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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. 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
Department Store
Need-Satisfaction Approach
Off-Price Chain
Opportunistic Buying
2. When retailers count on suppliers to participate in their inventory management programs
Gross Margin
Cost of Goods Sold
Fringe Trading Area
Vendor-Managed Inventory (VMI)
3. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Markdown
Atmosphere (atmospherics)
Incremental Budgeting
Bifurcated Retailing
4. Embodied by a series of activities and processes that provides a certain value for the consumer
Book (Perpetual) Inventory System
Value (retailer)
Assortment
Affinity
5. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Curing (Free-Flowing) Traffic Flow
Staple Merchandise
Automatic Reordering System
Cooperative Buying
6. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Direct Store Distribution (DSD)
String
Post-Purchase Behavior
Fashion Merchandise
7. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Universal Product Code (UPC)
Unit Pricing
Everyday Low Pricing (EDLP)
Personality
8. Used by retailers that promote seasonally
Franchising
Fringe Trading Area
Massed Promotion Effort
Need-Satisfaction Approach
9. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Fringe Trading Area
Internet
Purchase Act
Demographics
10. Actively involved with informing and persuading customers in closing sales
Consumer Decision Process
Order-Getting Salesperson
Service Retailing
Initial Markup
11. Represents how a given retailer is perceived by consumers and others
Assets
Unit Control
Image
Weeks' Supply Method
12. A retailers carries complementary goods and services to encourage shoppers to buy more
Additional Markup
Cross-Merchandising
Option Credit Account
Selective Distribution
13. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Micromarketing
Percentage Variation Method
Storefront
Attitudes (Opinions)
14. The mix of stores within a district or shopping center
Chargebacks
Cut Case
Memorandum Purchase
Retail Balance
15. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Electronic Article Surveillance
Supermarket
Scrambled Merchandising
Cost of Goods Sold
16. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Specialog
Fad Merchandise
Issue (problem) Definition
One-Price Policy
17. Where a consumer must pay the bill in full when it is due
Consumer Protection
Open Credit Account
Single-Channel Retailing
Class Consciousness
18. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Survey
Horizontal Price Fixing
Contingency Pricing
Power Center
19. Sets the guiding principles for all the merchandise decisions a retailers makes
Dump Bin
Basic Stock List
HRM Process
Merchandising Philosophy
20. Short-term selling and administrative costs in running a business
Percentage Lease
Organizational Mission
Depth of Assortment
Operating Expenditures
21. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Assets
Private (dealer) Brands
Secondary Business District (SBD)
Stock Turnover
22. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Retail Strategy
Gap Analysis
Revolving Credit Account
Electronic Point of Sale System
23. Takes place when the consumer buys out of habit and skips steps in the purchase process
Case Display
Demand-Oriented Pricing
Infomercial
Routine Decision Making
24. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Cut Case
Functional Product Groupings
Organization Chart
Debit Card System
25. 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
Impulse Purchases
Reorder Point
Human Resource Management
Retail Information System
26. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Sorting Process
Assets
Electronic Banking
27. Money left after paying taxes and buying necessities
Gap Analysis
Discretionary income
Sales Manager
Issue (problem) Definition
28. The profit earned after all costs and taxes have been deducted
Inventory Shrinkage
Net Profit After Taxes
Consumer Behavior
Direct Product Profitability (DPP)
29. The aspects of business to which a retailers must adapt
Uncontrollable Variables
Cooperative Advertising
Vertical Cooperative Advertising Agreement
Employee Empowerment
30. Whereby suppliers sell through as many retailers as possible
Trading Area
Internal Secondary Data
Storability Product Groupings
Intensive Distribution
31. The merchandise categories for which data are gathered
Operating Expenditures
Control Units
Downsizing
Relationship Retailing
32. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Diversified Retailer
Merchandising
Demand-Oriented Pricing
Financial Merchandise Management
33. A retail firm that is formally incorporated under state law
Supercenter
Planogram
Customary Pricing
Corporation
34. Marketplace opening that exist because other retailers have not yet capitalized on them
Owned-Goods Services
Opportunities
Robinson-Patman Act
Scenario Analysis
35. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Fad Merchandise
Merchandising Philosophy
Open-to-Buy
Loss Leaders
36. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Consumer Decision Process
Consumer Loyalty (Frequent Shopper) Programs
Electronic Data Interchange (EDI)
PMs (Promotional or Push Monies)
37. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Goal-Oriented Job Description
Straight (Gridiron) Traffic Flow
Gravity Model
Hierarchy of Effects
38. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Exclusive Distribution
Unit Control
Constrained Decision Making
Scrambled Merchandising
39. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Personality
Core Customers
PMs (Promotional or Push Monies)
40. A manufacturer and a retailer or a wholesales and a retailer share an ad
Economic Base
Infomercial
Vertical Cooperative Advertising Agreement
Personal Selling
41. 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
Micromerchandising
Basic Stock Method
Direct Product Profitability (DPP)
Control Units
42. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Generic Brands
Reorder Point
Non-probability Sample
Flea Market
43. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Department Store
Culture
Top-Down Space Management Approach
Semantic Differential
44. A listing of bipolar adjectives scales
Exclusive Distribution
Taxes
Consumer Decision Process
Semantic Differential
45. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Threats
Electronic Article Surveillance
Operating Expenses
Sales Promotion
46. Represents the total bundle of benefits offered to consumers through a channel of distribution
Frequency
Customary Pricing
Application Blank
Value Chain
47. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Maintained Markup
Resident Buying Office
Massed Promotion Effort
Reorder Point
48. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Fringe Trading Area
Channel of Distribution
One-Price Policy
Mystery Shoppers
49. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Markdown
Operating Expenses
Leased Department
Retail Life Cycle
50. A case that holds piles of sale clothing - marked down books or other products
Downsizing
Liabilities
Dump Bin
Quick Response (QR) Inventory Planning