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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. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Basic Stock List
Mergers
Book (Perpetual) Inventory System
Retail Organization
2. Available from sources outside the firm
Sales Promotion
Retail Strategy
Net Profit After Taxes
External Secondary Data
3. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Information Search
Economic Base
Trading Area
Seasonal Merchandise
4. The service level that customers want to receive from any retailer - such as basic employee courtesy
Personality
Expected Customer Service
Need-Satisfaction Approach
Maintained Markup
5. The positive - neutral or negative feelings a person has about different topics
Incremental Method
Seasonal Merchandise
Core Customers
Attitudes (Opinions)
6. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Application Blank
Retail Method of Accounting
Chain
Uncontrollable Variables
7. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Robinson-Patman Act
Unit Pricing
Weighted Application Blank
Tactics
8. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Percentage Variation Method
Dump Bin
Training Programs
Affinity
9. 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
Order-Getting Salesperson
Dead Areas
Downsizing
10. A case that holds piles of sale clothing - marked down books or other products
Dump Bin
Direct Marketing
Price-Quality Association
Consignment Purchase
11. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Wheel of Retailing
Equal Store Organization
Budgeting
Ensemble Display
12. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Full-Line Discount Store
Nonstore Retailing
Retail Information System
Retail Life Cycle
13. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Corporation
Infomercial
Sales Promotion
Multi-Channel Retailing
14. 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
Demand-Oriented Pricing
Ethics
Retail Balance
Franchising
15. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Niche Retailing
Loss Leaders
Vendor-Managed Inventory (VMI)
Basic Stock Method
16. Whereby consumers lease and use goods for specified periods of time
Advertising
Bait-and-Switch Advertising
Case Display
Rented-Goods Services
17. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Objective-and-Task Method
Strategy Mix
Leader Pricing
Opportunistic Buying
18. Marketplace opening that exist because other retailers have not yet capitalized on them
Opportunities
Merchandising Philosophy
Computerized Checkout
Total Retail Experience
19. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Target Marketing
Scrambled Merchandising
Multi-Channel Retailing
Dump Bin
20. Whereby goods owned by consumers are repaired - improved - or maintained
Owned-Goods Services
Order-Taking Salesperson
Goal-Oriented Job Description
Customary Pricing
21. 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
Impulse Purchases
Term Occupancy
Variable Pricing
22. A merchandising technique that some firms use to improve productivity
Multiple-Unit Pricing
Category Management
Taxes
Recruitment
23. 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
Maintained Markup
Private (dealer) Brands
FIFO (first-in-first-out) Method
Consumer Loyalty (Frequent Shopper) Programs
24. The optimum site for a particular store
Retail Organization
Economic Base
Extended Decision Making
One-Hundred Percent Location
25. A type of retail institution that is a department in a retail store that is rented to an outside party
Budgeting
Power Center
Household Life Cycle
Leased Department
26. A retailers commitment to a type of business and to a distinctive role in the marketplace
Physical Inventory System
Organizational Mission
HRM Process
Cooperative Advertising
27. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Direct Selling
Probability (Random) Sample
Service Retailing
Reverse Logistics
28. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Positioning
Food-Based Superstore
Width of Assortment
Consumer Cooperative
29. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Secondary Trading Area
Evaluation of Alternatives
HRM Process
Purchase Motivation Product Groupings
30. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Core Customers
Retailing Concept
Bait-and-Switch Advertising
Economic Base
31. The activity whereby a retailer generates a list of job applicants
Recruitment
Experiment
Weighted Application Blank
Traditional Department Store
32. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Retail Institution
Social Responsibility
Lifestyles
Customer Service
33. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
Geographical Information System
Training Programs
Vertical Retail Audit
Cooperative Advertising
34. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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35. The overall plan or framework of action that guides a retailer
Bottom-Up Space Management Approach
Open Credit Account
Retail Strategy
Massed Promotion Effort
36. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Classification Merchandising
Class Consciousness
Retail Audit
37. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Mergers
Downsizing
Controllable Variables
Benchmarking
38. A retailers best customers
Single-Channel Retailing
Destination Retailer
Core Customers
Gross Profit (margin)
39. Occurs when a consumer makes full use of the decision process
Extended Decision Making
Semantic Differential
Storability Product Groupings
Food-Based Superstore
40. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Traditional Department Store
Initial Markup
Cooperative Advertising
41. Takes a customer-centered approach and presents "solutions" rather than "products"
Visual Merchandising
Point-of-Purchase Display
Solution Selling
Regression Model
42. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Sales-Productivity Ratio
Ensemble Display
Social Responsibility
43. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Supply Chain
Liabilities
Factory Outlet
Central Business District
44. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Personal Selling
Franchising
Internal Secondary Data
45. 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
Model Stock Approach
Zero-Based Budgeting
Retailing Concept
Simulation
46. Consumers feel high prices connote high quality and low prices connote low quality
Liabilities
Routine Decision Making
Price-Quality Association
Floor-Ready Merchandise
47. The aspects of business to which a retailers must adapt
Benchmarking
Uncontrollable Variables
Retail Method of Accounting
External Secondary Data
48. Places together various items that appeal to a given target market
Staple Merchandise
Constrained Decision Making
Market Segment Product Groupings
Fad Merchandise
49. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Consumer Decision Process
Horizontal Price Fixing
Planogram
Floor-Ready Merchandise
50. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Personal Selling
Consignment Purchase
Reorder Point
Canned Sales Presentation