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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. 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
Budgeting
Food-Based Superstore
Affinity
Bottom-Up Space Management Approach
2. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Goods/Service Category
Open Credit Account
Direct Marketing
Nongoods Services
3. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business
Neighborhood Shopping Center
Rationalized Retailing
Owned-Goods Services
Computerized Checkout
4. 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
Dollar Control
Purchase Act
Semantic Differential
Geographical Information System
5. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Model Stock Approach
Ethics
Battle of the Brands
Solution Selling
6. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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7. 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
Food-Based Superstore
Retail Audit
Reorder Point
Cooperative Buying
8. An unincorporated retail firm owned by two or more persons - each with a financial interest
Partnership
Unit Pricing
Price Lining
Gravity Model
9. A retailers carries complementary goods and services to encourage shoppers to buy more
Price-Quality Association
Consignment Purchase
Cross-Merchandising
Goods Retailing
10. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Predatory Pricing
Automatic Reordering System
Direct Product Profitability (DPP)
Job Analysis
11. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Maintained Markup
Category Management
Regression Model
Customer Service
12. Out-of-hometown shopping - is important for both local and surrounding retailers
Want Book (Want Slip)
Horizontal Cooperative Advertising Agreement
Outshopping
Staple Merchandise
13. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Micromerchandising
Box (Limited-Line) Store
Customer Satisfaction
Community Shopping Center
14. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Odd Pricing
Non-probability Sample
Horizontal Cooperative Advertising Agreement
Variable Pricing
15. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Business Format Franchising
Social Responsibility
Additional Markup
Supercenter
16. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Predatory Pricing
Culture
Direct Store Distribution (DSD)
Variable Markup Policy
17. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Gross Profit (margin)
Top-Down Space Management Approach
Atmosphere (atmospherics)
Prestige Pricing
18. Used by retailers that promote seasonally
Markdown
Massed Promotion Effort
Dead Areas
Ensemble Display
19. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Consumer Protection
Membership (Warehouse) Club
Motives
Customer Service
20. A way to collect - store and use relevant information about customers
Data-Base Retailing
Combination Store
Retail Information System
Item Price Removal
21. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Assortment Merchandise
Value (retailer)
Analog Model
Percentage Variation Method
22. The criteria used to assess effectiveness
Economic Base
Percentage-of-Sales Method
Performance Measures
Operations Management
23. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Positioning
Value (retailer)
Benchmarking
Nongoods Services
24. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Dollar Control
Vending Machine
Electronic Data Interchange (EDI)
Contingency Pricing
25. Represents how a given retailer is perceived by consumers and others
Dollar Control
Opportunities
Traditional Job Description
Image
26. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Service Retailing
Model Stock Approach
Multiple-Unit Pricing
Efficient Consumer Response (ECR)
27. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Term Occupancy
Bottom-Up Space Management Approach
Job Motivation
Reverse Logistics
28. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Service Retailing
Retailing
Retail Audit
Chain
29. Incorporates life stages for both family and non-family households
Forecasts
Household Life Cycle
Gross Profit (margin)
Department Store
30. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Visual Merchandising
Assortment Merchandise
Monthly Sales Index
Business Format Franchising
31. Whereby consumers lease and use goods for specified periods of time
Franchising
Rented-Goods Services
Odd Pricing
Cost-Oriented Pricing
32. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Reilly's Law of Retailing Gravitation
Ensemble Display
Channel of Distribution
Operations Management
33. 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
Motives
Conventional Supermarket
Assortment Display
Franchising
34. The overall plan or framework of action that guides a retailer
Evaluation of Alternatives
Hierarchy of Authority
Retail Strategy
Opportunistic Buying
35. Many retail vendors sell a range of products at discount prices in plain surroundings
Flea Market
Consumer Decision Process
Lifestyles
Dump Bin
36. A retailers commitment to a type of business and to a distinctive role in the marketplace
Direct Product Profitability (DPP)
Reilly's Law of Retailing Gravitation
Leased Department
Organizational Mission
37. Whereby a retailers sells to consumers through multiple retail formats
Unit Control
Multi-Channel Retailing
Retail Method of Accounting
Core Customers
38. The extent to which a person desires and pursues social status
Battle of the Brands
Class Consciousness
Diversification
FIFO (first-in-first-out) Method
39. Occurs when a consumer makes full use of the decision process
Marquee
Merchandise Available for Sale
Retailing Concept
Extended Decision Making
40. A multi-line firm operating under central ownership
Term Occupancy
Electronic Point of Sale System
Diversified Retailer
Percentage-of-Sales Method
41. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Want Book (Want Slip)
Perceived Risk
Supply Chain
Stock Turnover
42. Relates to the quantites of merchandise a retailer handles during a stated period
Evaluation of Alternatives
Retail Audit
Depth of Assortment
Unit Control
43. 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
Battle of the Brands
Service Retailing
Destination Retailer
Variety Store
44. A sign that displays the store's name
Marquee
Additional Markup
Liabilities
Sales Opportunity Grid
45. Factors having a high relationship with job success are given more weight than others
Atmosphere (atmospherics)
Weighted Application Blank
Operations Management
Primary Trading Area
46. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Vertical Cooperative Advertising Agreement
Selective Distribution
Point-of-Purchase Display
Minimum-Price Laws
47. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Fringe Trading Area
Dead Areas
Cut Case
Maintenance-Increase-Recoupment Lease
48. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Secondary Business District (SBD)
Straight (Gridiron) Traffic Flow
Infomercial
Control
49. Systematically lists all operating functions to be performed - their characteristics - and their timing
Dollar Control
Ease of Entry
Operations Blueprint
Culture
50. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Franchising
Independent
Combination Store
Diversification