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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. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Micromarketing
Memorandum Purchase
Dead Areas
Computerized Checkout
2. A listing of bipolar adjectives scales
Semantic Differential
Vendor-Managed Inventory (VMI)
Reilly's Law of Retailing Gravitation
Corporation
3. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Primary Trading Area
Total Retail Experience
Vertical Retail Audit
Positioning
4. Used by retailers that promote throughout the year
Distributed Promotion Effort
Logistics
Consignment Purchase
Concentrated Marketing
5. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Order-Getting Salesperson
Supermarket
Dollar Control
Percentage Lease
6. A retailers commitment to a type of business and to a distinctive role in the marketplace
Consumer Protection
Budgeting
Leased Department
Organizational Mission
7. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Manufacturer (national) Brands
Merchandise Available for Sale
Balanced Tenancy
Single-Channel Retailing
8. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Retail Life Cycle
Solution Selling
Term Occupancy
Intensive Distribution
9. 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]
Liabilities
Percentage Variation Method
Depth of Assortment
Horizontal Retail Audit
10. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Bottom-Up Space Management Approach
Cross-Shopping
Computerized Checkout
Advertising
11. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Extended Decision Making
Food-Based Superstore
Curing (Free-Flowing) Traffic Flow
Single-Channel Retailing
12. 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
Generic Brands
Dollar Control
Problem Awareness
Option Credit Account
13. Information is systematically gathered from respondents by communicating with them
Data-Base Retailing
Survey
Horizontal Price Fixing
Retail Information System
14. A cash or card operated retailing format that dispenses goods and services
Primary Data
Zero-Based Budgeting
One-Hundred Percent Location
Vending Machine
15. Factors having a high relationship with job success are given more weight than others
Weighted Application Blank
Outsourcing
Zero-Based Budgeting
Training Programs
16. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Mergers
Vertical Retail Audit
Direct Marketing
17. Consists of the regular products carried by a retailer
Operating Expenses
Staple Merchandise
Sales-Productivity Ratio
Book (Perpetual) Inventory System
18. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Secondary Trading Area
Storefront
Monthly Sales Index
Convenience Store
19. 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
Physical Inventory System
Intensive Distribution
Compensation
Department Store
20. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Outsourcing
Situation Analysis
Electronic Point of Sale System
Secondary Data
21. 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
Incremental Method
Dead Areas
Geographical Information System
Dump Bin
22. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Lifestyles
Book (Perpetual) Inventory System
Performance Measures
World Wide Web
23. Based on the original retail value assigned to merchandise less the costs of the merchandise
PMs (Promotional or Push Monies)
Value (retailer)
Initial Markup
Chargebacks
24. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Lifestyles
Computerized Checkout
Cooperative Advertising
Operating Expenditures
25. Consumers feel high prices connote high quality and low prices connote low quality
Price-Quality Association
Downsizing
Consignment Purchase
Dollar Control
26. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Infomercial
Mazur Plan
Fringe Trading Area
LIFO (last-in-first-out) Method
27. The mix of stores within a district or shopping center
Internet
Retail Balance
Yield Management Pricing
Reference Groups
28. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Need-Satisfaction Approach
Corporation
Primary Trading Area
Value (customer)
29. The extent to which a person desires and pursues social status
Class Consciousness
Mass Merchandising
Vertical Retail Audit
Retail Information System
30. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Impulse Purchases
Scenario Analysis
Purchase Act
31. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Organizational Mission
Trading Area
Control Units
Retail Method of Accounting
32. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Unit Control
Mass Merchandising
Owned-Goods Services
Demand-Oriented Pricing
33. Consists of products that sell well over nonconsecutive time periods
Analog Model
Geographical Information System
Seasonal Merchandise
Gross Profit (margin)
34. Whereby consumers lease and use goods for specified periods of time
Weeks' Supply Method
Experiment
HRM Process
Rented-Goods Services
35. A planned shopping facility - with the largest store being a supermarket or a drugstore
Regression Model
Flexible Pricing
Neighborhood Shopping Center
Independent
36. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Top-Down Space Management Approach
Augmented Customer Service
Advertising
Compensation
37. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Gravity Model
Planogram
Retail Organization
Percentage-of-Sales Method
38. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Tactics
Channel of Distribution
Memorandum Purchase
External Secondary Data
39. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Huff's Law of Shopper Attraction
Micromarketing
Retail Life Cycle
Top-Down Space Management Approach
40. Retailers price selected items below cost to lure more customer traffic for those retailers
Efficient Consumer Response (ECR)
Hierarchy of Effects
Variety Store
Loss Leaders
41. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Objective-and-Task Method
Pre-Training
Multiple-Unit Pricing
Destination Retailer
42. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Additional Markup
Ethics
Box (Limited-Line) Store
Consumer Behavior
43. A retail firm owned by its customer members
Floor-Ready Merchandise
Consumer Cooperative
Cost of Goods Sold
Central Business District
44. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Nongoods Services
Electronic Data Interchange (EDI)
Trading Area
Generic Brands
45. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gap Analysis
Gravity Model
Destination Retailer
Unit Control
46. 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
Food-Based Superstore
Direct Product Profitability (DPP)
Operations Management
Controllable Variables
47. 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
Floor-Ready Merchandise
Publicity
Scenario Analysis
Training Programs
48. 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
Intensive Distribution
Probability (Random) Sample
Retail Organization
Retailing Concept
49. The basic format or structure of a business
Multi-Channel Retailing
PMs (Promotional or Push Monies)
Retail Institution
Net Worth
50. The portion of revenues turned over to the federal - state and/or local government
Taxes
Price Elasticity of Demand
Cross-Shopping
Secondary Trading Area