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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. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Chargebacks
Hierarchy of Authority
Value (retailer)
Data Mining
2. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Market Segment Product Groupings
Vendor-Managed Inventory (VMI)
Compensation
3. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Lifestyle Center
Direct Product Profitability (DPP)
Geographical Information System
Basic Stock List
4. The activity whereby a retailer generates a list of job applicants
Point-of-Purchase Display
Frequency
Recruitment
Affinity
5. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Reilly's Law of Retailing Gravitation
Data Mining
Total Retail Experience
Job Motivation
6. 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
Feedback
Opportunities
Hidden Assets
Theme-Setting Display
7. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Channel Control
Customer Satisfaction
Reorder Point
8. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Staple Merchandise
Independent
Gravity Model
Family Life Cycle
9. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Taxes
Job Motivation
Data Mining
Affinity
10. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Electronic Banking
Primary Data
Point-of-Purchase Display
Consumer Protection
11. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Direct Product Profitability (DPP)
Tactics
Inventory Shrinkage
Corporation
12. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Purchase Act
Vertical Retail Audit
Retail Strategy
13. Involve the combination of separately owned retail firms
Threats
Vertical Cooperative Advertising Agreement
Forecasts
Mergers
14. Consists of all the levels of independently owned businesses along a channel of distribution
Prestige Pricing
Marketing Research In Retailing
Vertical Marketing System
Simulation
15. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Market Segment Product Groupings
Traditional Department Store
Automatic Reordering System
Service Retailing
16. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Full-Line Discount Store
Selective Distribution
Balanced Tenancy
Markup Pricing
17. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Employee Empowerment
Book (Perpetual) Inventory System
Goods/Service Category
Reilly's Law of Retailing Gravitation
18. Calls for precise rent increases over a stated period of time
Human Resource Management
Graduated Lease
Downsizing
Semantic Differential
19. 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
Seasonal Merchandise
Bait-and-Switch Advertising
Off-Price Chain
Sole Proprietorship
20. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Never-Out List
Basic Stock Method
Need-Satisfaction Approach
Human Resource Management
21. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Opportunistic Buying
Ethics
Everyday Low Pricing (EDLP)
Hierarchy of Effects
22. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Bifurcated Retailing
Conventional Supermarket
Cost of Goods Sold
Floor-Ready Merchandise
23. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Consumer Behavior
Mazur Plan
Controllable Variables
Exclusive Distribution
24. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Canned Sales Presentation
Goods Retailing
Massed Promotion Effort
Sales Promotion
25. Retailers price selected items below cost to lure more customer traffic for those retailers
Cost of Goods Sold
Budgeting
Tactics
Loss Leaders
26. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Threats
Basic Stock Method
RFID (radio frequency identification)
String
27. A retail firm owned by its customer members
Vendor-Managed Inventory (VMI)
Demographics
Diversified Retailer
Consumer Cooperative
28. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Probability (Random) Sample
Prototype Stores
Retail Audit
Experiential Merchandising
29. 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
Opportunity Costs
Discretionary income
Outsourcing
30. A retailer wants to maintain a specified ratio of goods on hand to sales
Retail Life Cycle
Community Shopping Center
Traditional Department Store
Stock-to-Sales Method
31. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Demand-Oriented Pricing
Cooperative Buying
Multiple-Unit Pricing
Universal Product Code (UPC)
32. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Cooperative Advertising
Uncontrollable Variables
Bottom-Up Space Management Approach
Direct Product Profitability (DPP)
33. The optimum site for a particular store
One-Hundred Percent Location
Impulse Purchases
Conventional Supermarket
Supermarket
34. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Goods/Service Category
Operating Expenditures
Universal Product Code (UPC)
Full-Line Discount Store
35. The form of research in which present behavior or the results of past behavior are noted and recorded
Price-Quality Association
Rack Display
Internet
Observation
36. 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
Fashion Merchandise
Logistics
Price Elasticity of Demand
Inventory Management
37. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Human Resource Management
Lifestyle Center
Vendor-Managed Inventory (VMI)
Straight (Gridiron) Traffic Flow
38. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Impulse Purchases
Outsourcing
Americans With Disabilities Act
Depth of Assortment
39. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Americans With Disabilities Act
Manufacturer (national) Brands
Outshopping
Consumer Decision Process
40. 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
String
Debit Card System
Floor-Ready Merchandise
41. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Cost of Method Accounting
Direct Product Profitability (DPP)
Image
Mystery Shoppers
42. 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
Item Price Removal
Opportunistic Buying
Off-Price Chain
Sorting Process
43. Represents how a given retailer is perceived by consumers and others
Multi-Channel Retailing
Image
One-Hundred Percent Location
PMs (Promotional or Push Monies)
44. Assumes new merchandise is sold first - while older stock remains in inventory
Traditional Job Description
LIFO (last-in-first-out) Method
Operating Expenditures
Price-Quality Association
45. 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
Electronic Point of Sale System
Slotting Allowances
Chargebacks
46. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Family Life Cycle
Bifurcated Retailing
Merchandising Philosophy
Reorder Point
47. Whereby franchisors limit franchisee involvement in the strategic planning process
Selective Distribution
Constrained Decision Making
Personality
Niche Retailing
48. The reasons for a consumers behavior
Sorting Process
Motives
Percentage Variation Method
Demand-Oriented Pricing
49. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Retail Strategy
Gross Profit (margin)
Chain
Balanced Tenancy
50. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Value Chain
Direct Product Profitability (DPP)
Retail Audit
Perceived Risk
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