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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. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Top-Down Space Management Approach
Flea Market
Retail Information System
Traditional Job Description
2. Consists of the regular products carried by a retailer
Micromerchandising
Staple Merchandise
Open Credit Account
Everyday Low Pricing (EDLP)
3. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Secondary Business District (SBD)
Reverse Logistics
Assets
Retail Strategy
4. Takes a customer-centered approach and presents "solutions" rather than "products"
Supercenter
Chain
Hierarchy of Effects
Solution Selling
5. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Economic Base
Revolving Credit Account
Retail Strategy
Dead Areas
6. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Personality
Selective Distribution
Bifurcated Retailing
Social Responsibility
7. When a retailer acts in the best interests of society - as well as itself
Social Responsibility
Sales Promotion
Debit Card System
Automatic Reordering System
8. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Wheel of Retailing
All-You-Can-Afford Method
Cooperative Advertising
Cross-Shopping
9. Calls for all maintenance costs to be paid by the retailer
Control Units
Net Lease
Taxes
Market Segment Product Groupings
10. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Exclusive Distribution
Lifestyle Center
Basic Stock Method
Memorandum Purchase
11. Used for products needing special handling
Outsourcing
Job Motivation
Storability Product Groupings
Mystery Shoppers
12. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Staple Merchandise
Curing (Free-Flowing) Traffic Flow
Horizontal Price Fixing
13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Operations Blueprint
RFID (radio frequency identification)
Stimulus
Marquee
14. Beginning inventory - purchases - and transportation charges equal the cost of this
Retail Balance
Consumer Protection
Merchandise Available for Sale
Data-Base Management
15. Has a primarily functional use: to neatly hang or present products
Rack Display
Human Resource Management
Downsizing
Assortment Merchandise
16. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Micromarketing
Multiple-Unit Pricing
Sales Promotion
Scrambled Merchandising
17. Involve the combination of separately owned retail firms
Off-Price Chain
Opportunity Costs
Mergers
Relationship Retailing
18. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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19. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors
Primary Trading Area
Category Management
Item Price Removal
Inventory Shrinkage
20. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Business Format Franchising
RFID (radio frequency identification)
Motives
Recruitment
21. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Electronic Banking
Straight (Gridiron) Traffic Flow
Multi-Channel Retailing
Frequency
22. 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
Reorder Point
Situation Analysis
Canned Sales Presentation
Power Center
23. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Social Class
Retail Audit
One-Hundred Percent Location
24. The service level that customers want to receive from any retailer - such as basic employee courtesy
Goods Retailing
Horizontal Price Fixing
Controllable Variables
Expected Customer Service
25. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices
External Secondary Data
Supervision
Category Killer
Item Price Removal
26. The manner of providing a job environment that encourages employee accomplishment
Supervision
Efficient Consumer Response (ECR)
Net Profit After Taxes
Gross Profit (margin)
27. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Central Business District
Slotting Allowances
Community Shopping Center
Full-Line Discount Store
28. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Category Killer
Opportunity Costs
Initial Markup
Retail Life Cycle
29. Short-term selling and administrative costs in running a business
Single-Channel Retailing
Feedback
Operating Expenditures
Data-Base Management
30. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Scrambled Merchandising
FIFO (first-in-first-out) Method
Gap Analysis
Leader Pricing
31. Available within the company - sometimes from the data bank of a retail information system
Chain
Internal Secondary Data
Variable Pricing
Electronic Banking
32. Calls for precise rent increases over a stated period of time
Memorandum Purchase
Graduated Lease
Trading Area Overlap
Micromerchandising
33. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Retail Institution
Automatic Reordering System
Graduated Lease
Nongoods Services
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
Item Price Removal
Exclusive Distribution
Financial Merchandise Management
Initial Markup
35. Assigns floor space on the basis of sales or profit per foot
Markdown
Sales-Productivity Ratio
Customer Satisfaction
Unit Control
36. Focuses on the sale of tangible phoducts
Goods Retailing
Logistics
Demographics
Nongoods Services
37. A case that holds piles of sale clothing - marked down books or other products
Market Segment Product Groupings
Dump Bin
Predatory Pricing
Operations Management
38. Mandates that persons with disabilities be given appropriate access to retailing facilities
Americans With Disabilities Act
Value (customer)
Customary Pricing
Price-Quality Association
39. A manufacturer and a retailer or a wholesales and a retailer share an ad
Retail Life Cycle
Supervision
Vertical Cooperative Advertising Agreement
Value (retailer)
40. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Customer Service
Hierarchy of Effects
Augmented Customer Service
Micromerchandising
41. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Variety Store
Contingency Pricing
Threats
Open-to-Buy
42. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Electronic Point of Sale System
Performance Measures
Price Elasticity of Demand
Compensation
43. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts
Observation
Cooperative Buying
Application Blank
Classification Merchandising
44. 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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45. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Electronic Banking
Physical Inventory System
Huff's Law of Shopper Attraction
46. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Atmosphere (atmospherics)
Competitive Parity Method
Marketing Research In Retailing
Top-Down Space Management Approach
47. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Hierarchy of Effects
Affinity
Straight (Gridiron) Traffic Flow
Net Sales
48. 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
Width of Assortment
Compensation
Multi-Channel Retailing
Cooperative Buying
49. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Classification Merchandising
Unit Control
Relationship Retailing
Dual Marketing
50. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Customary Pricing
Nongoods Services
Market Segment Product Groupings
Prestige Pricing