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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. 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
Customer Satisfaction
Objectives
Book (Perpetual) Inventory System
Americans With Disabilities Act
2. Sets the guiding principles for all the merchandise decisions a retailers makes
Power Center
Merchandising Philosophy
Flea Market
Direct Selling
3. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Frequency
Balanced Tenancy
Survey
Staple Merchandise
4. The overall plan or framework of action that guides a retailer
Retail Strategy
Computerized Checkout
Supply Chain
Mass Merchandising
5. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Retail Information System
Planogram
Odd Pricing
Retail Method of Accounting
6. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Product Life Cycle
Cooperative Advertising
Case Display
Primary Data
7. Customer orientation - coordinated effort - value driven and goal orientation
Value (retailer)
Retailing Concept
Computerized Checkout
World Wide Web
8. Short-term selling and administrative costs in running a business
Hierarchy of Authority
Cooperative Advertising
Operating Expenditures
Experiment
9. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Resident Buying Office
Specialog
Data-Base Retailing
Bifurcated Retailing
10. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Organizational Mission
Price Lining
Term Occupancy
Experiment
11. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Electronic Banking
Universal Product Code (UPC)
Maintained Markup
Assortment Merchandise
12. 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
Control Units
Point of Difference
Department Store
Community Shopping Center
13. When a retailer looks at data that are collected to address the specific issue or problem under study
Cost of Method Accounting
LIFO (last-in-first-out) Method
Variety Store
Primary Data
14. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Community Shopping Center
Competition-Oriented Pricing
Cost of Goods Sold
Predatory Pricing
15. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Variety Store
Data-Base Retailing
Post-Purchase Behavior
Quick Response (QR) Inventory Planning
16. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Need-Satisfaction Approach
Assortment Display
Straight (Gridiron) Traffic Flow
Revolving Credit Account
17. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Incremental Method
Taxes
Maintenance-Increase-Recoupment Lease
Customer Satisfaction
18. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Chargebacks
Controllable Variables
Nongoods Services
Organizational Mission
19. Used by retailers that promote throughout the year
Cost of Method Accounting
Merchandising Philosophy
HRM Process
Distributed Promotion Effort
20. The activity whereby a retailer generates a list of job applicants
Performance Measures
Department Store
Recruitment
Financial Merchandise Management
21. Concentrates on selling one goods or service line - such as young women's apparel
Routine Decision Making
Productivity
Specialty Store
Infomercial
22. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Chargebacks
Product Life Cycle
Opportunity Costs
Taxes
23. The sum total of an individuals traits - which make that individual unique
Cognitive Dissonance
Odd Pricing
Personality
Strategy Mix
24. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Strategy Mix
Assortment
Multi-Channel Retailing
Cut Case
25. The mix of stores within a district or shopping center
Stimulus
Personality
Budgeting
Retail Balance
26. When manufacturers and wholesales seek to control the retail prices of their goods and services
Trading Area
Sorting Process
Vertical Price Fixing
Stimulus
27. There is more interactive relationship between a franchisor and a franchisee
Canned Sales Presentation
Business Format Franchising
Power Center
Lifestyle Center
28. 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
Minimum-Price Laws
PMs (Promotional or Push Monies)
Point-of-Purchase Display
29. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Retail Information System
Diversification
Item Price Removal
Merchandise Available for Sale
30. Payments that retailers require of vendors for providing shelf space
Curing (Free-Flowing) Traffic Flow
Slotting Allowances
Regional Shopping Center
Electronic Data Interchange (EDI)
31. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Probability (Random) Sample
Top-Down Space Management Approach
Dump Bin
Micromarketing
32. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Sales Opportunity Grid
Competitive Parity Method
Term Occupancy
Distributed Promotion Effort
33. Selling goods and services to a broad spectrum of consumers
Mass Marketing
Open Credit Account
Public Relations
Vertical Cooperative Advertising Agreement
34. When retailers count on suppliers to participate in their inventory management programs
Survey
Vendor-Managed Inventory (VMI)
Family Life Cycle
Sorting Process
35. Represents how a given retailer is perceived by consumers and others
Affinity
Attitudes (Opinions)
External Secondary Data
Image
36. Zeroing in on one specific group
Downsizing
Conventional Supermarket
External Secondary Data
Concentrated Marketing
37. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Everyday Low Pricing (EDLP)
Mass Merchandising
Slotting Allowances
Factory Outlet
38. Signals or cues as to the success or failure of that each part of the strategy
Feedback
Item Price Removal
Semantic Differential
Reference Groups
39. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Retail Information System
Box (Limited-Line) Store
Additional Markup
Zero-Based Budgeting
40. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Horizontal Price Fixing
Budgeting
Customary Pricing
Taxes
41. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Slotting Allowances
Control Units
Retail Promotion
Electronic Data Interchange (EDI)
42. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Job Motivation
Ethics
Intensive Distribution
43. Lets consumers bargain over prices; those who are good at it obtain lower prices
Supercenter
Performance Measures
Flexible Pricing
Channel of Distribution
44. A retailer sets its prices in accordance with competitors'
Independent
Central Business District
Competition-Oriented Pricing
Channel Control
45. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Conventional Supermarket
Video Kiosk
Evaluation of Alternatives
Supervision
46. A cash or card operated retailing format that dispenses goods and services
Recruitment
Experiential Merchandising
Storability Product Groupings
Vending Machine
47. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Customer Satisfaction
Relationship Retailing
Weeks' Supply Method
Mazur Plan
48. A retailer wants to maintain a specified ratio of goods on hand to sales
Exclusive Distribution
Assortment
Stock-to-Sales Method
Control
49. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Sorting Process
Maintained Markup
Customer Satisfaction
50. Consumers feel high prices connote high quality and low prices connote low quality
Generic Brands
Price-Quality Association
Distributed Promotion Effort
Resident Buying Office