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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. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Unit Pricing
Loss Leaders
Percentage Variation Method
Inventory Shrinkage
2. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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3. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Personal Selling
Top-Down Space Management Approach
Target Marketing
Retail Organization
4. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Bait-and-Switch Advertising
Vending Machine
Lifestyle Center
Top-Down Space Management Approach
5. A retailer wants to maintain a specified ratio of goods on hand to sales
Prototype Stores
Selective Distribution
Stock-to-Sales Method
Tactics
6. Calls for precise rent increases over a stated period of time
Full-Line Discount Store
Secondary Business District (SBD)
Cross-Shopping
Graduated Lease
7. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Atmosphere (atmospherics)
Employee Empowerment
Electronic Point of Sale System
Department Store
8. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Straight (Gridiron) Traffic Flow
Variable Pricing
Lifestyle Center
Analog Model
9. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Bottom-Up Space Management Approach
Gravity Model
Affinity
10. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Central Business District
Attitudes (Opinions)
Data Warehousing
Image
11. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Frequency
Outsourcing
Sales Opportunity Grid
Atmosphere (atmospherics)
12. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Reach
Bottom-Up Space Management Approach
Goods/Service Category
Vertical Marketing System
13. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Bait-and-Switch Advertising
Private (dealer) Brands
Cooperative Advertising
Floor-Ready Merchandise
14. A manufacturer and a retailer or a wholesales and a retailer share an ad
Data Mining
Merchandise Available for Sale
Vertical Cooperative Advertising Agreement
Visual Merchandising
15. The activity whereby a retailer generates a list of job applicants
Recruitment
Incremental Method
Video Kiosk
Customer Loyalty
16. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Consumer Decision Process
Infomercial
Net Sales
Community Shopping Center
17. Competition between manufacturers and retailers for shelf space and profits
Primary Trading Area
Vertical Marketing System
Battle of the Brands
Vertical Retail Audit
18. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Niche Retailing
Chain
Horizontal Price Fixing
Open-to-Buy
19. Involve the combination of separately owned retail firms
Mergers
Traditional Department Store
Experiential Merchandising
Rented-Goods Services
20. A retailer purposely adjusts markups by merchandise category
Merchandising
Cost of Method Accounting
Bifurcated Retailing
Variable Markup Policy
21. A case that holds piles of sale clothing - marked down books or other products
Performance Measures
Assets
Unit Pricing
Dump Bin
22. Information is systematically gathered from respondents by communicating with them
Computerized Checkout
Uncontrollable Variables
Survey
Food-Based Superstore
23. Depicts a product offering in a thematic manner and sets a specific mood
Secondary Business District (SBD)
Theme-Setting Display
Information Search
Book (Perpetual) Inventory System
24. 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
Opportunistic Buying
Net Profit After Taxes
Simulation
Retail Institution
25. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Public Relations
Cross-Merchandising
Total Retail Experience
Social Class
26. 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
Stock Turnover
Straight (Gridiron) Traffic Flow
Book (Perpetual) Inventory System
Direct Product Profitability (DPP)
27. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Assortment Display
Channel of Distribution
Cooperative Advertising
Geographical Information System
28. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Gross Profit (margin)
Differentiated Marketing
Video Kiosk
Frequency
29. A retailers best customers
Core Customers
Operating Expenditures
Consumer Behavior
Quick Response (QR) Inventory Planning
30. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Electronic Point of Sale System
Owned-Goods Services
Robinson-Patman Act
Weeks' Supply Method
31. 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
Ease of Entry
Retail Balance
Analog Model
32. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Personal Selling
Variable Markup Policy
Diversification
Supply Chain
33. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Independent
Rack Display
Performance Measures
34. 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
Value Chain
Traditional Department Store
Budgeting
Impulse Purchases
35. Places together various items that appeal to a given target market
Relationship Retailing
Market Segment Product Groupings
Goods/Service Category
Conventional Supermarket
36. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Retail Information System
Market Segment Product Groupings
Product Life Cycle
Retailing
37. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Classification Merchandising
Experiential Merchandising
Training Programs
Prestige Pricing
38. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Corporation
Minimum-Price Laws
Point-of-Purchase Display
Weeks' Supply Method
39. A retail firm that is formally incorporated under state law
Positioning
FIFO (first-in-first-out) Method
Stock Turnover
Corporation
40. A retailer sets its prices in accordance with competitors'
Personal Selling
Competition-Oriented Pricing
Data Warehousing
Horizontal Retail Audit
41. Exhibits heavier - bulkier items than a rack holds
Multiple-Unit Pricing
Equal Store Organization
Case Display
Culture
42. 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
Frequency
Basic Stock List
Hierarchy of Authority
43. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Prestige Pricing
Cost of Method Accounting
Cooperative Advertising
Direct Product Profitability (DPP)
44. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Category Killer
Primary Data
Customary Pricing
Cross-Merchandising
45. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Taxes
Electronic Article Surveillance
Post-Purchase Behavior
Independent
46. Appeals to price-conscious consumers - who must be members to shop there
Percentage Variation Method
Membership (Warehouse) Club
Retail Organization
Differentiated Marketing
47. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Probability (Random) Sample
Inventory Management
Department Store
Demand-Oriented Pricing
48. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Markup Pricing
Micromarketing
Unit Control
Convenience Store
49. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Publicity
Cost of Goods Sold
Corporation
Business Format Franchising
50. Sets the guiding principles for all the merchandise decisions a retailers makes
Revolving Credit Account
Merchandising Philosophy
Percentage Variation Method
Purchase Motivation Product Groupings