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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. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Trading Area Overlap
Top-Down Space Management Approach
Resident Buying Office
Employee Empowerment
2. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Mass Merchandising
Channel of Distribution
Attitudes (Opinions)
Fringe Trading Area
3. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Horizontal Price Fixing
Percentage-of-Sales Method
Discretionary income
Nongoods Services
4. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Balanced Tenancy
Class Consciousness
Personal Selling
Conventional Supermarket
5. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Word of Mouth (WOM)
Opportunity Costs
Geographical Information System
Chargebacks
6. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Public Relations
Retail Promotion
Neighborhood Business District
Frequency
7. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Family Life Cycle
Bottom-Up Space Management Approach
Information Search
Objective-and-Task Method
8. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
External Secondary Data
Yield Management Pricing
Purchase Motivation Product Groupings
9. A retailer purposely adjusts markups by merchandise category
Americans With Disabilities Act
Variable Markup Policy
Organizational Mission
Trading Area
10. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Percentage Variation Method
Cut Case
Floor-Ready Merchandise
Fashion Merchandise
11. Incorporates life stages for both family and non-family households
Household Life Cycle
Competitive Parity Method
Reverse Logistics
Value Chain
12. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Straight (Gridiron) Traffic Flow
Data Warehousing
Demand-Oriented Pricing
Traditional Department Store
13. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Consumer Loyalty (Frequent Shopper) Programs
Visual Merchandising
Selective Distribution
14. Marketplace opening that exist because other retailers have not yet capitalized on them
Frequency
Opportunities
Americans With Disabilities Act
Controllable Variables
15. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Class Consciousness
Tactics
Category Killer
Operations Management
16. Shows the expected behavior of a good or service over its life
Lifestyles
Product Life Cycle
Corporation
Specialty Store
17. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Weeks' Supply Method
One-Hundred Percent Location
Semantic Differential
Hierarchy of Authority
18. A manufacturer and a retailer or a wholesales and a retailer share an ad
Horizontal Retail Audit
Category Management
Vertical Cooperative Advertising Agreement
Purchase Motivation Product Groupings
19. Doubt that the correct decision has been made
Net Worth
Cognitive Dissonance
Maintenance-Increase-Recoupment Lease
Social Responsibility
20. Places together various items that appeal to a given target market
Storefront
Market Segment Product Groupings
Social Responsibility
Advertising
21. Selling goods and services to a broad spectrum of consumers
Order-Taking Salesperson
Sales Promotion
Goods/Service Category
Mass Marketing
22. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Incremental Method
Strategy Mix
Cross-Shopping
Compensation
23. 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
Affinity
Controllable Variables
Non-probability Sample
Mass Marketing
24. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Single-Channel Retailing
Contingency Pricing
Augmented Customer Service
Department Store
25. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Mergers
Reorder Point
Internal Secondary Data
Percentage Variation Method
26. Customer orientation - coordinated effort - value driven and goal orientation
Cross-Merchandising
Cost of Goods Sold
Probability (Random) Sample
Retailing Concept
27. Mandates that persons with disabilities be given appropriate access to retailing facilities
Sorting Process
Economic Base
Video Kiosk
Americans With Disabilities Act
28. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Variety Store
Job Motivation
Chain
29. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Traditional Job Description
Micromarketing
Consumer Behavior
HRM Process
30. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Wheel of Retailing
Pre-Training
Experiment
Word of Mouth (WOM)
31. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Cooperative Buying
Supercenter
Mergers
Infomercial
32. 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
Culture
Competitive Parity Method
Factory Outlet
Non-probability Sample
33. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Internal Secondary Data
Zero-Based Budgeting
Stimulus
Curing (Free-Flowing) Traffic Flow
34. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Intensive Distribution
Model Stock Approach
Supercenter
Objective-and-Task Method
35. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Cost-Oriented Pricing
Cooperative Buying
Ethics
Rationalized Retailing
36. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Nongoods Services
Data-Base Management
Positioning
Assortment
37. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Retail Strategy
Universal Product Code (UPC)
Loss Leaders
Computerized Checkout
38. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Flea Market
Point of Difference
Convenience Store
Supercenter
39. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Vending Machine
Retail Life Cycle
Retail Information System
40. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Graduated Lease
Relationship Retailing
Percentage-of-Sales Method
Debit Card System
41. 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
Operating Expenses
Data Mining
Balanced Tenancy
Customer Loyalty
42. 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
Reference Groups
Vertical Retail Audit
Strategy Mix
Chain
43. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Operating Expenses
Sole Proprietorship
Variable Pricing
Dual Marketing
44. Consists of the regular products carried by a retailer
Central Business District
Stimulus
Staple Merchandise
Retail Promotion
45. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Flea Market
Off-Price Chain
FIFO (first-in-first-out) Method
Direct Selling
46. 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
Personality
Maintenance-Increase-Recoupment Lease
Initial Markup
Franchising
47. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Central Business District
Curing (Free-Flowing) Traffic Flow
String
Expected Customer Service
48. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Family Life Cycle
Storefront
Independent
Opportunity Costs
49. The efficiency with which a retail strategy is carried out
Operating Expenditures
Rented-Goods Services
Productivity
Application Blank
50. The aspects of business to which a retailers must adapt
Post-Purchase Behavior
Uncontrollable Variables
Box (Limited-Line) Store
Merchandise Available for Sale
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