SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Killer
Merchandise Available for Sale
Balanced Tenancy
Ethics
2. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Secondary Trading Area
Value Delivery System
Situation Analysis
Social Responsibility
3. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Recruitment
Incremental Budgeting
Unit Control
Consumer Loyalty (Frequent Shopper) Programs
4. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Data-Base Retailing
Cost of Goods Sold
Expected Customer Service
Sole Proprietorship
5. A cash or card operated retailing format that dispenses goods and services
Retail Balance
Graduated Lease
Vending Machine
Revolving Credit Account
6. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Cost-Oriented Pricing
Stock Turnover
Purchase Act
Supermarket
7. There is more interactive relationship between a franchisor and a franchisee
Liabilities
Application Blank
Business Format Franchising
Infomercial
8. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Incremental Method
Corporation
Robinson-Patman Act
Evaluation of Alternatives
9. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Electronic Article Surveillance
Debit Card System
Experiential Merchandising
10. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Initial Markup
Specialog
Assortment
Dead Areas
11. A type of retail institution that is a department in a retail store that is rented to an outside party
Leased Department
Gross Profit (margin)
Sorting Process
Sales Opportunity Grid
12. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Stimulus
Retail Organization
Weeks' Supply Method
Inventory Management
13. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Private (dealer) Brands
Frequency
Business Format Franchising
14. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Point-of-Purchase Display
Fashion Merchandise
Value (customer)
Staple Merchandise
15. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Destination Retailer
Incremental Budgeting
Hidden Assets
Equal Store Organization
16. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Graduated Lease
Mergers
Net Worth
Distributed Promotion Effort
17. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Retail Method of Accounting
Food-Based Superstore
Benchmarking
Width of Assortment
18. A food-based discounter offering a moderate number of food items in a no-frills setting
Yield Management Pricing
Warehouse Store
Job Motivation
Flexible Pricing
19. A retailers commitment to a type of business and to a distinctive role in the marketplace
Recruitment
Organizational Mission
Wheel of Retailing
Analog Model
20. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Non-probability Sample
Retailing
Survey
Price-Quality Association
21. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Trading Area Overlap
Internal Secondary Data
Gross Margin
22. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Vertical Retail Audit
Productivity
Hierarchy of Effects
Fringe Trading Area
23. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Sorting Process
Variable Markup Policy
Economic Base
Threats
24. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Total Retail Experience
Mass Marketing
Control
Revolving Credit Account
25. Depicts a product offering in a thematic manner and sets a specific mood
Theme-Setting Display
Sales Opportunity Grid
Storefront
Internet
26. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Core Customers
Fad Merchandise
Application Blank
Everyday Low Pricing (EDLP)
27. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Customer Loyalty
Off-Price Chain
Zero-Based Budgeting
Owned-Goods Services
28. Whereby goods owned by consumers are repaired - improved - or maintained
Owned-Goods Services
Concentrated Marketing
Competitive Parity Method
Product/Trademark Franchising
29. 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
Assortment Display
Power Center
Augmented Customer Service
Uncontrollable Variables
30. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Option Credit Account
Cost-Oriented Pricing
Mergers
Fringe Trading Area
31. 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
Debit Card System
Consumer Decision Process
Hidden Assets
Independent
32. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Retail Strategy
Assortment
Storefront
Purchase Motivation Product Groupings
33. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
All-You-Can-Afford Method
Simulation
Product/Trademark Franchising
Micromerchandising
34. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Horizontal Price Fixing
Flexible Pricing
Term Occupancy
Canned Sales Presentation
35. 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
Balanced Tenancy
Off-Price Chain
Price-Quality Association
Secondary Data
36. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Zero-Based Budgeting
Cooperative Buying
FIFO (first-in-first-out) Method
37. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Rack Display
Owned-Goods Services
Sales Opportunity Grid
38. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Community Shopping Center
Atmosphere (atmospherics)
Control Units
Word of Mouth (WOM)
39. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Owned-Goods Services
Lifestyles
Information Search
Variety Store
40. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Rationalized Retailing
Owned-Goods Services
Micromarketing
Control
41. 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
Value Chain
Width of Assortment
Consumer Behavior
Electronic Point of Sale System
42. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Electronic Point of Sale System
Lifestyle Center
Customer Loyalty
Single-Channel Retailing
43. The mix of stores within a district or shopping center
Routine Decision Making
Retail Balance
Benchmarking
Electronic Point of Sale System
44. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Flexible Pricing
Massed Promotion Effort
Lifestyle Center
Unit Control
45. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Cooperative Advertising
Stimulus
Routine Decision Making
Weighted Application Blank
46. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Fringe Trading Area
Model Stock Approach
Memorandum Purchase
Percentage Lease
47. An inexpensive display that leaves merchandise in the original carton
Resident Buying Office
Cut Case
Bifurcated Retailing
Ethics
48. 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
Direct Selling
Selective Distribution
Liabilities
Demand-Oriented Pricing
49. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Evaluation of Alternatives
Prototype Stores
Gap Analysis
Reilly's Law of Retailing Gravitation
50. 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
Zero-Based Budgeting
Opportunistic Buying
Secondary Data
Department Store