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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. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Retail Life Cycle
Economic Base
Electronic Article Surveillance
Basic Stock List
2. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Constrained Decision Making
Geographical Information System
Routine Decision Making
Secondary Trading Area
3. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Sorting Process
Intensive Distribution
Image
Mystery Shoppers
4. Consists of all the levels of independently owned businesses along a channel of distribution
Traditional Job Description
Robinson-Patman Act
Price Lining
Vertical Marketing System
5. 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
RFID (radio frequency identification)
Economic Base
Off-Price Chain
Trading Area Overlap
6. Available from sources outside the firm
External Secondary Data
Stock-to-Sales Method
Frequency
Internet
7. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Opportunities
Lifestyles
Weeks' Supply Method
Stimulus
8. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Operating Expenses
Primary Trading Area
Affinity
Staple Merchandise
9. The portion of revenues turned over to the federal - state and/or local government
Electronic Data Interchange (EDI)
Taxes
Exclusive Distribution
Staple Merchandise
10. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Central Business District
Electronic Data Interchange (EDI)
Percentage-of-Sales Method
Graduated Lease
11. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Storability Product Groupings
Retail Organization
Word of Mouth (WOM)
Product/Trademark Franchising
12. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Top-Down Space Management Approach
Operating Expenditures
Liabilities
Marquee
13. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Retail Organization
Multiple-Unit Pricing
Simulation
Loss Leaders
14. The cost of running a retail business
Prototype Stores
Cognitive Dissonance
Depth of Assortment
Operating Expenses
15. Where a consumer must pay the bill in full when it is due
Order-Getting Salesperson
Supercenter
Total Retail Experience
Open Credit Account
16. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Initial Markup
Issue (problem) Definition
Nonstore Retailing
17. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Net Worth
Reverse Logistics
Hidden Assets
Rented-Goods Services
18. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Tactics
Inventory Shrinkage
Limited Decision Making
Cost of Goods Sold
19. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Video Kiosk
Electronic Data Interchange (EDI)
Minimum-Price Laws
Storefront
20. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Order-Taking Salesperson
Point of Difference
Hierarchy of Effects
Forecasts
21. Occurs when one consumer talks to others; can build a chain of customers
Graduated Lease
Word of Mouth (WOM)
Specialty Store
Off-Price Chain
22. A retailer wants to maintain a specified ratio of goods on hand to sales
Operations Management
Stock-to-Sales Method
Nonstore Retailing
Downsizing
23. Represents the total bundle of benefits offered to consumers through a channel of distribution
Loss Leaders
Value Chain
HRM Process
Wheel of Retailing
24. 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
Visual Merchandising
Controllable Variables
Price Elasticity of Demand
Demand-Oriented Pricing
25. Assumes new merchandise is sold first - while older stock remains in inventory
Information Search
LIFO (last-in-first-out) Method
Gross Margin
Performance Measures
26. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Budgeting
Bifurcated Retailing
Perceived Risk
Additional Markup
27. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Electronic Data Interchange (EDI)
Bait-and-Switch Advertising
Variable Pricing
Single-Channel Retailing
28. Objective - quantifiable - easily identifiable and measurable population data
Vertical Retail Audit
Point of Difference
Variable Markup Policy
Demographics
29. Suppliers sell through a moderate number of retailers
Demand-Oriented Pricing
Strategy Mix
Selective Distribution
Retail Audit
30. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Value (retailer)
Frequency
Operations Blueprint
Niche Retailing
31. Competition between manufacturers and retailers for shelf space and profits
Perceived Risk
Battle of the Brands
Channel of Distribution
Inventory Management
32. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Additional Markup
Nongoods Services
Opportunistic Buying
Sales Promotion
33. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Functional Product Groupings
Cost-Oriented Pricing
Family Life Cycle
Order-Getting Salesperson
34. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Micromarketing
Cost of Method Accounting
Value (retailer)
Order-Getting Salesperson
35. Out-of-hometown shopping - is important for both local and surrounding retailers
Bait-and-Switch Advertising
Goal-Oriented Job Description
Massed Promotion Effort
Outshopping
36. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Situation Analysis
Equal Store Organization
Routine Decision Making
Floor-Ready Merchandise
37. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Differentiated Marketing
Regional Shopping Center
Atmosphere (atmospherics)
Neighborhood Shopping Center
38. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Weeks' Supply Method
Curing (Free-Flowing) Traffic Flow
Massed Promotion Effort
39. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Supermarket
Diversification
Massed Promotion Effort
Geographical Information System
40. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Consumer Cooperative
Retail Balance
Cooperative Buying
Image
41. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Diversified Retailer
Intensive Distribution
Tactics
Loss Leaders
42. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Electronic Point of Sale System
Retail Audit
Neighborhood Shopping Center
Customer Satisfaction
43. Selling goods and services to a broad spectrum of consumers
Supply Chain
Application Blank
Mass Marketing
Combination Store
44. Consists of products that sell well over nonconsecutive time periods
Customer Loyalty
Seasonal Merchandise
Bifurcated Retailing
Intensive Distribution
45. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Ethics
Fringe Trading Area
Perceived Risk
Conventional Supermarket
46. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Item Price Removal
Monthly Sales Index
Box (Limited-Line) Store
Mass Merchandising
47. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Retail Strategy
Personal Selling
Basic Stock Method
Computerized Checkout
48. Graphically displays its hierarchical relationships created by a retailer
Financial Merchandise Management
Central Business District
Organization Chart
Augmented Customer Service
49. 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
Operating Expenditures
Price Elasticity of Demand
Assortment
Competition-Oriented Pricing
50. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Bait-and-Switch Advertising
Incremental Budgeting
Odd Pricing
Wheel of Retailing