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. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Markdown
Cooperative Buying
Additional Markup
Direct Selling
2. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Reverse Logistics
Quick Response (QR) Inventory Planning
Social Class
Secondary Trading Area
3. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Secondary Business District (SBD)
Problem Awareness
Point-of-Purchase Display
Discretionary income
4. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Channel of Distribution
Experiential Merchandising
Term Occupancy
Maintenance-Increase-Recoupment Lease
5. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Book (Perpetual) Inventory System
Financial Merchandise Management
Diversification
Personality
6. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Secondary Data
Order-Getting Salesperson
Frequency
Additional Markup
7. Has a primarily functional use: to neatly hang or present products
Leased Department
Maintenance-Increase-Recoupment Lease
String
Rack Display
8. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Operating Expenses
Culture
Objectives
Electronic Article Surveillance
9. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Dead Areas
Weeks' Supply Method
Category Killer
Multi-Channel Retailing
10. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Everyday Low Pricing (EDLP)
Variable Pricing
Chargebacks
Stock Turnover
11. A planned shopping facility - with the largest store being a supermarket or a drugstore
Reilly's Law of Retailing Gravitation
Issue (problem) Definition
Neighborhood Shopping Center
Never-Out List
12. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Central Business District
Electronic Banking
Nongoods Services
Atmosphere (atmospherics)
13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Class Consciousness
Debit Card System
Stimulus
Multiple-Unit Pricing
14. Marketplace opening that exist because other retailers have not yet capitalized on them
Goal-Oriented Job Description
Social Class
Open-to-Buy
Opportunities
15. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Ethics
Application Blank
Assortment
16. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Retail Balance
Advertising
Marketing Research In Retailing
Convenience Store
17. 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
Horizontal Retail Audit
Customer Satisfaction
Option Credit Account
Semantic Differential
18. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Marquee
Curing (Free-Flowing) Traffic Flow
Positioning
Weighted Application Blank
19. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Franchising
Data Warehousing
Equal Store Organization
Vendor-Managed Inventory (VMI)
20. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Experiential Merchandising
Hidden Assets
Everyday Low Pricing (EDLP)
Exclusive Distribution
21. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Assets
Opportunities
Net Worth
Reference Groups
22. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Organization Chart
Class Consciousness
Gross Profit (margin)
Rationalized Retailing
23. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Vertical Price Fixing
Nongoods Services
Retailing Concept
Mass Marketing
24. 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
Odd Pricing
Operating Expenses
Lifestyles
Retail Method of Accounting
25. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Direct Store Distribution (DSD)
Customary Pricing
Controllable Variables
Budgeting
26. Occurs when one consumer talks to others; can build a chain of customers
Vertical Retail Audit
Word of Mouth (WOM)
Net Profit After Taxes
Reach
27. 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
Balanced Tenancy
Data-Base Retailing
Floor-Ready Merchandise
Employee Empowerment
28. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Percentage Lease
Trading Area
Want Book (Want Slip)
Monthly Sales Index
29. A cash or card operated retailing format that dispenses goods and services
Open-to-Buy
Vending Machine
Unit Control
Horizontal Retail Audit
30. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Assortment
Resident Buying Office
Job Motivation
Product/Trademark Franchising
31. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Percentage Lease
Data Warehousing
Cost of Goods Sold
Single-Channel Retailing
32. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Partnership
Evaluation of Alternatives
Impulse Purchases
Balanced Tenancy
33. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Central Business District
Demographics
Selective Distribution
34. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Simulation
Term Occupancy
Operating Expenditures
Rationalized Retailing
35. The criteria used to assess effectiveness
Direct Store Distribution (DSD)
Positioning
Performance Measures
Fashion Merchandise
36. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Organizational Mission
Single-Channel Retailing
Open Credit Account
Cost of Goods Sold
37. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Lifestyles
Micromarketing
Net Sales
Concentrated Marketing
38. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Job Motivation
Survey
Observation
Micromerchandising
39. Lets consumers bargain over prices; those who are good at it obtain lower prices
Vertical Marketing System
Flexible Pricing
Retail Organization
Merchandising Philosophy
40. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Variable Pricing
Opportunities
Sole Proprietorship
Markup Pricing
41. Calls for precise rent increases over a stated period of time
Graduated Lease
Theme-Setting Display
Sole Proprietorship
Uncontrollable Variables
42. 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
Retail Organization
Information Search
Threats
Retail Audit
43. Takes a customer-centered approach and presents "solutions" rather than "products"
Generic Brands
Solution Selling
Control
Value (retailer)
44. Calls for all maintenance costs to be paid by the retailer
Net Lease
Demographics
Revolving Credit Account
Order-Taking Salesperson
45. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Variable Pricing
Supermarket
Sales Promotion
Economic Base
46. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Direct Store Distribution (DSD)
Monthly Sales Index
Off-Price Chain
Discretionary income
47. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Balanced Tenancy
Goal-Oriented Job Description
Organization Chart
RFID (radio frequency identification)
48. Assumes new merchandise is sold first - while older stock remains in inventory
LIFO (last-in-first-out) Method
Cost-Oriented Pricing
Concentrated Marketing
Bottom-Up Space Management Approach
49. 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
Dual Marketing
Hidden Assets
Full-Line Discount Store
Gap Analysis
50. The mix of stores within a district or shopping center
Point of Difference
Job Analysis
Retail Balance
Inventory Shrinkage