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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. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Direct Product Profitability (DPP)
Diversification
Image
Experiential Merchandising
2. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
All-You-Can-Afford Method
Assets
Post-Purchase Behavior
Prestige Pricing
3. Beginning inventory - purchases - and transportation charges equal the cost of this
Price Lining
Merchandise Available for Sale
Outshopping
Assets
4. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Traditional Job Description
Order-Taking Salesperson
Ethics
Minimum-Price Laws
5. Whereby prices are marked only on shelves or signs and not on individual items
Item Price Removal
Canned Sales Presentation
Chargebacks
Net Sales
6. A retailer wants to maintain a specified ratio of goods on hand to sales
Compensation
Stock-to-Sales Method
Infomercial
Objectives
7. Displays merchandise by common end use
Functional Product Groupings
Variable Pricing
Price Elasticity of Demand
Controllable Variables
8. 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
Situation Analysis
Demand-Oriented Pricing
Staple Merchandise
Economic Base
9. 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
Consumer Decision Process
Assortment Merchandise
Storability Product Groupings
Secondary Business District (SBD)
10. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range
Dual Marketing
Variety Store
Sorting Process
Data Warehousing
11. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Franchising
Control
Value Delivery System
Sales-Productivity Ratio
12. Consists of all the levels of independently owned businesses along a channel of distribution
Job Analysis
Vertical Marketing System
Price Lining
Ensemble Display
13. Refers to the variety in any one good/service (product line) a retailer carries
Secondary Business District (SBD)
Cost of Method Accounting
Depth of Assortment
Scrambled Merchandising
14. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Box (Limited-Line) Store
Objective-and-Task Method
Class Consciousness
Value (customer)
15. A sign that displays the store's name
Owned-Goods Services
Attitudes (Opinions)
Perceived Risk
Marquee
16. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Floor-Ready Merchandise
Vendor-Managed Inventory (VMI)
Cognitive Dissonance
Everyday Low Pricing (EDLP)
17. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Dual Marketing
Threats
Community Shopping Center
World Wide Web
18. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Canned Sales Presentation
Box (Limited-Line) Store
Retail Balance
Predatory Pricing
19. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Image
Reorder Point
Opportunities
Direct Selling
20. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
String
Reach
Diversification
Variable Pricing
21. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Price Elasticity of Demand
Ethics
Resident Buying Office
Class Consciousness
22. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Incremental Budgeting
Percentage-of-Sales Method
Attitudes (Opinions)
Channel of Distribution
23. The form of research in which present behavior or the results of past behavior are noted and recorded
Canned Sales Presentation
Vertical Retail Audit
Traditional Department Store
Observation
24. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Ethics
Data-Base Management
Nonstore Retailing
Goods Retailing
25. 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
Consumer Decision Process
Quick Response (QR) Inventory Planning
Outsourcing
Never-Out List
26. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Gross Profit (margin)
Neighborhood Business District
Economic Base
Chain
27. A large - planned shopping facility appealing to a geographically dispersed market
Traditional Department Store
Bottom-Up Space Management Approach
Regional Shopping Center
Internet
28. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Issue (problem) Definition
Goods Retailing
Net Worth
29. Takes a customer-centered approach and presents "solutions" rather than "products"
Mazur Plan
LIFO (last-in-first-out) Method
Solution Selling
Benchmarking
30. Shows the expected behavior of a good or service over its life
LIFO (last-in-first-out) Method
One-Price Policy
Product Life Cycle
Bifurcated Retailing
31. A way to collect - store and use relevant information about customers
Traditional Job Description
Central Business District
Price Elasticity of Demand
Data-Base Retailing
32. The basic format or structure of a business
Diversification
Retail Institution
Training Programs
Mass Merchandising
33. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Flexible Pricing
Conventional Supermarket
Social Class
Minimum-Price Laws
34. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Neighborhood Business District
Logistics
Vertical Marketing System
35. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Evaluation of Alternatives
Option Credit Account
Threats
Sorting Process
36. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Traditional Department Store
Economic Base
Cross-Merchandising
Secondary Business District (SBD)
37. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Rack Display
Organization Chart
Merchandise Available for Sale
Gross Profit (margin)
38. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Goods Retailing
Predatory Pricing
Dead Areas
Theme-Setting Display
39. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Open Credit Account
Logistics
Family Life Cycle
Central Business District
40. A manufacturer and a retailer or a wholesales and a retailer share an ad
Vendor-Managed Inventory (VMI)
Multi-Channel Retailing
Vertical Cooperative Advertising Agreement
Differentiated Marketing
41. Appeals to price-conscious consumers - who must be members to shop there
Diversified Retailer
Membership (Warehouse) Club
Consumer Loyalty (Frequent Shopper) Programs
Leased Department
42. A type of retail institution that is a department in a retail store that is rented to an outside party
Customer Service
Goods/Service Category
Dollar Control
Leased Department
43. Typically supervises the on-floor selling and operational activities for a specific retail department
Ensemble Display
Infomercial
Sales Manager
Word of Mouth (WOM)
44. The overall plan guiding a retail firm
Straight (Gridiron) Traffic Flow
Open-to-Buy
Retail Strategy
Concentrated Marketing
45. The activity whereby a retailer generates a list of job applicants
Net Profit After Taxes
Performance Measures
Recruitment
Extended Decision Making
46. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Want Book (Want Slip)
Electronic Banking
Training Programs
Lifestyles
47. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Affinity
Chain
Flexible Pricing
Multi-Channel Retailing
48. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Fringe Trading Area
Curing (Free-Flowing) Traffic Flow
Customer Satisfaction
External Secondary Data
49. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Community Shopping Center
Retail Information System
Retail Organization
Purchase Act
50. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Logistics
Lifestyles
Micromarketing
Maintenance-Increase-Recoupment Lease