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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Net Sales
Service Retailing
Box (Limited-Line) Store
Cross-Merchandising
2. Factors having a high relationship with job success are given more weight than others
Off-Price Chain
Weighted Application Blank
Minimum-Price Laws
Downsizing
3. Financial obligations a retailer incurs in operating a business
Independent
Liabilities
Vertical Marketing System
Resident Buying Office
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
Incremental Budgeting
Markdown
Everyday Low Pricing (EDLP)
Secondary Data
5. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Retail Method of Accounting
Marketing Research In Retailing
Dead Areas
Leader Pricing
6. Short-term selling and administrative costs in running a business
Operating Expenditures
Balanced Tenancy
Primary Trading Area
Seasonal Merchandise
7. Takes place when the consumer buys out of habit and skips steps in the purchase process
Routine Decision Making
Culture
Additional Markup
Perceived Risk
8. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Inventory Management
Slotting Allowances
Consumer Behavior
Graduated Lease
9. 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
Point-of-Purchase Display
Merchandising Philosophy
Resident Buying Office
Cost of Goods Sold
10. Appeals to price-conscious consumers - who must be members to shop there
Strategy Mix
Bifurcated Retailing
Theme-Setting Display
Membership (Warehouse) Club
11. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Percentage Lease
Markdown
One-Price Policy
12. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Scenario Analysis
Dual Marketing
Productivity
Huff's Law of Shopper Attraction
13. Increases an item's original price because demand is unexpectedly high or costs are rising
Compensation
Routine Decision Making
Additional Markup
Purchase Motivation Product Groupings
14. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Micromarketing
Extended Decision Making
Scenario Analysis
Nongoods Services
15. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Class Consciousness
PMs (Promotional or Push Monies)
Economic Base
16. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Hierarchy of Effects
Personality
Incremental Method
Massed Promotion Effort
17. Refers to the variety in any one good/service (product line) a retailer carries
Controllable Variables
Retail Strategy
Depth of Assortment
Multiple-Unit Pricing
18. Selling goods and services to a broad spectrum of consumers
Mass Marketing
Forecasts
Organizational Mission
Retail Life Cycle
19. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Customer Loyalty
Pre-Training
Revolving Credit Account
Compensation
20. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Micromerchandising
Leader Pricing
Nonstore Retailing
Chain
21. 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)
Full-Line Discount Store
Information Search
Objective-and-Task Method
Affinity
22. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Inventory Shrinkage
Basic Stock Method
Secondary Data
Central Business District
23. A large - planned shopping facility appealing to a geographically dispersed market
Stock-to-Sales Method
Regional Shopping Center
Survey
Box (Limited-Line) Store
24. An inexpensive display that leaves merchandise in the original carton
Publicity
Cooperative Advertising
Assets
Cut Case
25. 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
Manufacturer (national) Brands
Power Center
Neighborhood Business District
All-You-Can-Afford Method
26. Used by retailers that promote seasonally
Hierarchy of Effects
Massed Promotion Effort
Horizontal Cooperative Advertising Agreement
Image
27. Logically assumes old merchandise is sold first - while newer items remain in inventory
Vertical Marketing System
FIFO (first-in-first-out) Method
Equal Store Organization
Concentrated Marketing
28. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Cognitive Dissonance
Niche Retailing
Vertical Marketing System
Semantic Differential
29. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Word of Mouth (WOM)
Logistics
Straight (Gridiron) Traffic Flow
Inventory Shrinkage
30. 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
Universal Product Code (UPC)
Selective Distribution
Outsourcing
31. 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
Mystery Shoppers
Conventional Supermarket
Vertical Price Fixing
Variety Store
32. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Flea Market
Cooperative Buying
Inventory Management
Fashion Merchandise
33. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Training Programs
Efficient Consumer Response (ECR)
Retail Strategy
Category Killer
34. 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)
Motives
Basic Stock Method
Assortment Merchandise
35. Shows the expected behavior of a good or service over its life
Cost of Goods Sold
Owned-Goods Services
Word of Mouth (WOM)
Product Life Cycle
36. 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
Routine Decision Making
Customary Pricing
Franchising
Sole Proprietorship
37. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Net Worth
Want Book (Want Slip)
Purchase Motivation Product Groupings
38. An unincorporated retail firm owned by one person
Sole Proprietorship
Frequency
Model Stock Approach
Vendor-Managed Inventory (VMI)
39. 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
Retail Information System
Relationship Retailing
Constrained Decision Making
Private (dealer) Brands
40. Zeroing in on one specific group
Class Consciousness
Ensemble Display
Limited Decision Making
Concentrated Marketing
41. 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
Category Management
Off-Price Chain
Memorandum Purchase
Simulation
42. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Prototype Stores
Net Lease
Constrained Decision Making
43. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Net Sales
Retailing
World Wide Web
Point-of-Purchase Display
44. Depicts a product offering in a thematic manner and sets a specific mood
Variety Store
Theme-Setting Display
Marquee
Graduated Lease
45. A retailers best customers
Retail Promotion
Width of Assortment
Supermarket
Core Customers
46. Whereby prices are marked only on shelves or signs and not on individual items
Feedback
Channel of Distribution
Item Price Removal
Debit Card System
47. Mandates that persons with disabilities be given appropriate access to retailing facilities
Mystery Shoppers
Americans With Disabilities Act
Operations Blueprint
Supermarket
48. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Depth of Assortment
Value Delivery System
Cognitive Dissonance
Direct Selling
49. Consists of the regular products carried by a retailer
Functional Product Groupings
Outshopping
Retail Method of Accounting
Staple Merchandise
50. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Scrambled Merchandising
Multiple-Unit Pricing
Equal Store Organization
Internal Secondary Data
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