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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. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Relationship Retailing
Factory Outlet
Demographics
2. Two or more retailers share an ad
Motives
Operations Blueprint
Distributed Promotion Effort
Horizontal Cooperative Advertising Agreement
3. Whereby prices are marked only on shelves or signs and not on individual items
Physical Inventory System
Market Segment Product Groupings
Direct Store Distribution (DSD)
Item Price Removal
4. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Order-Getting Salesperson
Floor-Ready Merchandise
Mergers
Retail Strategy
5. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Purchase Motivation Product Groupings
Primary Data
Never-Out List
Atmosphere (atmospherics)
6. The optimum site for a particular store
One-Hundred Percent Location
Multiple-Unit Pricing
Niche Retailing
Experiential Merchandising
7. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Merchandising
Contingency Pricing
Value (customer)
Situation Analysis
8. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Business Format Franchising
Goal-Oriented Job Description
Advertising
Flea Market
9. Describes how traditional family moves from bachelorhood to children to solitary retirement
Secondary Business District (SBD)
Reach
Public Relations
Family Life Cycle
10. There is more interactive relationship between a franchisor and a franchisee
Primary Data
Lifestyle Center
Business Format Franchising
Electronic Banking
11. Ways in which individual consumers and families live and spend time and money
Markdown
Cross-Merchandising
Vending Machine
Lifestyles
12. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Assortment Display
Productivity
Want Book (Want Slip)
Internal Secondary Data
13. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Mazur Plan
Off-Price Chain
Opportunistic Buying
Maintained Markup
14. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Threats
Cost-Oriented Pricing
Reverse Logistics
Mystery Shoppers
15. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Cost of Method Accounting
Extended Decision Making
Multiple-Unit Pricing
Multi-Channel Retailing
16. 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]
Goods/Service Category
Specialty Store
Consumer Loyalty (Frequent Shopper) Programs
Percentage Variation Method
17. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Semantic Differential
Gravity Model
Bifurcated Retailing
Open-to-Buy
18. The portion of revenues turned over to the federal - state and/or local government
Taxes
Rack Display
Option Credit Account
HRM Process
19. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Case Display
Value (customer)
Markdown
Primary Trading Area
20. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Direct Selling
Sales Promotion
Depth of Assortment
Internet
21. A manufacturer and a retailer or a wholesales and a retailer share an ad
Customer Loyalty
Vertical Cooperative Advertising Agreement
Graduated Lease
Diversification
22. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Non-probability Sample
Vendor-Managed Inventory (VMI)
Unit Pricing
Supervision
23. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Loss Leaders
Mystery Shoppers
Neighborhood Business District
Leader Pricing
24. Any item a retailer owns with monetary value
Assets
Atmosphere (atmospherics)
Direct Product Profitability (DPP)
Cooperative Advertising
25. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Benchmarking
Video Kiosk
Category Killer
Reilly's Law of Retailing Gravitation
26. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Minimum-Price Laws
Diversification
Sales-Productivity Ratio
Dump Bin
27. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Cost of Goods Sold
Opportunity Costs
Merchandising
Zero-Based Budgeting
28. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Scenario Analysis
Balanced Tenancy
Retail Organization
Vendor-Managed Inventory (VMI)
29. Involve the combination of separately owned retail firms
Order-Taking Salesperson
Recruitment
Mergers
Uncontrollable Variables
30. A retail firm owned by its customer members
Combination Store
Efficient Consumer Response (ECR)
Power Center
Consumer Cooperative
31. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Never-Out List
Relationship Retailing
Percentage-of-Sales Method
Competition-Oriented Pricing
32. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Nongoods Services
Americans With Disabilities Act
Assets
Culture
33. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Logistics
Impulse Purchases
Pre-Training
Secondary Data
34. Occurs when one consumer talks to others; can build a chain of customers
Retailing
Word of Mouth (WOM)
Depth of Assortment
Reference Groups
35. A food-based discounter offering a moderate number of food items in a no-frills setting
Warehouse Store
Direct Store Distribution (DSD)
Geographical Information System
Benchmarking
36. A retailers commitment to a type of business and to a distinctive role in the marketplace
Monthly Sales Index
Robinson-Patman Act
Battle of the Brands
Organizational Mission
37. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Minimum-Price Laws
Taxes
Gross Profit (margin)
Customer Service
38. The manner of providing a job environment that encourages employee accomplishment
Supervision
Electronic Point of Sale System
Cost-Oriented Pricing
Vendor-Managed Inventory (VMI)
39. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Information Search
Product/Trademark Franchising
Net Lease
Mass Marketing
40. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Odd Pricing
HRM Process
Downsizing
Ethics
41. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Application Blank
Variety Store
Downsizing
Intensive Distribution
42. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Benchmarking
Percentage Variation Method
Regression Model
Advertising
43. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Data-Base Management
Job Motivation
Business Format Franchising
Solution Selling
44. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Specialty Store
Dump Bin
Computerized Checkout
Efficient Consumer Response (ECR)
45. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Constrained Decision Making
Vendor-Managed Inventory (VMI)
Internet
Electronic Point of Sale System
46. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Price-Quality Association
Atmosphere (atmospherics)
Channel Control
Customary Pricing
47. 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
Control Units
Bait-and-Switch Advertising
World Wide Web
Retail Organization
48. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Dump Bin
Customary Pricing
Fashion Merchandise
Outshopping
49. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Consumer Behavior
Situation Analysis
Goods Retailing
Channel of Distribution
50. Out-of-hometown shopping - is important for both local and surrounding retailers
Need-Satisfaction Approach
Outshopping
Seasonal Merchandise
Social Class