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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. Outlines a retailer's planned expenditures for a given time based on expected performance
Price-Quality Association
Monthly Sales Index
Budgeting
Supervision
2. 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
Scrambled Merchandising
Warehouse Store
Frequency
Vertical Retail Audit
3. A retailer purposely adjusts markups by merchandise category
Yield Management Pricing
Variable Markup Policy
Supply Chain
Competition-Oriented Pricing
4. Out-of-hometown shopping - is important for both local and surrounding retailers
Mass Marketing
Outshopping
Order-Taking Salesperson
Customer Service
5. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Open-to-Buy
Affinity
Consignment Purchase
Advertising
6. Retailers price selected items below cost to lure more customer traffic for those retailers
Inventory Shrinkage
Limited Decision Making
Gross Margin
Loss Leaders
7. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Consumer Protection
HRM Process
Net Sales
8. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
All-You-Can-Afford Method
Retail Organization
Relationship Retailing
Case Display
9. 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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10. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Employee Empowerment
Option Credit Account
Assortment Merchandise
Automatic Reordering System
11. Consists of products that sell well over nonconsecutive time periods
Service Retailing
Data-Base Management
Seasonal Merchandise
Secondary Trading Area
12. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Community Shopping Center
Tactics
Taxes
13. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Infomercial
Open-to-Buy
Cost-Oriented Pricing
Electronic Article Surveillance
14. A planned shopping facility - with the largest store being a supermarket or a drugstore
Quick Response (QR) Inventory Planning
Neighborhood Shopping Center
Price Elasticity of Demand
Retail Balance
15. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Dead Areas
Cross-Shopping
Secondary Business District (SBD)
Solution Selling
16. Zeroing in on one specific group
Fringe Trading Area
Experiment
Yield Management Pricing
Concentrated Marketing
17. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Differentiated Marketing
Secondary Data
Direct Marketing
Infomercial
18. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
HRM Process
Floor-Ready Merchandise
Extended Decision Making
Gross Profit (margin)
19. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Category Killer
Net Profit After Taxes
Percentage Variation Method
Consumer Behavior
20. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Cost of Goods Sold
Warehouse Store
Combination Store
Hierarchy of Effects
21. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Yield Management Pricing
All-You-Can-Afford Method
Concentrated Marketing
Vertical Marketing System
22. Refers to the number of distinct goods/services categories (product lines) a retailer carries
PMs (Promotional or Push Monies)
Demand-Oriented Pricing
Width of Assortment
Micromarketing
23. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Net Profit After Taxes
Hierarchy of Authority
Job Motivation
Americans With Disabilities Act
24. A type of retail institution in which a retailers owns one retail unit
Independent
Lifestyles
Goal-Oriented Job Description
Rack Display
25. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Goods/Service Category
Primary Trading Area
Retail Strategy
Experiential Merchandising
26. Involves an informal ranking of people based on income - occupation - education and other factors
Social Class
Huff's Law of Shopper Attraction
World Wide Web
Revolving Credit Account
27. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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28. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Data Mining
String
Private (dealer) Brands
Business Format Franchising
29. 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
Taxes
Geographical Information System
Destination Retailer
Chain
30. Projections of expected retail sales for given periods
Forecasts
Cost of Goods Sold
RFID (radio frequency identification)
Unit Pricing
31. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Retail Organization
Marketing Research In Retailing
Cooperative Advertising
Electronic Banking
32. 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
Mazur Plan
Ethics
Balanced Tenancy
Channel of Distribution
33. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Independent
Goal-Oriented Job Description
Retail Institution
Robinson-Patman Act
34. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Off-Price Chain
Reference Groups
Mass Merchandising
Convenience Store
35. Calls for precise rent increases over a stated period of time
Recruitment
Graduated Lease
Category Killer
Prototype Stores
36. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Percentage Variation Method
Diversification
Open-to-Buy
Purchase Motivation Product Groupings
37. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Order-Taking Salesperson
Channel Control
Price-Quality Association
Target Marketing
38. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Intensive Distribution
Total Retail Experience
Independent
Ease of Entry
39. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Demand-Oriented Pricing
Percentage Lease
Revolving Credit Account
Competition-Oriented Pricing
40. Lets consumers bargain over prices; those who are good at it obtain lower prices
Flexible Pricing
Experiment
Cooperative Advertising
Cognitive Dissonance
41. Where the same customers are served by both branches
Value (retailer)
Trading Area Overlap
Value Delivery System
Neighborhood Business District
42. 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
Private (dealer) Brands
Outsourcing
Consignment Purchase
Liabilities
43. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Experiment
Goods/Service Category
Net Profit After Taxes
Conventional Supermarket
44. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Vendor-Managed Inventory (VMI)
Width of Assortment
Retailing
Computerized Checkout
45. Depicts a product offering in a thematic manner and sets a specific mood
Direct Marketing
Reach
Theme-Setting Display
Affinity
46. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Zero-Based Budgeting
Core Customers
Secondary Trading Area
Retail Institution
47. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Supermarket
Data-Base Retailing
Scrambled Merchandising
Uncontrollable Variables
48. When a retailer acts in the best interests of society - as well as itself
Social Responsibility
Net Lease
Model Stock Approach
Job Motivation
49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
RFID (radio frequency identification)
Ethics
Diversification
Probability (Random) Sample
50. Occurs when one consumer talks to others; can build a chain of customers
Leader Pricing
Word of Mouth (WOM)
Training Programs
Weighted Application Blank