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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. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Attitudes (Opinions)
Power Center
HRM Process
Semantic Differential
2. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Relationship Retailing
Horizontal Retail Audit
Geographical Information System
Application Blank
3. The cost of running a retail business
Department Store
Internet
Prototype Stores
Operating Expenses
4. Mandates that persons with disabilities be given appropriate access to retailing facilities
Membership (Warehouse) Club
Americans With Disabilities Act
Benchmarking
Predatory Pricing
5. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Channel Control
Functional Product Groupings
Consumer Loyalty (Frequent Shopper) Programs
Mass Merchandising
6. Doubt that the correct decision has been made
Cognitive Dissonance
Retail Promotion
Order-Taking Salesperson
Never-Out List
7. A retailer sets its prices in accordance with competitors'
Traditional Department Store
Competition-Oriented Pricing
Consumer Cooperative
Customer Loyalty
8. The optimum site for a particular store
Extended Decision Making
Probability (Random) Sample
Regression Model
One-Hundred Percent Location
9. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Central Business District
Open Credit Account
Order-Taking Salesperson
Assortment Merchandise
10. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Rationalized Retailing
Public Relations
Bait-and-Switch Advertising
Percentage Variation Method
11. Concentrates on selling one goods or service line - such as young women's apparel
Constrained Decision Making
Specialty Store
Inventory Shrinkage
Functional Product Groupings
12. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Consumer Behavior
Item Price Removal
Category Killer
Consumer Protection
13. Calls for all maintenance costs to be paid by the retailer
Merchandise Available for Sale
Category Management
Automatic Reordering System
Net Lease
14. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Floor-Ready Merchandise
Marketing Research In Retailing
Micromerchandising
Micromarketing
15. Used by retailers that promote throughout the year
Distributed Promotion Effort
Demographics
Supply Chain
Solution Selling
16. Whereby prices are marked only on shelves or signs and not on individual items
Destination Retailer
Item Price Removal
Predatory Pricing
Family Life Cycle
17. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Lifestyle Center
Net Lease
Electronic Point of Sale System
Application Blank
18. A type of retail institution in which a retailers owns one retail unit
Problem Awareness
Independent
Incremental Method
Experiment
19. Graphically displays its hierarchical relationships created by a retailer
Probability (Random) Sample
Organization Chart
Destination Retailer
Percentage Variation Method
20. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Percentage Variation Method
Ensemble Display
Cross-Shopping
Purchase Motivation Product Groupings
21. Focuses on the sale of tangible phoducts
Automatic Reordering System
Primary Data
Human Resource Management
Goods Retailing
22. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Direct Store Distribution (DSD)
Merchandising
Mazur Plan
Factory Outlet
23. Places together various items that appeal to a given target market
Market Segment Product Groupings
Control
Controllable Variables
Consumer Cooperative
24. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Assortment Merchandise
Canned Sales Presentation
Financial Merchandise Management
25. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Monthly Sales Index
Assortment Merchandise
Customer Service
Rationalized Retailing
26. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Price-Quality Association
Electronic Banking
Order-Taking Salesperson
Food-Based Superstore
27. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Household Life Cycle
Single-Channel Retailing
Stock Turnover
Supply Chain
28. Zeroing in on one specific group
Diversified Retailer
Chain
Concentrated Marketing
Regression Model
29. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Efficient Consumer Response (ECR)
Sole Proprietorship
Chargebacks
Rationalized Retailing
30. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Forecasts
RFID (radio frequency identification)
Direct Selling
Image
31. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Category Management
Extended Decision Making
Training Programs
Net Sales
32. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Robinson-Patman Act
Maintained Markup
Post-Purchase Behavior
Bifurcated Retailing
33. Information is systematically gathered from respondents by communicating with them
Logistics
Rack Display
Theme-Setting Display
Survey
34. Consists of the regular products carried by a retailer
Cross-Merchandising
Multi-Channel Retailing
Staple Merchandise
Trading Area Overlap
35. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Manufacturer (national) Brands
One-Hundred Percent Location
Merchandising
Human Resource Management
36. 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
Consignment Purchase
Slotting Allowances
Differentiated Marketing
Simulation
37. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Term Occupancy
Convenience Store
Point of Difference
38. Financial obligations a retailer incurs in operating a business
Economic Base
Fad Merchandise
Control
Liabilities
39. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Stimulus
Retail Strategy
Memorandum Purchase
Order-Taking Salesperson
40. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Basic Stock List
Category Killer
Everyday Low Pricing (EDLP)
Retail Audit
41. 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
Value Delivery System
Situation Analysis
Basic Stock Method
Electronic Banking
42. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Sales Manager
Fashion Merchandise
Differentiated Marketing
Specialty Store
43. Suppliers sell through a moderate number of retailers
Consignment Purchase
Selective Distribution
Cost of Goods Sold
Storefront
44. The portion of revenues turned over to the federal - state and/or local government
Traditional Job Description
Taxes
LIFO (last-in-first-out) Method
Selective Distribution
45. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Experiential Merchandising
Box (Limited-Line) Store
Cost of Goods Sold
Quick Response (QR) Inventory Planning
46. 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
Merchandising Philosophy
Off-Price Chain
Price Elasticity of Demand
Retail Audit
47. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Order-Taking Salesperson
Personal Selling
Electronic Article Surveillance
Single-Channel Retailing
48. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Issue (problem) Definition
Retail Method of Accounting
Option Credit Account
Objective-and-Task Method
49. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Order-Taking Salesperson
Consumer Decision Process
Solution Selling
Franchising
50. The difference between net sales and the total cost of goods sold
Demographics
Supply Chain
Gross Margin
Value (customer)