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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. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
RFID (radio frequency identification)
Specialty Store
Organizational Mission
HRM Process
2. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Controllable Variables
Reilly's Law of Retailing Gravitation
Data Mining
3. Whereby suppliers sell through as many retailers as possible
Dead Areas
Intensive Distribution
Organizational Mission
Objectives
4. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Width of Assortment
Retail Life Cycle
Outshopping
Mazur Plan
5. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Personal Selling
Wheel of Retailing
Order-Taking Salesperson
Training Programs
6. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Mergers
Multiple-Unit Pricing
Percentage-of-Sales Method
Consumer Decision Process
7. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Item Price Removal
Vendor-Managed Inventory (VMI)
Infomercial
Post-Purchase Behavior
8. Actively involved with informing and persuading customers in closing sales
Category Management
Trading Area Overlap
Vendor-Managed Inventory (VMI)
Order-Getting Salesperson
9. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Retail Method of Accounting
Goal-Oriented Job Description
Cost of Method Accounting
Convenience Store
10. 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
Neighborhood Shopping Center
Traditional Department Store
Sales Opportunity Grid
Objectives
11. The portion of revenues turned over to the federal - state and/or local government
Cooperative Advertising
Taxes
Multiple-Unit Pricing
Item Price Removal
12. 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
Robinson-Patman Act
Post-Purchase Behavior
Publicity
Lifestyle Center
13. Whereby franchisors limit franchisee involvement in the strategic planning process
Ease of Entry
Secondary Trading Area
Constrained Decision Making
Situation Analysis
14. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Combination Store
Sales-Productivity Ratio
Micromerchandising
Retail Audit
15. Payments that retailers require of vendors for providing shelf space
Mass Merchandising
Employee Empowerment
Slotting Allowances
Order-Taking Salesperson
16. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Impulse Purchases
Electronic Article Surveillance
Mystery Shoppers
Intensive Distribution
17. A merchandising technique that some firms use to improve productivity
Private (dealer) Brands
Impulse Purchases
Category Management
Class Consciousness
18. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Regional Shopping Center
Electronic Banking
Sole Proprietorship
Tactics
19. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Weeks' Supply Method
Variable Markup Policy
Off-Price Chain
Geographical Information System
20. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Percentage Lease
Consumer Loyalty (Frequent Shopper) Programs
Affinity
Ethics
21. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Sorting Process
Community Shopping Center
Core Customers
Top-Down Space Management Approach
22. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Odd Pricing
Secondary Data
Opportunistic Buying
Model Stock Approach
23. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Traditional Job Description
Horizontal Price Fixing
Operating Expenses
Bottom-Up Space Management Approach
24. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Manufacturer (national) Brands
Horizontal Price Fixing
Initial Markup
Impulse Purchases
25. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Supercenter
Target Marketing
Dump Bin
Budgeting
26. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Percentage Lease
Zero-Based Budgeting
PMs (Promotional or Push Monies)
Monthly Sales Index
27. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Cost-Oriented Pricing
Rationalized Retailing
Markdown
Electronic Point of Sale System
28. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Community Shopping Center
Reilly's Law of Retailing Gravitation
Cut Case
29. Represents the total bundle of benefits offered to consumers through a channel of distribution
Percentage-of-Sales Method
Value Chain
Ethics
Sales Promotion
30. Takes place when the consumer buys out of habit and skips steps in the purchase process
Mergers
Routine Decision Making
Ethics
Performance Measures
31. Doubt that the correct decision has been made
Mergers
Public Relations
Supervision
Cognitive Dissonance
32. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Consumer Loyalty (Frequent Shopper) Programs
Markdown
Direct Product Profitability (DPP)
String
33. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Issue (problem) Definition
Control
Predatory Pricing
Lifestyle Center
34. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Hierarchy of Authority
Ease of Entry
Value (retailer)
Extended Decision Making
35. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Gross Profit (margin)
Personality
Reilly's Law of Retailing Gravitation
36. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Public Relations
Diversification
Limited Decision Making
Curing (Free-Flowing) Traffic Flow
37. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Assortment
Wheel of Retailing
Value Chain
Sales-Productivity Ratio
38. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Rented-Goods Services
Downsizing
Merchandising
Compensation
39. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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40. 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
Hidden Assets
Post-Purchase Behavior
Traditional Job Description
Data-Base Retailing
41. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Assortment Merchandise
Supervision
Traditional Job Description
Wheel of Retailing
42. A food-based discounter offering a moderate number of food items in a no-frills setting
Customer Loyalty
Warehouse Store
Term Occupancy
Computerized Checkout
43. Consists of the regular products carried by a retailer
Staple Merchandise
Open Credit Account
HRM Process
String
44. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Infomercial
Consumer Protection
Automatic Reordering System
String
45. Suppliers sell through a moderate number of retailers
Flexible Pricing
Stimulus
Taxes
Selective Distribution
46. Whereby each department is subdivided into further categories for related types of merchandise
Single-Channel Retailing
Classification Merchandising
Bait-and-Switch Advertising
Merchandise Available for Sale
47. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Manufacturer (national) Brands
Competitive Parity Method
Channel of Distribution
Gross Profit (margin)
48. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Retail Life Cycle
Supply Chain
Lifestyle Center
Multi-Channel Retailing
49. Outlines a retailer's planned expenditures for a given time based on expected performance
Rented-Goods Services
Manufacturer (national) Brands
Budgeting
Cost-Oriented Pricing
50. The profit earned after all costs and taxes have been deducted
Core Customers
Experiential Merchandising
Net Profit After Taxes
Customer Loyalty