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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. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Limited Decision Making
Value Delivery System
Controllable Variables
Incremental Budgeting
2. Consumers feel high prices connote high quality and low prices connote low quality
Concentrated Marketing
Price-Quality Association
Independent
Theme-Setting Display
3. The optimum site for a particular store
Ethics
One-Hundred Percent Location
Width of Assortment
Probability (Random) Sample
4. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Vertical Price Fixing
Customary Pricing
Primary Data
Direct Selling
5. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Recruitment
Operating Expenses
Additional Markup
Traditional Job Description
6. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Warehouse Store
Situation Analysis
Balanced Tenancy
Scenario Analysis
7. A retailers commitment to a type of business and to a distinctive role in the marketplace
Impulse Purchases
Flexible Pricing
Specialog
Organizational Mission
8. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Computerized Checkout
Horizontal Retail Audit
Customer Service
Open-to-Buy
9. Suppliers sell through a moderate number of retailers
Job Analysis
Manufacturer (national) Brands
Selective Distribution
Attitudes (Opinions)
10. The criteria used to assess effectiveness
Frequency
Secondary Business District (SBD)
Performance Measures
Leader Pricing
11. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Box (Limited-Line) Store
Net Worth
Tactics
Extended Decision Making
12. Projections of expected retail sales for given periods
Fashion Merchandise
Monthly Sales Index
Diversification
Forecasts
13. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Primary Data
Variable Markup Policy
Retailing
Mystery Shoppers
14. The number of distinct people exposed to a retailers promotion efforts in a specific period
Inventory Management
Supply Chain
Experiential Merchandising
Reach
15. Shows the expected behavior of a good or service over its life
Channel of Distribution
Product Life Cycle
Point of Difference
Equal Store Organization
16. Available within the company - sometimes from the data bank of a retail information system
Business Format Franchising
Culture
Micromarketing
Internal Secondary Data
17. Marketplace opening that exist because other retailers have not yet capitalized on them
Flea Market
Conventional Supermarket
Opportunities
Neighborhood Shopping Center
18. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Operations Blueprint
Gross Margin
Niche Retailing
Direct Marketing
19. 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
Compensation
Demographics
External Secondary Data
Tactics
20. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Personal Selling
Revolving Credit Account
Augmented Customer Service
Infomercial
21. Occurs when a consumer makes full use of the decision process
Reference Groups
Extended Decision Making
Feedback
Seasonal Merchandise
22. Increases an item's original price because demand is unexpectedly high or costs are rising
Nongoods Services
Information Search
Rack Display
Additional Markup
23. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Retailing
Primary Data
Direct Store Distribution (DSD)
Consumer Loyalty (Frequent Shopper) Programs
24. 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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25. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability
Purchase Act
Gross Margin
Bottom-Up Space Management Approach
Application Blank
26. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
Retailing
Logistics
Combination Store
Yield Management Pricing
27. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Fringe Trading Area
Stock Turnover
Data Warehousing
28. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Goods Retailing
Chargebacks
Staple Merchandise
Book (Perpetual) Inventory System
29. Whereby consumers lease and use goods for specified periods of time
Rented-Goods Services
Recruitment
Automatic Reordering System
Neighborhood Business District
30. Doubt that the correct decision has been made
Visual Merchandising
Cognitive Dissonance
Net Profit After Taxes
Membership (Warehouse) Club
31. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Slotting Allowances
Diversified Retailer
Tactics
Cost-Oriented Pricing
32. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Sole Proprietorship
Opportunistic Buying
Differentiated Marketing
Cooperative Advertising
33. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Basic Stock Method
Data Warehousing
Organization Chart
Specialog
34. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Price Lining
Ethics
Balanced Tenancy
Cost of Method Accounting
35. 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
Multi-Channel Retailing
Variety Store
Hierarchy of Authority
Direct Marketing
36. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Merchandising Philosophy
Computerized Checkout
Relationship Retailing
Zero-Based Budgeting
37. The aspects of business to which a retailers must adapt
Secondary Trading Area
Uncontrollable Variables
Sales Promotion
Book (Perpetual) Inventory System
38. A type of retail institution that is a department in a retail store that is rented to an outside party
Percentage Lease
Simulation
Leased Department
Class Consciousness
39. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Operations Blueprint
Hierarchy of Effects
Balanced Tenancy
Debit Card System
40. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Inventory Management
Concentrated Marketing
Traditional Department Store
Supermarket
41. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Distributed Promotion Effort
Off-Price Chain
Retail Balance
Core Customers
42. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Consignment Purchase
Mazur Plan
Need-Satisfaction Approach
Gap Analysis
43. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Data-Base Retailing
Concentrated Marketing
Marquee
Incremental Method
44. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Semantic Differential
Sorting Process
Predatory Pricing
Hierarchy of Authority
45. A memorized - repetitive speech given to all customers interested in a particular item
Observation
Experiential Merchandising
Assets
Canned Sales Presentation
46. Focuses on the sale of tangible phoducts
Stock Turnover
Goods Retailing
Diversified Retailer
Battle of the Brands
47. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Department Store
Secondary Trading Area
Odd Pricing
Planogram
48. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Situation Analysis
Control
Expected Customer Service
Business Format Franchising
49. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Sales Promotion
Total Retail Experience
Resident Buying Office
Opportunistic Buying
50. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Bifurcated Retailing
Central Business District
Direct Product Profitability (DPP)
Full-Line Discount Store