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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 planned shopping facility - with the largest store being a supermarket or a drugstore
Consumer Cooperative
Neighborhood Shopping Center
Curing (Free-Flowing) Traffic Flow
Zero-Based Budgeting
2. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Merchandising
Diversified Retailer
Micromerchandising
Diversification
3. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Box (Limited-Line) Store
Gross Profit (margin)
Incremental Method
Top-Down Space Management Approach
4. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Goods Retailing
Customer Service
Rack Display
Customer Loyalty
5. Takes a customer-centered approach and presents "solutions" rather than "products"
Solution Selling
Cooperative Advertising
Mergers
Point of Difference
6. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Markup Pricing
Traditional Job Description
Class Consciousness
Cooperative Advertising
7. 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
Power Center
Infomercial
Probability (Random) Sample
Loss Leaders
8. Incorporates life stages for both family and non-family households
Cost of Goods Sold
Storefront
Household Life Cycle
Opportunities
9. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Sales-Productivity Ratio
Box (Limited-Line) Store
Marquee
Functional Product Groupings
10. Involves a clear statement of the topic to be studied
Relationship Retailing
Issue (problem) Definition
Public Relations
Motives
11. Occurs when one consumer talks to others; can build a chain of customers
Incremental Budgeting
Word of Mouth (WOM)
Conventional Supermarket
Lifestyle Center
12. 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
Lifestyles
Destination Retailer
Hidden Assets
Situation Analysis
13. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Publicity
Rationalized Retailing
Straight (Gridiron) Traffic Flow
Memorandum Purchase
14. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Bottom-Up Space Management Approach
Graduated Lease
Dual Marketing
Perceived Risk
15. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Secondary Trading Area
Reference Groups
Inventory Shrinkage
16. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Mystery Shoppers
Social Responsibility
Logistics
Width of Assortment
17. The overall plan guiding a retail firm
Retail Balance
Battle of the Brands
Value (retailer)
Retail Strategy
18. 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
Basic Stock List
Bottom-Up Space Management Approach
Retail Audit
Visual Merchandising
19. 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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20. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Stock Turnover
Human Resource Management
Visual Merchandising
Want Book (Want Slip)
21. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Operations Management
Order-Taking Salesperson
Information Search
Assortment
22. Has a primarily functional use: to neatly hang or present products
Nonstore Retailing
Universal Product Code (UPC)
Rack Display
External Secondary Data
23. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Diversification
Merchandise Available for Sale
Augmented Customer Service
Percentage Lease
24. Two or more retailers share an ad
Customary Pricing
Marquee
Horizontal Cooperative Advertising Agreement
Neighborhood Shopping Center
25. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Massed Promotion Effort
Reorder Point
Minimum-Price Laws
Assortment Display
26. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Electronic Data Interchange (EDI)
Marketing Research In Retailing
Price Elasticity of Demand
Automatic Reordering System
27. Involves an informal ranking of people based on income - occupation - education and other factors
Power Center
Outshopping
Social Class
Point-of-Purchase Display
28. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Quick Response (QR) Inventory Planning
One-Price Policy
Frequency
Odd Pricing
29. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Core Customers
Application Blank
Equal Store Organization
Flea Market
30. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Cross-Shopping
Relationship Retailing
Distributed Promotion Effort
Trading Area
31. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Total Retail Experience
Consumer Decision Process
Word of Mouth (WOM)
Chargebacks
32. Short-term selling and administrative costs in running a business
Supermarket
Massed Promotion Effort
Intensive Distribution
Operating Expenditures
33. Consists of all the levels of independently owned businesses along a channel of distribution
Option Credit Account
Corporation
Vertical Marketing System
Motives
34. Beginning inventory - purchases - and transportation charges equal the cost of this
Financial Merchandise Management
Unit Pricing
Merchandise Available for Sale
Electronic Article Surveillance
35. Payments that retailers require of vendors for providing shelf space
Diversified Retailer
Revolving Credit Account
Net Lease
Slotting Allowances
36. Appeals to price-conscious consumers - who must be members to shop there
Consumer Loyalty (Frequent Shopper) Programs
Membership (Warehouse) Club
Top-Down Space Management Approach
Americans With Disabilities Act
37. Merchandise that generates high sales over a short time
Model Stock Approach
Category Management
Marquee
Fad Merchandise
38. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Inventory Management
Situation Analysis
Cost of Goods Sold
Product/Trademark Franchising
39. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Top-Down Space Management Approach
Hierarchy of Authority
Rented-Goods Services
Channel Control
40. The mix of stores within a district or shopping center
Weighted Application Blank
Consumer Loyalty (Frequent Shopper) Programs
Retail Balance
Recruitment
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
FIFO (first-in-first-out) Method
Electronic Point of Sale System
Product Life Cycle
Experiment
42. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Revolving Credit Account
Human Resource Management
Gross Profit (margin)
Assortment
43. 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
Reorder Point
Non-probability Sample
Visual Merchandising
Retailing Concept
44. There is more interactive relationship between a franchisor and a franchisee
Dump Bin
Social Responsibility
Business Format Franchising
Stimulus
45. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Dollar Control
Destination Retailer
Household Life Cycle
Fringe Trading Area
46. 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
Weighted Application Blank
Fringe Trading Area
Canned Sales Presentation
Variety Store
47. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Control
Competition-Oriented Pricing
Opportunities
Pre-Training
48. Suppliers sell through a moderate number of retailers
Zero-Based Budgeting
Personality
Selective Distribution
Basic Stock List
49. 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
Stock-to-Sales Method
Point-of-Purchase Display
Book (Perpetual) Inventory System
String
50. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Assets
Straight (Gridiron) Traffic Flow
Vertical Marketing System
Visual Merchandising