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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. Involves a clear statement of the topic to be studied
Issue (problem) Definition
Equal Store Organization
Supermarket
Regional Shopping Center
2. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Variable Markup Policy
One-Hundred Percent Location
Data Mining
3. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Consumer Protection
Price-Quality Association
Maintenance-Increase-Recoupment Lease
Concentrated Marketing
4. Occurs when one consumer talks to others; can build a chain of customers
Word of Mouth (WOM)
Outshopping
Maintained Markup
Experiential Merchandising
5. Actively involved with informing and persuading customers in closing sales
Robinson-Patman Act
Cost of Goods Sold
Order-Getting Salesperson
Need-Satisfaction Approach
6. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Option Credit Account
Video Kiosk
Initial Markup
7. An unincorporated retail firm owned by two or more persons - each with a financial interest
Sales-Productivity Ratio
Partnership
Huff's Law of Shopper Attraction
Minimum-Price Laws
8. The overall plan guiding a retail firm
Gross Profit (margin)
Massed Promotion Effort
Retail Strategy
Total Retail Experience
9. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Maintenance-Increase-Recoupment Lease
Staple Merchandise
Central Business District
Nonstore Retailing
10. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Regression Model
Conventional Supermarket
Merchandise Available for Sale
Logistics
11. Increases an item's original price because demand is unexpectedly high or costs are rising
Community Shopping Center
Additional Markup
Private (dealer) Brands
Training Programs
12. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Competition-Oriented Pricing
Recruitment
One-Hundred Percent Location
Combination Store
13. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Basic Stock List
Robinson-Patman Act
Service Retailing
Discretionary income
14. Represents the total bundle of benefits offered to consumers through a channel of distribution
Trading Area
Value Chain
Taxes
Opportunity Costs
15. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities
Class Consciousness
Evaluation of Alternatives
Mass Merchandising
Perceived Risk
16. The sum total of an individuals traits - which make that individual unique
Uncontrollable Variables
Prestige Pricing
Personality
Basic Stock Method
17. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Price Elasticity of Demand
Americans With Disabilities Act
Sales Promotion
Impulse Purchases
18. 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
Stock Turnover
Power Center
Additional Markup
Opportunistic Buying
19. The aspects of business that a firm can directly affect
Inventory Management
Controllable Variables
Assets
Leased Department
20. Graphically displays its hierarchical relationships created by a retailer
Retail Life Cycle
Organization Chart
Lifestyle Center
Relationship Retailing
21. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Variable Markup Policy
Micromarketing
Limited Decision Making
Assortment Display
22. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Multi-Channel Retailing
Consumer Behavior
Geographical Information System
Mazur Plan
23. Mandates that persons with disabilities be given appropriate access to retailing facilities
Price Lining
Consumer Decision Process
Control
Americans With Disabilities Act
24. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
One-Price Policy
World Wide Web
Curing (Free-Flowing) Traffic Flow
Rationalized Retailing
25. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Factory Outlet
Basic Stock List
Neighborhood Business District
Employee Empowerment
26. The profit earned after all costs and taxes have been deducted
Net Profit After Taxes
Prestige Pricing
Cost of Method Accounting
Performance Measures
27. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Vendor-Managed Inventory (VMI)
Unit Pricing
Theme-Setting Display
28. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Reach
Minimum-Price Laws
Curing (Free-Flowing) Traffic Flow
Micromarketing
29. 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
Stimulus
Retail Information System
Order-Getting Salesperson
Data Mining
30. The overall plan or framework of action that guides a retailer
Solution Selling
Retail Strategy
Competition-Oriented Pricing
Observation
31. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Inventory Shrinkage
Operating Expenditures
Retailing
Liabilities
32. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Application Blank
Assortment
Price Lining
Purchase Motivation Product Groupings
33. Ways in which individual consumers and families live and spend time and money
Markdown
Retail Audit
Lifestyles
RFID (radio frequency identification)
34. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Ease of Entry
Balanced Tenancy
Graduated Lease
Scenario Analysis
35. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Problem Awareness
Training Programs
Consignment Purchase
Dead Areas
36. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Assortment Merchandise
Staple Merchandise
Lifestyle Center
Stimulus
37. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Department Store
Direct Selling
Assortment Merchandise
Depth of Assortment
38. Used by retailers that promote throughout the year
Contingency Pricing
Personality
Box (Limited-Line) Store
Distributed Promotion Effort
39. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Central Business District
Threats
Observation
Electronic Banking
40. 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
Forecasts
Option Credit Account
Cooperative Buying
Feedback
41. 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
Gap Analysis
Bait-and-Switch Advertising
Impulse Purchases
42. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Internet
Cross-Shopping
Constrained Decision Making
Customer Service
43. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Multiple-Unit Pricing
Discretionary income
Customer Loyalty
Electronic Point of Sale System
44. 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
Inventory Shrinkage
Situation Analysis
Affinity
Geographical Information System
45. Whereby each department is subdivided into further categories for related types of merchandise
Classification Merchandising
Constrained Decision Making
Post-Purchase Behavior
Customer Service
46. Doubt that the correct decision has been made
Objective-and-Task Method
Cognitive Dissonance
Personality
Consumer Loyalty (Frequent Shopper) Programs
47. A listing of bipolar adjectives scales
Semantic Differential
Markup Pricing
Reilly's Law of Retailing Gravitation
Lifestyle Center
48. 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
Mass Marketing
Dollar Control
Concentrated Marketing
Direct Product Profitability (DPP)
49. Where the same customers are served by both branches
Consumer Decision Process
Box (Limited-Line) Store
Trading Area Overlap
Ease of Entry
50. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status
Issue (problem) Definition
Productivity
Customer Service
Equal Store Organization