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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Owned-Goods Services
Monthly Sales Index
Product/Trademark Franchising
Secondary Trading Area
2. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Bait-and-Switch Advertising
Assortment Merchandise
Training Programs
3. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Channel of Distribution
Neighborhood Business District
Experiential Merchandising
Distributed Promotion Effort
4. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Prototype Stores
Destination Retailer
Simulation
Revolving Credit Account
5. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Social Responsibility
Consignment Purchase
Need-Satisfaction Approach
Bait-and-Switch Advertising
6. Competition between manufacturers and retailers for shelf space and profits
Retail Information System
Battle of the Brands
Stock Turnover
Physical Inventory System
7. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Variety Store
Atmosphere (atmospherics)
Productivity
Downsizing
8. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Traditional Job Description
Lifestyles
Human Resource Management
Compensation
9. 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
Control
Sorting Process
Simulation
Multiple-Unit Pricing
10. 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
Classification Merchandising
Impulse Purchases
Retail Institution
Non-probability Sample
11. Short-term selling and administrative costs in running a business
Basic Stock Method
Operating Expenditures
Class Consciousness
Basic Stock List
12. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Full-Line Discount Store
Assets
Financial Merchandise Management
Everyday Low Pricing (EDLP)
13. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Purchase Motivation Product Groupings
Central Business District
Cooperative Buying
Chargebacks
14. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Nonstore Retailing
Problem Awareness
Partnership
Direct Selling
15. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Opportunity Costs
Convenience Store
Operating Expenditures
Economic Base
16. Signals or cues as to the success or failure of that each part of the strategy
Frequency
Feedback
Social Responsibility
Service Retailing
17. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Data-Base Management
Social Class
Computerized Checkout
Horizontal Cooperative Advertising Agreement
18. The mix of stores within a district or shopping center
Retail Balance
Convenience Store
Opportunistic Buying
Factory Outlet
19. The overall plan or framework of action that guides a retailer
Selective Distribution
Retail Strategy
Width of Assortment
Partnership
20. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Purchase Act
Single-Channel Retailing
Membership (Warehouse) Club
Direct Selling
21. 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
Americans With Disabilities Act
Mass Marketing
Resident Buying Office
Limited Decision Making
22. The reasons for a consumers behavior
World Wide Web
Social Responsibility
Motives
Stock Turnover
23. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Storability Product Groupings
RFID (radio frequency identification)
Franchising
Word of Mouth (WOM)
24. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
Perceived Risk
Floor-Ready Merchandise
Reorder Point
Category Killer
25. A cash or card operated retailing format that dispenses goods and services
Vending Machine
Supervision
Operations Blueprint
Percentage-of-Sales Method
26. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Gross Profit (margin)
Factory Outlet
Case Display
Cost of Method Accounting
27. A listing of bipolar adjectives scales
Semantic Differential
Price Elasticity of Demand
Leader Pricing
Opportunistic Buying
28. A retailers commitment to a type of business and to a distinctive role in the marketplace
Organizational Mission
Secondary Trading Area
Chargebacks
Never-Out List
29. The extent to which a person desires and pursues social status
Central Business District
Vending Machine
Scrambled Merchandising
Class Consciousness
30. 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
Unit Pricing
Community Shopping Center
Storefront
Hidden Assets
31. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Net Lease
Retail Audit
Micromarketing
Business Format Franchising
32. The activity whereby a retailer generates a list of job applicants
World Wide Web
HRM Process
Recruitment
Planogram
33. Embodied by a series of activities and processes that provides a certain value for the consumer
Operating Expenses
Experiment
Prestige Pricing
Value (retailer)
34. Relates to the quantites of merchandise a retailer handles during a stated period
Geographical Information System
Unit Control
Massed Promotion Effort
Objectives
35. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Diversified Retailer
Canned Sales Presentation
Differentiated Marketing
Recruitment
36. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Warehouse Store
Food-Based Superstore
Consumer Decision Process
Secondary Data
37. 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
Outsourcing
Option Credit Account
Book (Perpetual) Inventory System
Liabilities
38. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Data Warehousing
Pre-Training
Retailing Concept
Reilly's Law of Retailing Gravitation
39. Whereby a retailers sells to consumers through multiple retail formats
Fashion Merchandise
Multi-Channel Retailing
Variable Pricing
Attitudes (Opinions)
40. A planned shopping facility - with the largest store being a supermarket or a drugstore
Want Book (Want Slip)
Option Credit Account
Prototype Stores
Neighborhood Shopping Center
41. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Video Kiosk
Option Credit Account
Experiential Merchandising
Merchandising
42. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Zero-Based Budgeting
Secondary Trading Area
String
Retail Life Cycle
43. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Assortment
Consignment Purchase
Marketing Research In Retailing
Customer Service
44. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Market Segment Product Groupings
Memorandum Purchase
Odd Pricing
Destination Retailer
45. Whereby consumers lease and use goods for specified periods of time
Employee Empowerment
Rented-Goods Services
Variety Store
Retail Strategy
46. The sum total of an individuals traits - which make that individual unique
Personality
Opportunistic Buying
Assortment Merchandise
LIFO (last-in-first-out) Method
47. 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
Prestige Pricing
Minimum-Price Laws
Reorder Point
Data-Base Retailing
48. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Point-of-Purchase Display
Personality
Storability Product Groupings
Bait-and-Switch Advertising
49. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Fashion Merchandise
Trading Area
Neighborhood Shopping Center
Retail Balance
50. Based on the original retail value assigned to merchandise less the costs of the merchandise
Initial Markup
Personality
Straight (Gridiron) Traffic Flow
Computerized Checkout
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