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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. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Bifurcated Retailing
Cost of Method Accounting
Central Business District
Combination Store
2. Represents how a given retailer is perceived by consumers and others
Positioning
Vending Machine
Open-to-Buy
Image
3. An unincorporated retail firm owned by one person
Width of Assortment
Sole Proprietorship
Consumer Behavior
Mergers
4. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Zero-Based Budgeting
Rationalized Retailing
Fashion Merchandise
Net Worth
5. Based on the original retail value assigned to merchandise less the costs of the merchandise
Consumer Behavior
Budgeting
Core Customers
Initial Markup
6. Ways in which individual consumers and families live and spend time and money
Lifestyles
Outsourcing
Cost of Goods Sold
Relationship Retailing
7. 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
PMs (Promotional or Push Monies)
Dead Areas
Publicity
Horizontal Retail Audit
8. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Factory Outlet
Supervision
Impulse Purchases
Reach
9. The difference between net sales and the total cost of goods sold
Culture
Mass Marketing
Gross Margin
Flea Market
10. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Value Chain
Bifurcated Retailing
Memorandum Purchase
11. The overall plan guiding a retail firm
Retail Strategy
Graduated Lease
Model Stock Approach
Category Killer
12. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Convenience Store
Recruitment
Stimulus
13. 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
Reilly's Law of Retailing Gravitation
Customary Pricing
Social Responsibility
Off-Price Chain
14. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Membership (Warehouse) Club
Assortment Display
Incremental Method
Computerized Checkout
15. A retailers best customers
Ensemble Display
Core Customers
Sales Manager
All-You-Can-Afford Method
16. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Relationship Retailing
Threats
Neighborhood Business District
Hidden Assets
17. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Percentage-of-Sales Method
Gap Analysis
Cooperative Buying
Wheel of Retailing
18. A retailers carries complementary goods and services to encourage shoppers to buy more
Direct Store Distribution (DSD)
Value (retailer)
Forecasts
Cross-Merchandising
19. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Supermarket
Lifestyles
Economic Base
20. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Data-Base Management
Balanced Tenancy
Yield Management Pricing
Cost-Oriented Pricing
21. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Dead Areas
Product Life Cycle
Maintained Markup
Revolving Credit Account
22. Financial obligations a retailer incurs in operating a business
Liabilities
Value Chain
Neighborhood Business District
Robinson-Patman Act
23. Marketplace opening that exist because other retailers have not yet capitalized on them
Competitive Parity Method
Value Delivery System
Opportunities
Variable Pricing
24. Shows the expected behavior of a good or service over its life
Vendor-Managed Inventory (VMI)
Atmosphere (atmospherics)
Open Credit Account
Product Life Cycle
25. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Feedback
Strategy Mix
Term Occupancy
Initial Markup
26. 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)
Everyday Low Pricing (EDLP)
Maintenance-Increase-Recoupment Lease
Convenience Store
Objective-and-Task Method
27. 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
Merchandising
Markdown
Monthly Sales Index
28. A retailer carries more items than expects to sell over a specified period
Opportunistic Buying
Basic Stock Method
Opportunities
Single-Channel Retailing
29. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Functional Product Groupings
Zero-Based Budgeting
Affinity
Positioning
30. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Personal Selling
Option Credit Account
Human Resource Management
Bait-and-Switch Advertising
31. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Retail Strategy
Control
Zero-Based Budgeting
Bifurcated Retailing
32. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Direct Product Profitability (DPP)
Taxes
Electronic Data Interchange (EDI)
Basic Stock List
33. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Cognitive Dissonance
Job Analysis
Secondary Trading Area
Multiple-Unit Pricing
34. Calls for precise rent increases over a stated period of time
Graduated Lease
Retail Information System
Target Marketing
Mystery Shoppers
35. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Convenience Store
Infomercial
One-Hundred Percent Location
Retail Life Cycle
36. The merchandise categories for which data are gathered
Control Units
Percentage-of-Sales Method
Retail Information System
Maintenance-Increase-Recoupment Lease
37. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Feedback
Bait-and-Switch Advertising
Sales-Productivity Ratio
Cost of Goods Sold
38. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Equal Store Organization
Augmented Customer Service
Box (Limited-Line) Store
Retail Organization
39. A memorized - repetitive speech given to all customers interested in a particular item
Sales-Productivity Ratio
Logistics
Variety Store
Canned Sales Presentation
40. A retailers commitment to a type of business and to a distinctive role in the marketplace
Purchase Motivation Product Groupings
Organizational Mission
Social Class
Marquee
41. The overall plan or framework of action that guides a retailer
Retail Life Cycle
Owned-Goods Services
Compensation
Retail Strategy
42. A type of retail institution that is a department in a retail store that is rented to an outside party
Retail Organization
Mass Marketing
Tactics
Leased Department
43. Whereby each department is subdivided into further categories for related types of merchandise
Organization Chart
Job Motivation
Flexible Pricing
Classification Merchandising
44. Available within the company - sometimes from the data bank of a retail information system
Operating Expenses
Customer Service
Internal Secondary Data
Ethics
45. 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
Franchising
Financial Merchandise Management
Need-Satisfaction Approach
46. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Partnership
Multiple-Unit Pricing
Membership (Warehouse) Club
Value (retailer)
47. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Control
Ethics
Mass Merchandising
Issue (problem) Definition
48. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Multiple-Unit Pricing
Vending Machine
Incremental Budgeting
Price-Quality Association
49. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
One-Price Policy
Net Sales
Staple Merchandise
Tactics
50. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Flea Market
LIFO (last-in-first-out) Method
Point of Difference
Personal Selling