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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. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Want Book (Want Slip)
Sole Proprietorship
Assortment Merchandise
Vertical Retail Audit
2. Has a primarily functional use: to neatly hang or present products
Rack Display
Item Price Removal
Equal Store Organization
Cost-Oriented Pricing
3. 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]
Weighted Application Blank
Option Credit Account
Percentage Variation Method
Analog Model
4. 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
String
Rented-Goods Services
Direct Marketing
5. 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
Bottom-Up Space Management Approach
Cost of Goods Sold
Consumer Loyalty (Frequent Shopper) Programs
6. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Dump Bin
Price Lining
Memorandum Purchase
Recruitment
7. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Strategy Mix
Outshopping
Hierarchy of Authority
Impulse Purchases
8. the drive within people to attain work-related goals - can be positive or negative
Objective-and-Task Method
Job Motivation
Job Analysis
Specialog
9. Whereby goods owned by consumers are repaired - improved - or maintained
Problem Awareness
Hierarchy of Authority
Owned-Goods Services
Membership (Warehouse) Club
10. 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)
Sales Manager
Simulation
Job Motivation
Objective-and-Task Method
11. Financial obligations a retailer incurs in operating a business
Price Lining
Liabilities
Data Mining
Electronic Point of Sale System
12. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
One-Price Policy
Infomercial
Social Class
Threats
13. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Markup Pricing
Demand-Oriented Pricing
Seasonal Merchandise
Resident Buying Office
14. 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
Tactics
Sales Manager
Balanced Tenancy
Analog Model
15. When a retailer looks at data that are collected to address the specific issue or problem under study
Consumer Behavior
Hierarchy of Effects
Primary Data
Relationship Retailing
16. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Graduated Lease
Lifestyles
Uncontrollable Variables
17. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Net Lease
Stock Turnover
Destination Retailer
Publicity
18. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Diversified Retailer
Convenience Store
Cooperative Buying
Markup Pricing
19. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Chain
Goal-Oriented Job Description
Mergers
Dead Areas
20. The extent to which a person desires and pursues social status
Scenario Analysis
Battle of the Brands
Class Consciousness
Prestige Pricing
21. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Retail Promotion
Market Segment Product Groupings
Secondary Trading Area
Straight (Gridiron) Traffic Flow
22. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Human Resource Management
Demand-Oriented Pricing
Specialog
Maintenance-Increase-Recoupment Lease
23. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Predatory Pricing
Video Kiosk
Sales-Productivity Ratio
24. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Reference Groups
Conventional Supermarket
Cut Case
Class Consciousness
25. 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
Micromerchandising
Hidden Assets
Concentrated Marketing
Survey
26. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Contingency Pricing
Secondary Trading Area
Constrained Decision Making
Consumer Loyalty (Frequent Shopper) Programs
27. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Retailing
One-Hundred Percent Location
Image
Mass Merchandising
28. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Power Center
Gap Analysis
Efficient Consumer Response (ECR)
Minimum-Price Laws
29. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Micromarketing
Retailing Concept
Positioning
Net Lease
30. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Video Kiosk
Public Relations
Case Display
Direct Marketing
31. 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)
Gap Analysis
Yield Management Pricing
Generic Brands
Term Occupancy
32. An unincorporated retail firm owned by two or more persons - each with a financial interest
Functional Product Groupings
Partnership
Distributed Promotion Effort
Assets
33. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Storefront
Additional Markup
Term Occupancy
Multiple-Unit Pricing
34. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Percentage-of-Sales Method
Cross-Merchandising
Information Search
Exclusive Distribution
35. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Regional Shopping Center
Cost-Oriented Pricing
Department Store
Maintenance-Increase-Recoupment Lease
36. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Retail Institution
Compensation
Partnership
37. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Storability Product Groupings
Warehouse Store
Business Format Franchising
Lifestyle Center
38. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Flea Market
Experiential Merchandising
Vending Machine
Consumer Decision Process
39. Two or more retailers share an ad
Perceived Risk
Horizontal Cooperative Advertising Agreement
Issue (problem) Definition
Expected Customer Service
40. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Assortment
Curing (Free-Flowing) Traffic Flow
Electronic Banking
Retail Life Cycle
41. 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
Electronic Data Interchange (EDI)
Seasonal Merchandise
Prestige Pricing
Factory Outlet
42. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Demographics
Hidden Assets
Mazur Plan
Destination Retailer
43. 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
Horizontal Cooperative Advertising Agreement
Sales Opportunity Grid
Competitive Parity Method
44. Involves a clear statement of the topic to be studied
Selective Distribution
Stock-to-Sales Method
Augmented Customer Service
Issue (problem) Definition
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
Seasonal Merchandise
Simulation
Price Elasticity of Demand
Odd Pricing
46. A merchandising technique that some firms use to improve productivity
Category Management
Item Price Removal
Social Responsibility
Basic Stock Method
47. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Cooperative Advertising
Factory Outlet
Physical Inventory System
Pre-Training
48. Consists of the regular products carried by a retailer
Maintained Markup
Owned-Goods Services
Evaluation of Alternatives
Staple Merchandise
49. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Point-of-Purchase Display
Target Marketing
Point of Difference
Advertising
50. 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
Uncontrollable Variables
Human Resource Management
Geographical Information System
Order-Taking Salesperson