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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. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Box (Limited-Line) Store
Cost of Goods Sold
Percentage Variation Method
Retail Audit
2. Focuses on the sale of tangible phoducts
Goods Retailing
Social Class
Business Format Franchising
Rack Display
3. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Cooperative Buying
Retail Method of Accounting
Unit Control
Incremental Method
4. Where the same customers are served by both branches
Electronic Point of Sale System
Trading Area Overlap
Traditional Department Store
Impulse Purchases
5. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Limited Decision Making
Routine Decision Making
Slotting Allowances
Sole Proprietorship
6. Exhibits heavier - bulkier items than a rack holds
Rack Display
Budgeting
Case Display
Positioning
7. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Incremental Method
Gross Profit (margin)
Point of Difference
Vertical Price Fixing
8. Whereby consumers lease and use goods for specified periods of time
Value Delivery System
Internet
Depth of Assortment
Rented-Goods Services
9. Factors having a high relationship with job success are given more weight than others
Outshopping
Budgeting
Weighted Application Blank
Percentage Lease
10. The activity whereby a retailer generates a list of job applicants
Recruitment
Direct Selling
Strategy Mix
Robinson-Patman Act
11. A retail firm owned by its customer members
Wheel of Retailing
Consumer Cooperative
Data Mining
RFID (radio frequency identification)
12. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Physical Inventory System
Scrambled Merchandising
Simulation
Product Life Cycle
13. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Constrained Decision Making
Retailing
Cost of Goods Sold
Generic Brands
14. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Retail Audit
Value Chain
Neighborhood Shopping Center
Consumer Decision Process
15. Concentrates on selling one goods or service line - such as young women's apparel
Multi-Channel Retailing
Specialty Store
Primary Trading Area
Retail Method of Accounting
16. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Reference Groups
Mass Merchandising
Forecasts
Customer Satisfaction
17. 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
Rack Display
Positioning
Gross Profit (margin)
18. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Robinson-Patman Act
Case Display
Manufacturer (national) Brands
19. The criteria used to assess effectiveness
Performance Measures
All-You-Can-Afford Method
Inventory Management
Micromerchandising
20. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Vendor-Managed Inventory (VMI)
Consumer Loyalty (Frequent Shopper) Programs
Straight (Gridiron) Traffic Flow
21. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Category Management
Threats
Partnership
Nonstore Retailing
22. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Customary Pricing
Demographics
Book (Perpetual) Inventory System
23. Assigns floor space on the basis of sales or profit per foot
Assortment
Sales-Productivity Ratio
Sole Proprietorship
Retail Method of Accounting
24. Increases an item's original price because demand is unexpectedly high or costs are rising
Additional Markup
Retail Life Cycle
Job Analysis
Differentiated Marketing
25. The difference between net sales and the total cost of goods sold
Gross Margin
Slotting Allowances
Core Customers
Stimulus
26. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
Want Book (Want Slip)
Simulation
Sales Opportunity Grid
Direct Product Profitability (DPP)
27. Customer orientation - coordinated effort - value driven and goal orientation
Retailing Concept
Leader Pricing
Electronic Banking
Fad Merchandise
28. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Organizational Mission
Channel Control
Electronic Point of Sale System
Infomercial
29. 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
Outsourcing
Hidden Assets
Nongoods Services
Value Delivery System
30. A type of retail institution in which a retailers owns one retail unit
Membership (Warehouse) Club
Vendor-Managed Inventory (VMI)
Independent
Sales Opportunity Grid
31. Many retail vendors sell a range of products at discount prices in plain surroundings
Supercenter
Flea Market
Term Occupancy
LIFO (last-in-first-out) Method
32. Used for products needing special handling
Vending Machine
Feedback
Computerized Checkout
Storability Product Groupings
33. Consists of the regular products carried by a retailer
Competitive Parity Method
Diversification
Staple Merchandise
Objective-and-Task Method
34. 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
Multiple-Unit Pricing
Ethics
Assets
Geographical Information System
35. Whereby franchisors limit franchisee involvement in the strategic planning process
Performance Measures
Initial Markup
Evaluation of Alternatives
Constrained Decision Making
36. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Marquee
Direct Selling
Lifestyle Center
Retail Life Cycle
37. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Micromarketing
HRM Process
Regression Model
Core Customers
38. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Storefront
Assets
Lifestyle Center
Classification Merchandising
39. Incorporates life stages for both family and non-family households
Channel of Distribution
Bifurcated Retailing
Household Life Cycle
Experiment
40. Used by retailers that promote throughout the year
Distributed Promotion Effort
Point of Difference
Customer Service
Controllable Variables
41. 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
Situation Analysis
Storefront
Floor-Ready Merchandise
42. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Markdown
Mazur Plan
Relationship Retailing
Non-probability Sample
43. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Variable Markup Policy
Dump Bin
Purchase Act
Micromarketing
44. Displays merchandise by common end use
Functional Product Groupings
Graduated Lease
Information Search
Automatic Reordering System
45. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Private (dealer) Brands
Pre-Training
Consumer Behavior
Marketing Research In Retailing
46. Involves an informal ranking of people based on income - occupation - education and other factors
Variable Pricing
Social Class
Sales-Productivity Ratio
Taxes
47. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Food-Based Superstore
Horizontal Cooperative Advertising Agreement
Customer Satisfaction
Social Responsibility
48. Logically assumes old merchandise is sold first - while newer items remain in inventory
Franchising
Cost-Oriented Pricing
FIFO (first-in-first-out) Method
Operating Expenses
49. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Limited Decision Making
Debit Card System
Net Profit After Taxes
Performance Measures
50. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Routine Decision Making
Problem Awareness
Want Book (Want Slip)
Nongoods Services