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. Beginning inventory - purchases - and transportation charges equal the cost of this
Geographical Information System
Merchandise Available for Sale
Customer Loyalty
Maintenance-Increase-Recoupment Lease
2. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Experiential Merchandising
String
Cooperative Buying
Non-probability Sample
3. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Variable Pricing
Bottom-Up Space Management Approach
Training Programs
Food-Based Superstore
4. A type of retail institution that is a department in a retail store that is rented to an outside party
Cost of Goods Sold
Value Chain
Leased Department
Regional Shopping Center
5. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Discretionary income
Leader Pricing
Retailing Concept
Memorandum Purchase
6. Short-term selling and administrative costs in running a business
Operating Expenditures
Slotting Allowances
Destination Retailer
Vendor-Managed Inventory (VMI)
7. A memorized - repetitive speech given to all customers interested in a particular item
Mass Merchandising
Variable Pricing
Canned Sales Presentation
Operations Management
8. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Core Customers
Basic Stock Method
Supermarket
Data-Base Management
9. 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
Vertical Retail Audit
Variety Store
Mass Merchandising
10. 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
LIFO (last-in-first-out) Method
Community Shopping Center
Horizontal Cooperative Advertising Agreement
Retailing Concept
11. A retailer charges the same price to all customers buying an item under similar conditions
Employee Empowerment
Flea Market
Electronic Data Interchange (EDI)
One-Price Policy
12. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Manufacturer (national) Brands
Cost-Oriented Pricing
Physical Inventory System
Hierarchy of Effects
13. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
Economic Base
Graduated Lease
Massed Promotion Effort
Vertical Retail Audit
14. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Rack Display
Width of Assortment
Factory Outlet
Gap Analysis
15. The positive - neutral or negative feelings a person has about different topics
Model Stock Approach
Membership (Warehouse) Club
Micromerchandising
Attitudes (Opinions)
16. 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
Supermarket
Price Lining
Chain
Assortment Merchandise
17. A listing of bipolar adjectives scales
Semantic Differential
Reach
Total Retail Experience
Multi-Channel Retailing
18. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Stimulus
Slotting Allowances
Demand-Oriented Pricing
Organizational Mission
19. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Data Mining
Huff's Law of Shopper Attraction
Hierarchy of Authority
Maintenance-Increase-Recoupment Lease
20. A retail firm that is formally incorporated under state law
Cooperative Buying
Customer Satisfaction
Single-Channel Retailing
Corporation
21. A retailers best customers
Stock Turnover
Factory Outlet
Core Customers
Assortment
22. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Sales Opportunity Grid
Automatic Reordering System
Uncontrollable Variables
Never-Out List
23. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Assortment Display
Scrambled Merchandising
Productivity
Inventory Management
24. The difference between net sales and the total cost of goods sold
Hierarchy of Authority
Gross Margin
Channel of Distribution
Americans With Disabilities Act
25. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Horizontal Retail Audit
Control Units
Food-Based Superstore
Experiential Merchandising
26. Depicts a product offering in a thematic manner and sets a specific mood
Traditional Job Description
Theme-Setting Display
Training Programs
Markup Pricing
27. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Social Class
Cost of Goods Sold
Secondary Business District (SBD)
Flexible Pricing
28. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Item Price Removal
Assortment
Evaluation of Alternatives
Price-Quality Association
29. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Marquee
Control Units
Convenience Store
Value (retailer)
30. Takes a customer-centered approach and presents "solutions" rather than "products"
Category Management
Human Resource Management
Off-Price Chain
Solution Selling
31. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Direct Selling
Employee Empowerment
Differentiated Marketing
Strategy Mix
32. A retailer purposely adjusts markups by merchandise category
Point of Difference
Nongoods Services
Probability (Random) Sample
Variable Markup Policy
33. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Inventory Shrinkage
Recruitment
Price Elasticity of Demand
Neighborhood Shopping Center
34. Consists of all the levels of independently owned businesses along a channel of distribution
Direct Selling
Retailing
Vertical Marketing System
Balanced Tenancy
35. Refers to the variety in any one good/service (product line) a retailer carries
Multi-Channel Retailing
Depth of Assortment
Unit Pricing
Consumer Behavior
36. Whereby a retailers sells to consumers through multiple retail formats
Inventory Management
Multi-Channel Retailing
Retail Method of Accounting
Direct Selling
37. Involves oral communication with one or more prospective customers for the purpose of making a sale
Retail Strategy
Training Programs
Neighborhood Shopping Center
Personal Selling
38. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Product Life Cycle
Multi-Channel Retailing
Customer Loyalty
Trading Area Overlap
39. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Independent
Dead Areas
Corporation
Cross-Shopping
40. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Tactics
Zero-Based Budgeting
Public Relations
41. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Value Chain
Retail Audit
Intensive Distribution
Food-Based Superstore
42. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Primary Trading Area
Classification Merchandising
Strategy Mix
Video Kiosk
43. 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
Supermarket
Floor-Ready Merchandise
Theme-Setting Display
44. A case that holds piles of sale clothing - marked down books or other products
Never-Out List
Expected Customer Service
Dump Bin
Flea Market
45. Customer orientation - coordinated effort - value driven and goal orientation
Word of Mouth (WOM)
Retail Balance
Retailing Concept
Impulse Purchases
46. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Diversification
Flea Market
Category Killer
Family Life Cycle
47. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Markdown
Positioning
Everyday Low Pricing (EDLP)
Customer Satisfaction
48. Marketplace opening that exist because other retailers have not yet capitalized on them
Consumer Behavior
Opportunities
Automatic Reordering System
Customer Service
49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
RFID (radio frequency identification)
Customary Pricing
Control
Gross Margin
50. The service level that customers want to receive from any retailer - such as basic employee courtesy
Revolving Credit Account
Consumer Protection
Membership (Warehouse) Club
Expected Customer Service