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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. 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
Revolving Credit Account
Weeks' Supply Method
Exclusive Distribution
Impulse Purchases
2. 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
Customer Loyalty
Retail Strategy
Product Life Cycle
3. The manner of providing a job environment that encourages employee accomplishment
Benchmarking
Full-Line Discount Store
Supervision
Primary Data
4. The aspects of business that a firm can directly affect
Gross Profit (margin)
Controllable Variables
Debit Card System
Cut Case
5. 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
Variable Pricing
Personality
Percentage Lease
Demand-Oriented Pricing
6. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Cut Case
Mass Marketing
Value Delivery System
7. Consists of products that sell well over nonconsecutive time periods
Hidden Assets
Regional Shopping Center
Ethics
Seasonal Merchandise
8. There is more interactive relationship between a franchisor and a franchisee
Memorandum Purchase
Positioning
Business Format Franchising
Sales-Productivity Ratio
9. 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
Prestige Pricing
Retail Information System
Consumer Cooperative
10. Whereby goods owned by consumers are repaired - improved - or maintained
Net Worth
Multiple-Unit Pricing
Owned-Goods Services
Forecasts
11. Based on the original retail value assigned to merchandise less the costs of the merchandise
Efficient Consumer Response (ECR)
Planogram
Initial Markup
Niche Retailing
12. Where the same customers are served by both branches
Value Chain
Trading Area Overlap
Neighborhood Shopping Center
Open-to-Buy
13. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Budgeting
Unit Pricing
Economic Base
Community Shopping Center
14. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Evaluation of Alternatives
Outshopping
Business Format Franchising
Lifestyle Center
15. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Consignment Purchase
Neighborhood Business District
Nonstore Retailing
Incremental Method
16. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Value (retailer)
Sole Proprietorship
Retail Organization
Opportunistic Buying
17. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Chargebacks
Data-Base Retailing
Factory Outlet
Quick Response (QR) Inventory Planning
18. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Customer Satisfaction
Service Retailing
Culture
Value Delivery System
19. Consists of the regular products carried by a retailer
Independent
Initial Markup
Staple Merchandise
Book (Perpetual) Inventory System
20. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
Trading Area Overlap
Sorting Process
Horizontal Cooperative Advertising Agreement
Employee Empowerment
21. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Franchising
Universal Product Code (UPC)
Basic Stock Method
Differentiated Marketing
22. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Rack Display
Leased Department
String
Consumer Decision Process
23. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Data Warehousing
Gravity Model
Order-Getting Salesperson
Value Delivery System
24. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Basic Stock List
Electronic Data Interchange (EDI)
Uncontrollable Variables
Efficient Consumer Response (ECR)
25. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Revolving Credit Account
Retail Promotion
Nongoods Services
External Secondary Data
26. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Everyday Low Pricing (EDLP)
Sales Promotion
Niche Retailing
Augmented Customer Service
27. Calls for all maintenance costs to be paid by the retailer
Scenario Analysis
Distributed Promotion Effort
Cooperative Buying
Net Lease
28. Objective - quantifiable - easily identifiable and measurable population data
Resident Buying Office
Open Credit Account
Combination Store
Demographics
29. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Percentage Lease
Efficient Consumer Response (ECR)
Supervision
Human Resource Management
30. Focuses on the sale of tangible phoducts
Hidden Assets
Variable Markup Policy
Goods Retailing
Publicity
31. 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
Electronic Point of Sale System
Pre-Training
Everyday Low Pricing (EDLP)
Point-of-Purchase Display
32. A cash or card operated retailing format that dispenses goods and services
Vending Machine
FIFO (first-in-first-out) Method
RFID (radio frequency identification)
Battle of the Brands
33. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Social Responsibility
Operating Expenditures
Scrambled Merchandising
Outsourcing
34. Lets consumers bargain over prices; those who are good at it obtain lower prices
Sorting Process
Community Shopping Center
Flexible Pricing
Hidden Assets
35. Available from sources outside the firm
Core Customers
External Secondary Data
Exclusive Distribution
Rented-Goods Services
36. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Opportunity Costs
Pre-Training
HRM Process
Cost of Method Accounting
37. The line of business in which a retailer operates
Discretionary income
Fashion Merchandise
Initial Markup
Goods/Service Category
38. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Odd Pricing
Channel Control
Operating Expenditures
Variable Pricing
39. 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
Depth of Assortment
Supply Chain
Sales Manager
Net Worth
40. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Supervision
Electronic Data Interchange (EDI)
Marketing Research In Retailing
Operating Expenses
41. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Opportunity Costs
Bifurcated Retailing
Open-to-Buy
Combination Store
42. Whereby prices are marked only on shelves or signs and not on individual items
Item Price Removal
Job Analysis
Fringe Trading Area
Everyday Low Pricing (EDLP)
43. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Sales Manager
Assortment
Mazur Plan
Point of Difference
44. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Atmosphere (atmospherics)
Vertical Marketing System
Net Sales
Ethics
45. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Sales-Productivity Ratio
Job Analysis
Manufacturer (national) Brands
Post-Purchase Behavior
46. Displays merchandise by common end use
Functional Product Groupings
Service Retailing
Graduated Lease
Simulation
47. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Incremental Method
Image
Channel Control
Fashion Merchandise
48. A retail firm owned by its customer members
Situation Analysis
Cross-Shopping
Value Chain
Consumer Cooperative
49. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Rack Display
Data Mining
Option Credit Account
Budgeting
50. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Goods/Service Category
Off-Price Chain
Open Credit Account
Positioning