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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. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Routine Decision Making
Flexible Pricing
Chain
Retail Balance
2. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Power Center
Initial Markup
Multi-Channel Retailing
Outsourcing
3. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Taxes
Neighborhood Business District
Situation Analysis
Primary Trading Area
4. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Bait-and-Switch Advertising
Strategy Mix
Reorder Point
Gap Analysis
5. 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
Impulse Purchases
Initial Markup
Ease of Entry
Off-Price Chain
6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Benchmarking
Atmosphere (atmospherics)
Partnership
7. Factors having a high relationship with job success are given more weight than others
Weighted Application Blank
Reilly's Law of Retailing Gravitation
Americans With Disabilities Act
Gross Margin
8. The aspects of business that a firm can directly affect
Unit Pricing
Equal Store Organization
Controllable Variables
Cost-Oriented Pricing
9. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Exclusive Distribution
Factory Outlet
Predatory Pricing
Objective-and-Task Method
10. 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
Cost of Goods Sold
Word of Mouth (WOM)
Primary Trading Area
Curing (Free-Flowing) Traffic Flow
11. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Model Stock Approach
Evaluation of Alternatives
Stimulus
Multi-Channel Retailing
12. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Revolving Credit Account
Publicity
Product Life Cycle
Loss Leaders
13. Displays merchandise by common end use
Reilly's Law of Retailing Gravitation
Functional Product Groupings
Merchandising Philosophy
Goods/Service Category
14. When manufacturers and wholesales seek to control the retail prices of their goods and services
Customer Service
Cost-Oriented Pricing
Food-Based Superstore
Vertical Price Fixing
15. Consists of products that sell well over nonconsecutive time periods
Infomercial
Seasonal Merchandise
Supervision
Merchandise Available for Sale
16. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Prototype Stores
Electronic Article Surveillance
Trading Area
Limited Decision Making
17. Competition between manufacturers and retailers for shelf space and profits
Battle of the Brands
Flexible Pricing
Job Analysis
Horizontal Cooperative Advertising Agreement
18. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Retail Audit
Traditional Job Description
Gravity Model
Direct Product Profitability (DPP)
19. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Width of Assortment
Logistics
Cost of Method Accounting
Outshopping
20. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Neighborhood Business District
Cost of Goods Sold
Direct Marketing
Floor-Ready Merchandise
21. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Basic Stock List
Stock-to-Sales Method
Employee Empowerment
Wheel of Retailing
22. 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
Vertical Retail Audit
Factory Outlet
Bait-and-Switch Advertising
Assets
23. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Private (dealer) Brands
Factory Outlet
Retail Promotion
Service Retailing
24. Relates to the quantites of merchandise a retailer handles during a stated period
Unit Control
Logistics
Channel of Distribution
Product/Trademark Franchising
25. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Electronic Point of Sale System
Full-Line Discount Store
Job Analysis
Publicity
26. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Direct Marketing
Logistics
Financial Merchandise Management
Net Worth
27. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Cross-Shopping
Service Retailing
Net Lease
Simulation
28. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Case Display
Stimulus
Analog Model
Stock Turnover
29. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Infomercial
Leased Department
Assortment Merchandise
Price-Quality Association
30. Graphically displays its hierarchical relationships created by a retailer
Evaluation of Alternatives
Universal Product Code (UPC)
Consignment Purchase
Organization Chart
31. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Frequency
Incremental Method
Expected Customer Service
Retailing
32. Incorporates life stages for both family and non-family households
Fashion Merchandise
Fringe Trading Area
Household Life Cycle
Retail Audit
33. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Predatory Pricing
Theme-Setting Display
Floor-Ready Merchandise
Data Mining
34. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Job Analysis
Retail Information System
Taxes
Video Kiosk
35. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Fashion Merchandise
Observation
Open Credit Account
Post-Purchase Behavior
36. Exhibits heavier - bulkier items than a rack holds
Image
Flexible Pricing
Gap Analysis
Case Display
37. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Lifestyle Center
Probability (Random) Sample
Scrambled Merchandising
Video Kiosk
38. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Department Store
Affinity
Specialog
Customary Pricing
39. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Goal-Oriented Job Description
Percentage Variation Method
Traditional Job Description
Retail Method of Accounting
40. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Percentage Variation Method
Department Store
Nonstore Retailing
Resident Buying Office
41. 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
Experiential Merchandising
Franchising
Distributed Promotion Effort
Balanced Tenancy
42. The overall plan or framework of action that guides a retailer
Stimulus
Tactics
Retail Strategy
Logistics
43. 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
Cross-Merchandising
Manufacturer (national) Brands
Supervision
Efficient Consumer Response (ECR)
44. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Convenience Store
Minimum-Price Laws
Additional Markup
Retailing
45. Sets the guiding principles for all the merchandise decisions a retailers makes
Post-Purchase Behavior
Geographical Information System
Merchandising Philosophy
Demographics
46. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Full-Line Discount Store
Gap Analysis
Core Customers
Massed Promotion Effort
47. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Functional Product Groupings
Advertising
Opportunistic Buying
Stimulus
48. Based on the original retail value assigned to merchandise less the costs of the merchandise
Experiential Merchandising
Initial Markup
Inventory Management
Order-Taking Salesperson
49. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Initial Markup
Product/Trademark Franchising
Frequency
Vertical Marketing System
50. A retailer charges the same price to all customers buying an item under similar conditions
Mass Merchandising
One-Price Policy
Data-Base Retailing
Total Retail Experience