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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. Suppliers sell through a moderate number of retailers
Data-Base Retailing
Selective Distribution
Direct Selling
Outsourcing
2. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Retailing
Operating Expenditures
Stimulus
Secondary Data
3. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Goal-Oriented Job Description
Combination Store
Direct Marketing
Cross-Merchandising
4. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Customer Satisfaction
Limited Decision Making
Multiple-Unit Pricing
Convenience Store
5. 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
Product/Trademark Franchising
Sole Proprietorship
Goal-Oriented Job Description
Book (Perpetual) Inventory System
6. Financial obligations a retailer incurs in operating a business
Selective Distribution
Graduated Lease
Liabilities
Stock-to-Sales Method
7. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Efficient Consumer Response (ECR)
Cross-Merchandising
Straight (Gridiron) Traffic Flow
Regional Shopping Center
8. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Unit Pricing
Reorder Point
Information Search
Wheel of Retailing
9. Whereby each department is subdivided into further categories for related types of merchandise
Ensemble Display
Monthly Sales Index
Classification Merchandising
Information Search
10. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Distributed Promotion Effort
Storefront
Reorder Point
Neighborhood Business District
11. Takes a customer-centered approach and presents "solutions" rather than "products"
Solution Selling
Stimulus
Food-Based Superstore
Retail Balance
12. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Direct Store Distribution (DSD)
Application Blank
Curing (Free-Flowing) Traffic Flow
Quick Response (QR) Inventory Planning
13. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Relationship Retailing
Augmented Customer Service
Chain
Multiple-Unit Pricing
14. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Net Worth
Analog Model
Manufacturer (national) Brands
Service Retailing
15. A cash or card operated retailing format that dispenses goods and services
Never-Out List
Vending Machine
Assortment
Value Chain
16. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Electronic Point of Sale System
Supermarket
Franchising
Vertical Cooperative Advertising Agreement
17. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Product/Trademark Franchising
Stimulus
Augmented Customer Service
Leader Pricing
18. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Direct Marketing
Publicity
Variable Pricing
19. 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
Selective Distribution
Scenario Analysis
Sorting Process
Straight (Gridiron) Traffic Flow
20. Based on the original retail value assigned to merchandise less the costs of the merchandise
Recruitment
Sales Opportunity Grid
Performance Measures
Initial Markup
21. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Planogram
Corporation
Nongoods Services
Net Worth
22. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Geographical Information System
Job Analysis
Unit Control
Supermarket
23. Represents how a given retailer is perceived by consumers and others
Image
Efficient Consumer Response (ECR)
Augmented Customer Service
Open-to-Buy
24. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Social Class
Department Store
Niche Retailing
Customer Loyalty
25. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Customer Service
Floor-Ready Merchandise
Opportunistic Buying
Retail Strategy
26. Two or more retailers share an ad
Wheel of Retailing
Budgeting
Horizontal Cooperative Advertising Agreement
Service Retailing
27. Includes all the remaining customers - and they are the most widely dispersed
Vertical Cooperative Advertising Agreement
Fringe Trading Area
Partnership
Net Worth
28. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Reorder Point
Image
Constrained Decision Making
29. Doubt that the correct decision has been made
Downsizing
Unit Pricing
Cognitive Dissonance
Scrambled Merchandising
30. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Killer
Contingency Pricing
Merchandising Philosophy
Vending Machine
31. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Merchandise Available for Sale
Customary Pricing
Planogram
Automatic Reordering System
32. The manner of providing a job environment that encourages employee accomplishment
Reach
Limited Decision Making
Supervision
Channel of Distribution
33. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Open-to-Buy
One-Price Policy
Monthly Sales Index
Traditional Job Description
34. The criteria used to assess effectiveness
Performance Measures
Strategy Mix
Memorandum Purchase
Lifestyles
35. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Value (retailer)
Job Analysis
Percentage Lease
Central Business District
36. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Automatic Reordering System
Reilly's Law of Retailing Gravitation
Benchmarking
Assortment Display
37. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Motives
Job Analysis
Diversification
Price Lining
38. 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
Inventory Management
Limited Decision Making
Destination Retailer
Department Store
39. Concentrates on selling one goods or service line - such as young women's apparel
Cooperative Buying
Specialty Store
Mass Marketing
Sales Manager
40. Determines the floor space necessary to carry and display a proper merchandise assortment
Rented-Goods Services
Variable Markup Policy
Model Stock Approach
Memorandum Purchase
41. Retailers price selected items below cost to lure more customer traffic for those retailers
Rationalized Retailing
Taxes
Loss Leaders
Competition-Oriented Pricing
42. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Contingency Pricing
Width of Assortment
Electronic Banking
Inventory Shrinkage
43. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Downsizing
Equal Store Organization
Differentiated Marketing
Width of Assortment
44. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Situation Analysis
Merchandise Available for Sale
Convenience Store
Mystery Shoppers
45. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Flea Market
RFID (radio frequency identification)
Goods Retailing
Personal Selling
46. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Mazur Plan
Competitive Parity Method
Mystery Shoppers
Flea Market
47. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
PMs (Promotional or Push Monies)
Consumer Cooperative
Downsizing
Value Delivery System
48. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Initial Markup
Percentage Variation Method
Chargebacks
Opportunity Costs
49. Appeals to price-conscious consumers - who must be members to shop there
Ethics
Direct Store Distribution (DSD)
Membership (Warehouse) Club
Outsourcing
50. 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
Purchase Motivation Product Groupings
Distributed Promotion Effort
Impulse Purchases
Vertical Retail Audit