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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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
Private (dealer) Brands
Dollar Control
Quick Response (QR) Inventory Planning
Reach
2. Involves an informal ranking of people based on income - occupation - education and other factors
Financial Merchandise Management
Fad Merchandise
Assortment Display
Social Class
3. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Retail Promotion
Traditional Department Store
Resident Buying Office
Training Programs
4. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Price Elasticity of Demand
Initial Markup
Application Blank
Curing (Free-Flowing) Traffic Flow
5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts
Net Sales
Image
Retail Organization
Case Display
6. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Channel of Distribution
Item Price Removal
Benchmarking
Convenience Store
7. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Off-Price Chain
Net Sales
PMs (Promotional or Push Monies)
Cooperative Advertising
8. Doubt that the correct decision has been made
Retail Method of Accounting
Cognitive Dissonance
Sorting Process
Recruitment
9. A type of retail institution in which a retailers owns one retail unit
Storability Product Groupings
Gap Analysis
Ease of Entry
Independent
10. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Secondary Data
Assortment Display
Monthly Sales Index
Inventory Management
11. The reasons for a consumers behavior
Unit Pricing
Merchandising Philosophy
Motives
Ensemble Display
12. The positive - neutral or negative feelings a person has about different topics
Solution Selling
Mergers
Minimum-Price Laws
Attitudes (Opinions)
13. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Multi-Channel Retailing
Want Book (Want Slip)
Wheel of Retailing
Electronic Banking
14. A cash or card operated retailing format that dispenses goods and services
Vending Machine
Distributed Promotion Effort
Assortment
Limited Decision Making
15. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Issue (problem) Definition
Sales Promotion
Traditional Job Description
Franchising
16. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Basic Stock List
Niche Retailing
Opportunistic Buying
Operating Expenses
17. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
All-You-Can-Afford Method
Cost of Method Accounting
Mystery Shoppers
Incremental Budgeting
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
Direct Product Profitability (DPP)
Maintenance-Increase-Recoupment Lease
Nonstore Retailing
Scenario Analysis
19. The optimum site for a particular store
Goods/Service Category
One-Hundred Percent Location
Electronic Point of Sale System
Weighted Application Blank
20. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Traditional Department Store
Computerized Checkout
Job Analysis
Family Life Cycle
21. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Threats
Operating Expenses
Internet
Extended Decision Making
22. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Goal-Oriented Job Description
Memorandum Purchase
Retail Organization
Chargebacks
23. 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
Intensive Distribution
Electronic Point of Sale System
Staple Merchandise
Hidden Assets
24. Selling goods and services to a broad spectrum of consumers
Downsizing
Debit Card System
Mass Marketing
Mass Merchandising
25. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Dual Marketing
Scenario Analysis
Goods Retailing
26. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Economic Base
Traditional Department Store
Reverse Logistics
Primary Trading Area
27. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Purchase Act
Retail Method of Accounting
Consumer Cooperative
Product Life Cycle
28. Whereby consumers lease and use goods for specified periods of time
Attitudes (Opinions)
Rented-Goods Services
World Wide Web
Odd Pricing
29. 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
Impulse Purchases
Department Store
Flea Market
Operating Expenditures
30. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Open-to-Buy
Net Profit After Taxes
Purchase Act
Consumer Behavior
31. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Atmosphere (atmospherics)
Outsourcing
Price-Quality Association
RFID (radio frequency identification)
32. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Personality
Prototype Stores
Cross-Shopping
Item Price Removal
33. Whereby goods owned by consumers are repaired - improved - or maintained
Purchase Motivation Product Groupings
Owned-Goods Services
Employee Empowerment
Problem Awareness
34. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Customer Satisfaction
Data Mining
Data Warehousing
Tactics
35. The overall plan guiding a retail firm
Semantic Differential
Retail Strategy
Cooperative Advertising
Never-Out List
36. Merchandise that generates high sales over a short time
Channel Control
Top-Down Space Management Approach
Fad Merchandise
Net Profit After Taxes
37. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Mystery Shoppers
Electronic Banking
Benchmarking
Vertical Retail Audit
38. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Opportunity Costs
Video Kiosk
Destination Retailer
Direct Product Profitability (DPP)
39. 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
Supply Chain
Physical Inventory System
Order-Getting Salesperson
Analog Model
40. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Option Credit Account
Revolving Credit Account
Central Business District
Productivity
41. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Membership (Warehouse) Club
Customary Pricing
Combination Store
Target Marketing
42. Actively involved with informing and persuading customers in closing sales
Net Sales
Opportunistic Buying
Order-Getting Salesperson
Data-Base Retailing
43. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Graduated Lease
Markdown
Data-Base Management
44. Appeals to price-conscious consumers - who must be members to shop there
Retail Method of Accounting
Information Search
Multi-Channel Retailing
Membership (Warehouse) Club
45. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Objectives
Functional Product Groupings
Combination Store
Economic Base
46. 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
Value (retailer)
Retail Organization
Economic Base
Mergers
47. The criteria used to assess effectiveness
Competition-Oriented Pricing
Performance Measures
Bait-and-Switch Advertising
Regression Model
48. Mandates that persons with disabilities be given appropriate access to retailing facilities
Wheel of Retailing
Revolving Credit Account
Logistics
Americans With Disabilities Act
49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Customary Pricing
Advertising
RFID (radio frequency identification)
Vertical Marketing System
50. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Functional Product Groupings
Predatory Pricing
Limited Decision Making
Ensemble Display
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