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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. Determines the floor space necessary to carry and display a proper merchandise assortment
Bifurcated Retailing
Model Stock Approach
Zero-Based Budgeting
Diversified Retailer
2. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Controllable Variables
Motives
Impulse Purchases
3. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Data Warehousing
Trading Area Overlap
Price-Quality Association
Objective-and-Task Method
4. The number of distinct people exposed to a retailers promotion efforts in a specific period
Constrained Decision Making
Reach
Point of Difference
Unit Pricing
5. There is more interactive relationship between a franchisor and a franchisee
Class Consciousness
Central Business District
Operating Expenditures
Business Format Franchising
6. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Markdown
Community Shopping Center
Width of Assortment
Mystery Shoppers
7. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Power Center
Predatory Pricing
Loss Leaders
Huff's Law of Shopper Attraction
8. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Dual Marketing
Direct Marketing
Supply Chain
Weeks' Supply Method
9. Displays merchandise by common end use
Universal Product Code (UPC)
Functional Product Groupings
Direct Marketing
Competition-Oriented Pricing
10. The profit earned after all costs and taxes have been deducted
Stimulus
Net Profit After Taxes
Sales Opportunity Grid
Maintained Markup
11. Sets the guiding principles for all the merchandise decisions a retailers makes
Central Business District
Mass Merchandising
Merchandising Philosophy
Automatic Reordering System
12. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Atmosphere (atmospherics)
Supercenter
Scrambled Merchandising
Data Warehousing
13. Signals or cues as to the success or failure of that each part of the strategy
Depth of Assortment
Solution Selling
Feedback
Category Killer
14. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Routine Decision Making
One-Hundred Percent Location
Total Retail Experience
Retail Method of Accounting
15. Involves an informal ranking of people based on income - occupation - education and other factors
Horizontal Cooperative Advertising Agreement
Social Class
Retail Life Cycle
Logistics
16. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Experiment
Neighborhood Shopping Center
Gravity Model
17. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Competitive Parity Method
RFID (radio frequency identification)
Department Store
Goods/Service Category
18. 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
Specialty Store
Mergers
Word of Mouth (WOM)
Hidden Assets
19. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Traditional Department Store
Leased Department
Customer Satisfaction
Box (Limited-Line) Store
20. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Traditional Job Description
Advertising
Cut Case
Independent
21. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Reilly's Law of Retailing Gravitation
Total Retail Experience
Cost-Oriented Pricing
Chargebacks
22. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Core Customers
Budgeting
Financial Merchandise Management
Straight (Gridiron) Traffic Flow
23. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Goal-Oriented Job Description
Stimulus
Financial Merchandise Management
Top-Down Space Management Approach
24. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
HRM Process
Gravity Model
Opportunities
Convenience Store
25. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Positioning
Specialty Store
Model Stock Approach
Niche Retailing
26. A type of retail institution that is a department in a retail store that is rented to an outside party
Leased Department
Initial Markup
One-Price Policy
Competition-Oriented Pricing
27. A manufacturer and a retailer or a wholesales and a retailer share an ad
Traditional Department Store
Want Book (Want Slip)
Vertical Cooperative Advertising Agreement
Ensemble Display
28. Takes a customer-centered approach and presents "solutions" rather than "products"
Merchandising
Solution Selling
Product Life Cycle
Planogram
29. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
Electronic Data Interchange (EDI)
Retail Audit
Competitive Parity Method
30. 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
Family Life Cycle
Demand-Oriented Pricing
Situation Analysis
Customary Pricing
31. Whereby suppliers sell through as many retailers as possible
Intensive Distribution
Book (Perpetual) Inventory System
Operations Management
Bifurcated Retailing
32. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Automatic Reordering System
Economic Base
Training Programs
Performance Measures
33. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
One-Hundred Percent Location
Traditional Department Store
Nongoods Services
Solution Selling
34. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Inventory Management
Organizational Mission
Revolving Credit Account
Sales Manager
35. A planned shopping facility - with the largest store being a supermarket or a drugstore
Affinity
Issue (problem) Definition
Neighborhood Shopping Center
Competition-Oriented Pricing
36. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Control
Sales Promotion
Discretionary income
Secondary Data
37. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Point-of-Purchase Display
Automatic Reordering System
Service Retailing
Strategy Mix
38. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Inventory Shrinkage
Gap Analysis
Personal Selling
Case Display
39. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Food-Based Superstore
Impulse Purchases
Curing (Free-Flowing) Traffic Flow
Micromerchandising
40. 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
Cooperative Buying
Assets
Specialty Store
Competitive Parity Method
41. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Markdown
Budgeting
Cross-Shopping
Scenario Analysis
42. Consists of the regular products carried by a retailer
Off-Price Chain
Maintained Markup
Supply Chain
Staple Merchandise
43. Whereby each department is subdivided into further categories for related types of merchandise
Want Book (Want Slip)
Maintenance-Increase-Recoupment Lease
Classification Merchandising
Warehouse Store
44. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Retail Audit
Customer Service
Job Analysis
Scrambled Merchandising
45. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Positioning
Augmented Customer Service
Percentage Variation Method
Solution Selling
46. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Product Life Cycle
Diversification
Retail Promotion
Diversified Retailer
47. A retailers has no risk because title is not taken; the supplier owns the goods until sold
External Secondary Data
Consignment Purchase
Sales-Productivity Ratio
Gross Margin
48. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Resident Buying Office
Category Killer
Supply Chain
Term Occupancy
49. The long-run and short-run performance targets a retailers hopes to attain
Job Motivation
Productivity
Objectives
Trading Area Overlap
50. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Assortment
Leader Pricing
Retail Audit
Operations Blueprint