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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. Relates to the quantites of merchandise a retailer handles during a stated period
Data-Base Retailing
Cooperative Advertising
Unit Control
Job Analysis
2. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Retail Information System
Cost of Goods Sold
Retail Life Cycle
Downsizing
3. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Control Units
Reference Groups
Massed Promotion Effort
4. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Storability Product Groupings
Fashion Merchandise
Goal-Oriented Job Description
Supervision
5. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Cognitive Dissonance
Box (Limited-Line) Store
Bait-and-Switch Advertising
Quick Response (QR) Inventory Planning
6. Embodied by a series of activities and processes that provides a certain value for the consumer
Benchmarking
Value (retailer)
Quick Response (QR) Inventory Planning
Operating Expenses
7. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Goods Retailing
Sales Manager
Video Kiosk
Hierarchy of Authority
8. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control
Markup Pricing
Department Store
Point-of-Purchase Display
Extended Decision Making
9. Two or more retailers share an ad
Employee Empowerment
All-You-Can-Afford Method
Consignment Purchase
Horizontal Cooperative Advertising Agreement
10. The customer group sought by a retailer
Flea Market
Target Marketing
Lifestyle Center
Goods Retailing
11. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Distributed Promotion Effort
World Wide Web
Financial Merchandise Management
Retail Strategy
12. Logically assumes old merchandise is sold first - while newer items remain in inventory
Goods Retailing
Perceived Risk
FIFO (first-in-first-out) Method
Trading Area
13. 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
Point-of-Purchase Display
Sales Promotion
Simulation
Unit Pricing
14. The criteria used to assess effectiveness
Sorting Process
Diversified Retailer
Performance Measures
Percentage Variation Method
15. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Exclusive Distribution
Cooperative Buying
Category Killer
16. 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
Reorder Point
Issue (problem) Definition
Data-Base Retailing
Off-Price Chain
17. A retail firm owned by its customer members
Electronic Article Surveillance
Horizontal Cooperative Advertising Agreement
Differentiated Marketing
Consumer Cooperative
18. 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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19. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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20. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Supply Chain
Product Life Cycle
Budgeting
Chargebacks
21. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Central Business District
Threats
Social Responsibility
Sole Proprietorship
22. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Markup Pricing
Percentage Lease
Book (Perpetual) Inventory System
Odd Pricing
23. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Motives
Benchmarking
Marquee
Secondary Business District (SBD)
24. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Constrained Decision Making
Gravity Model
Job Motivation
Employee Empowerment
25. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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26. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Retail Strategy
Multi-Channel Retailing
Sales Promotion
Diversification
27. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Category Killer
Weighted Application Blank
Cross-Merchandising
Visual Merchandising
28. A type of retail institution that is a department in a retail store that is rented to an outside party
Item Price Removal
Leader Pricing
Leased Department
Chain
29. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Service Retailing
Routine Decision Making
Variable Markup Policy
Prototype Stores
30. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Theme-Setting Display
Purchase Act
Fashion Merchandise
Situation Analysis
31. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Uncontrollable Variables
Wheel of Retailing
Supercenter
Scrambled Merchandising
32. Depicts a product offering in a thematic manner and sets a specific mood
Ensemble Display
Theme-Setting Display
Target Marketing
Bait-and-Switch Advertising
33. Exhibits heavier - bulkier items than a rack holds
Taxes
Case Display
Neighborhood Business District
Net Sales
34. Money left after paying taxes and buying necessities
Assortment Display
Social Responsibility
Simulation
Discretionary income
35. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Planogram
Video Kiosk
Rationalized Retailing
Routine Decision Making
36. Lets consumers bargain over prices; those who are good at it obtain lower prices
Flexible Pricing
Gross Profit (margin)
Mystery Shoppers
Top-Down Space Management Approach
37. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Marquee
Off-Price Chain
Bifurcated Retailing
Vertical Marketing System
38. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Opportunities
Probability (Random) Sample
Hidden Assets
39. 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
Lifestyle Center
Demographics
Logistics
Ensemble Display
40. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Specialog
Sorting Process
Business Format Franchising
Target Marketing
41. Represents the total bundle of benefits offered to consumers through a channel of distribution
Niche Retailing
All-You-Can-Afford Method
Value Chain
Item Price Removal
42. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Rationalized Retailing
Gap Analysis
Direct Product Profitability (DPP)
Slotting Allowances
43. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Consumer Loyalty (Frequent Shopper) Programs
Advertising
Regression Model
Rationalized Retailing
44. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Gross Profit (margin)
Class Consciousness
Experiential Merchandising
Word of Mouth (WOM)
45. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Fad Merchandise
Efficient Consumer Response (ECR)
Retail Information System
Goods/Service Category
46. 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
Flea Market
Percentage Lease
Mergers
Electronic Banking
47. Zeroing in on one specific group
Corporation
Concentrated Marketing
Merchandise Available for Sale
Everyday Low Pricing (EDLP)
48. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Cooperative Buying
Internet
Operating Expenses
Operations Blueprint
49. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Rationalized Retailing
Electronic Article Surveillance
Markdown
Positioning
50. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Minimum-Price Laws
Generic Brands
Corporation
Franchising