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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Relationship Retailing
World Wide Web
Convenience Store
Routine Decision Making
2. Outlines a retailer's planned expenditures for a given time based on expected performance
Electronic Point of Sale System
Budgeting
Uncontrollable Variables
Observation
3. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Outshopping
Value Chain
Prototype Stores
Inventory Shrinkage
4. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Trading Area
Hierarchy of Authority
Extended Decision Making
Distributed Promotion Effort
5. 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
Private (dealer) Brands
Equal Store Organization
Stock-to-Sales Method
Price-Quality Association
6. 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
Option Credit Account
Food-Based Superstore
Dump Bin
Net Profit After Taxes
7. Calls for all maintenance costs to be paid by the retailer
Channel of Distribution
Consumer Behavior
Net Lease
Social Class
8. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Odd Pricing
Retail Institution
Data-Base Management
Goal-Oriented Job Description
9. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Analog Model
Net Lease
Supervision
All-You-Can-Afford Method
10. 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
Retail Organization
Consumer Behavior
Hidden Assets
Equal Store Organization
11. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Customer Service
Ensemble Display
Constrained Decision Making
12. Short-term selling and administrative costs in running a business
Distributed Promotion Effort
Canned Sales Presentation
Point-of-Purchase Display
Operating Expenditures
13. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Cooperative Advertising
Slotting Allowances
Merchandising
Sole Proprietorship
14. Involves oral communication with one or more prospective customers for the purpose of making a sale
Weighted Application Blank
Personal Selling
Solution Selling
Need-Satisfaction Approach
15. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Objectives
Sales-Productivity Ratio
Micromarketing
Financial Merchandise Management
16. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Product Life Cycle
Sorting Process
Demand-Oriented Pricing
Information Search
17. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Retail Life Cycle
PMs (Promotional or Push Monies)
Analog Model
Scenario Analysis
18. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Personal Selling
Incremental Budgeting
Control
Inventory Shrinkage
19. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Merchandising
Ensemble Display
Reverse Logistics
Minimum-Price Laws
20. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Supermarket
Perceived Risk
Retailing Concept
Relationship Retailing
21. Involves a clear statement of the topic to be studied
Leased Department
Horizontal Price Fixing
Theme-Setting Display
Issue (problem) Definition
22. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Markdown
Reilly's Law of Retailing Gravitation
Extended Decision Making
Horizontal Price Fixing
23. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Perceived Risk
Cooperative Buying
Wheel of Retailing
Job Analysis
24. Whereby goods owned by consumers are repaired - improved - or maintained
Operations Management
Post-Purchase Behavior
Situation Analysis
Owned-Goods Services
25. The portion of revenues turned over to the federal - state and/or local government
Taxes
Top-Down Space Management Approach
Objective-and-Task Method
Everyday Low Pricing (EDLP)
26. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Business Format Franchising
Cross-Merchandising
Direct Marketing
Operations Management
27. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Cost of Goods Sold
Stock Turnover
Channel Control
Assortment
28. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Rack Display
Evaluation of Alternatives
Want Book (Want Slip)
Sales Promotion
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
Customary Pricing
Hidden Assets
Fad Merchandise
Organizational Mission
30. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Geographical Information System
Core Customers
Cost-Oriented Pricing
Hierarchy of Effects
31. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Weeks' Supply Method
All-You-Can-Afford Method
Destination Retailer
Publicity
32. The customer group sought by a retailer
Universal Product Code (UPC)
Fad Merchandise
Product/Trademark Franchising
Target Marketing
33. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Term Occupancy
Marketing Research In Retailing
Revolving Credit Account
Stimulus
34. When retailers count on suppliers to participate in their inventory management programs
Vendor-Managed Inventory (VMI)
Consumer Cooperative
Nongoods Services
Product Life Cycle
35. The mix of stores within a district or shopping center
Retail Balance
Frequency
Massed Promotion Effort
Demographics
36. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Ethics
Initial Markup
Retail Balance
Outshopping
37. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Situation Analysis
Bait-and-Switch Advertising
HRM Process
Horizontal Price Fixing
38. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Advertising
Downsizing
Constrained Decision Making
Power Center
39. A memorized - repetitive speech given to all customers interested in a particular item
Mazur Plan
Canned Sales Presentation
Case Display
Weighted Application Blank
40. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Vertical Marketing System
Visual Merchandising
Owned-Goods Services
Bifurcated Retailing
41. Depicts a product offering in a thematic manner and sets a specific mood
Uncontrollable Variables
Liabilities
Theme-Setting Display
Option Credit Account
42. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Uncontrollable Variables
Rented-Goods Services
Dead Areas
Data Warehousing
43. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Robinson-Patman Act
Information Search
Vertical Price Fixing
Equal Store Organization
44. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Personality
Value (retailer)
Chargebacks
Core Customers
45. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Leader Pricing
String
Impulse Purchases
Primary Trading Area
46. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Consumer Cooperative
Relationship Retailing
Battle of the Brands
Social Responsibility
47. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Combination Store
Social Class
Value (customer)
Inventory Management
48. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Independent
Everyday Low Pricing (EDLP)
Chargebacks
Dual Marketing
49. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Huff's Law of Shopper Attraction
Variety Store
Fad Merchandise
Video Kiosk
50. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Experiment
Product Life Cycle
Gap Analysis
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