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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. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Huff's Law of Shopper Attraction
Cost of Goods Sold
Robinson-Patman Act
Employee Empowerment
2. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Consumer Protection
Personality
Liabilities
Competitive Parity Method
3. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Net Sales
Vertical Cooperative Advertising Agreement
Membership (Warehouse) Club
4. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Inventory Management
Initial Markup
Operations Blueprint
Generic Brands
5. Embodied by a series of activities and processes that provides a certain value for the consumer
Value (retailer)
Markup Pricing
Sales Promotion
Planogram
6. Where a consumer must pay the bill in full when it is due
Open Credit Account
Additional Markup
Maintenance-Increase-Recoupment Lease
Human Resource Management
7. 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
Bottom-Up Space Management Approach
Affinity
Category Management
Traditional Department Store
8. A retail firm owned by its customer members
Demographics
Consumer Cooperative
Horizontal Price Fixing
Cost of Method Accounting
9. A merchandising technique that some firms use to improve productivity
Automatic Reordering System
Category Management
Retail Strategy
Objective-and-Task Method
10. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Full-Line Discount Store
Sorting Process
Off-Price Chain
Goal-Oriented Job Description
11. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Percentage Lease
Hierarchy of Effects
Sales-Productivity Ratio
Customer Service
12. Information is systematically gathered from respondents by communicating with them
Survey
Curing (Free-Flowing) Traffic Flow
Rationalized Retailing
Regression Model
13. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Vertical Cooperative Advertising Agreement
Warehouse Store
Consumer Protection
Attitudes (Opinions)
14. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Positioning
Direct Store Distribution (DSD)
Leader Pricing
Advertising
15. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Price-Quality Association
External Secondary Data
Physical Inventory System
16. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Reach
Predatory Pricing
Reilly's Law of Retailing Gravitation
Micromerchandising
17. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Experiment
Opportunistic Buying
Electronic Article Surveillance
LIFO (last-in-first-out) Method
18. 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
Data-Base Retailing
Total Retail Experience
Pre-Training
Diversification
19. Depicts a product offering in a thematic manner and sets a specific mood
Owned-Goods Services
Controllable Variables
Downsizing
Theme-Setting Display
20. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Category Management
Channel Control
Semantic Differential
21. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Direct Marketing
Atmosphere (atmospherics)
Hierarchy of Effects
Assortment Display
22. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Unit Control
Massed Promotion Effort
Economic Base
23. Payments that retailers require of vendors for providing shelf space
Performance Measures
Frequency
Slotting Allowances
Inventory Shrinkage
24. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Information Search
Vertical Cooperative Advertising Agreement
External Secondary Data
Percentage-of-Sales Method
25. Retailers price selected items below cost to lure more customer traffic for those retailers
Loss Leaders
Data Mining
Leased Department
Depth of Assortment
26. Consists of all the levels of independently owned businesses along a channel of distribution
Rationalized Retailing
Vertical Marketing System
Personal Selling
Observation
27. The criteria used to assess effectiveness
Open-to-Buy
Balanced Tenancy
Market Segment Product Groupings
Performance Measures
28. A retail firm that is formally incorporated under state law
Taxes
Corporation
Vertical Cooperative Advertising Agreement
Market Segment Product Groupings
29. 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
Equal Store Organization
Retail Information System
Uncontrollable Variables
Evaluation of Alternatives
30. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
RFID (radio frequency identification)
Point-of-Purchase Display
Primary Trading Area
Service Retailing
31. The merchandise categories for which data are gathered
Owned-Goods Services
Non-probability Sample
Control Units
Computerized Checkout
32. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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33. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Horizontal Retail Audit
Inventory Shrinkage
Data Warehousing
All-You-Can-Afford Method
34. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Consumer Protection
Experiential Merchandising
Unit Pricing
Width of Assortment
35. 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
Hidden Assets
Experiment
Net Worth
Regression Model
36. 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
Issue (problem) Definition
Problem Awareness
Competitive Parity Method
Flea Market
37. Represents how a given retailer is perceived by consumers and others
Image
Consignment Purchase
Model Stock Approach
Retail Institution
38. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Automatic Reordering System
Issue (problem) Definition
Electronic Article Surveillance
Planogram
39. Sets the guiding principles for all the merchandise decisions a retailers makes
Customer Service
Merchandising Philosophy
RFID (radio frequency identification)
Power Center
40. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Universal Product Code (UPC)
Debit Card System
Net Sales
Reference Groups
41. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Mass Merchandising
Problem Awareness
Outsourcing
Owned-Goods Services
42. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Personality
Predatory Pricing
Bait-and-Switch Advertising
Post-Purchase Behavior
43. Consists of products that sell well over nonconsecutive time periods
String
Seasonal Merchandise
Rented-Goods Services
Slotting Allowances
44. 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
Cost of Goods Sold
Mergers
Extended Decision Making
Primary Trading Area
45. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Channel of Distribution
Rationalized Retailing
Extended Decision Making
Prestige Pricing
46. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Open Credit Account
Family Life Cycle
Storefront
Application Blank
47. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Social Responsibility
Net Worth
Purchase Motivation Product Groupings
Power Center
48. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Objectives
Frequency
Market Segment Product Groupings
49. The customer group sought by a retailer
Target Marketing
Gross Profit (margin)
Retail Organization
Routine Decision Making
50. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Consignment Purchase
Operations Management
Motives
Non-probability Sample
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