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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. Outlines a retailer's planned expenditures for a given time based on expected performance
Budgeting
Gross Margin
Manufacturer (national) Brands
Mergers
2. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Lifestyle Center
Specialog
Logistics
Efficient Consumer Response (ECR)
3. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Goal-Oriented Job Description
Assortment
Positioning
Nongoods Services
4. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Universal Product Code (UPC)
Image
Manufacturer (national) Brands
Automatic Reordering System
5. Customer orientation - coordinated effort - value driven and goal orientation
Equal Store Organization
Retailing Concept
Net Lease
Goods/Service Category
6. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Prototype Stores
Open-to-Buy
Zero-Based Budgeting
Non-probability Sample
7. A retailer charges the same price to all customers buying an item under similar conditions
Horizontal Cooperative Advertising Agreement
Competition-Oriented Pricing
One-Price Policy
Simulation
8. 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]
Social Class
Marquee
Specialty Store
Percentage Variation Method
9. A retailers best customers
Core Customers
Experiment
Order-Taking Salesperson
Variable Pricing
10. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Word of Mouth (WOM)
Balanced Tenancy
Post-Purchase Behavior
String
11. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Value (customer)
Mass Merchandising
Cost-Oriented Pricing
Demographics
12. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Zero-Based Budgeting
Controllable Variables
Nongoods Services
Ethics
13. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Cross-Shopping
Ease of Entry
Open-to-Buy
Retail Organization
14. Whereby franchisors limit franchisee involvement in the strategic planning process
Want Book (Want Slip)
Primary Trading Area
Minimum-Price Laws
Constrained Decision Making
15. Appeals to price-conscious consumers - who must be members to shop there
Core Customers
Membership (Warehouse) Club
Destination Retailer
Equal Store Organization
16. Embodied by a series of activities and processes that provides a certain value for the consumer
Horizontal Retail Audit
Percentage Lease
Rationalized Retailing
Value (retailer)
17. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Operating Expenses
Efficient Consumer Response (ECR)
Membership (Warehouse) Club
Value Delivery System
18. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Variable Markup Policy
Price Lining
Employee Empowerment
Hierarchy of Authority
19. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Vertical Marketing System
Vending Machine
Horizontal Retail Audit
20. The portion of revenues turned over to the federal - state and/or local government
Consumer Behavior
Taxes
Electronic Article Surveillance
Stock Turnover
21. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Cross-Shopping
Retail Strategy
Logistics
Intensive Distribution
22. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Ensemble Display
Culture
Analog Model
Mystery Shoppers
23. Beginning inventory - purchases - and transportation charges equal the cost of this
Merchandise Available for Sale
Internal Secondary Data
Vertical Retail Audit
Horizontal Price Fixing
24. A way to collect - store and use relevant information about customers
Regional Shopping Center
Data-Base Retailing
Trading Area Overlap
Logistics
25. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Gross Profit (margin)
Reverse Logistics
Controllable Variables
Planogram
26. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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27. Involve the combination of separately owned retail firms
Scenario Analysis
Mergers
Merchandise Available for Sale
Channel of Distribution
28. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Productivity
Tactics
Product Life Cycle
Limited Decision Making
29. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Opportunity Costs
Customer Satisfaction
Variety Store
Target Marketing
30. 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
Opportunistic Buying
Public Relations
Goal-Oriented Job Description
Resident Buying Office
31. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Supervision
Cognitive Dissonance
Class Consciousness
32. 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
LIFO (last-in-first-out) Method
Compensation
Direct Marketing
Box (Limited-Line) Store
33. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Assets
Mass Merchandising
Conventional Supermarket
34. Used by retailers that promote seasonally
Nonstore Retailing
Vertical Marketing System
Massed Promotion Effort
Productivity
35. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
PMs (Promotional or Push Monies)
Electronic Point of Sale System
Forecasts
Yield Management Pricing
36. A food-based discounter offering a moderate number of food items in a no-frills setting
Fad Merchandise
Fringe Trading Area
Warehouse Store
Internet
37. 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
Maintenance-Increase-Recoupment Lease
Direct Product Profitability (DPP)
Dump Bin
Assets
38. A merchandising technique that some firms use to improve productivity
Electronic Data Interchange (EDI)
Debit Card System
Job Analysis
Category Management
39. Displays merchandise by common end use
Price Elasticity of Demand
Functional Product Groupings
Tactics
Feedback
40. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Specialog
Theme-Setting Display
Niche Retailing
Functional Product Groupings
41. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
LIFO (last-in-first-out) Method
Controllable Variables
Box (Limited-Line) Store
Term Occupancy
42. Selling goods and services to a broad spectrum of consumers
Horizontal Price Fixing
Assortment Merchandise
Objectives
Mass Marketing
43. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Customary Pricing
Private (dealer) Brands
Community Shopping Center
44. Concentrates on selling one goods or service line - such as young women's apparel
Off-Price Chain
Exclusive Distribution
Specialty Store
Storefront
45. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Issue (problem) Definition
Dual Marketing
Cost of Method Accounting
Sales Promotion
46. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Community Shopping Center
Operations Management
Channel Control
Leased Department
47. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
LIFO (last-in-first-out) Method
Consignment Purchase
Debit Card System
Prestige Pricing
48. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Cognitive Dissonance
Incremental Budgeting
Business Format Franchising
Reverse Logistics
49. Payments that retailers require of vendors for providing shelf space
Slotting Allowances
Gross Margin
Basic Stock List
Cut Case
50. Depicts a product offering in a thematic manner and sets a specific mood
Debit Card System
Theme-Setting Display
Market Segment Product Groupings
Community Shopping Center