out) Method
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