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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. The merchandise categories for which data are gathered
Specialty Store
Retailing Concept
Control Units
Inventory Management
2. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Downsizing
Ethics
Data Warehousing
Selective Distribution
3. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Probability (Random) Sample
Automatic Reordering System
Product/Trademark Franchising
Regional Shopping Center
4. Outlines a retailer's planned expenditures for a given time based on expected performance
Data-Base Retailing
Performance Measures
Value Chain
Budgeting
5. 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
Model Stock Approach
Community Shopping Center
Price-Quality Association
Application Blank
6. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
LIFO (last-in-first-out) Method
Percentage-of-Sales Method
Ease of Entry
Option Credit Account
7. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Combination Store
Box (Limited-Line) Store
Specialog
Extended Decision Making
8. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Reorder Point
Incremental Method
All-You-Can-Afford Method
Cost of Goods Sold
9. The manner of providing a job environment that encourages employee accomplishment
Graduated Lease
Battle of the Brands
Dual Marketing
Supervision
10. Focuses on the sale of tangible phoducts
Operations Management
Selective Distribution
Goods Retailing
Supervision
11. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Consumer Protection
Mass Merchandising
Demand-Oriented Pricing
Hierarchy of Effects
12. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Discretionary income
Convenience Store
Data Mining
13. 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
Variety Store
Vertical Cooperative Advertising Agreement
Cross-Shopping
Forecasts
14. A retailer sets its prices in accordance with competitors'
Cost of Goods Sold
Trading Area Overlap
Competition-Oriented Pricing
Consumer Behavior
15. Determines the floor space necessary to carry and display a proper merchandise assortment
Resident Buying Office
Model Stock Approach
Consumer Loyalty (Frequent Shopper) Programs
Cooperative Buying
16. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Secondary Trading Area
Video Kiosk
Personality
Mystery Shoppers
17. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Direct Store Distribution (DSD)
Markup Pricing
Sales Manager
Point-of-Purchase Display
18. A memorized - repetitive speech given to all customers interested in a particular item
Outshopping
Multi-Channel Retailing
Canned Sales Presentation
Personality
19. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
Ensemble Display
Markup Pricing
Classification Merchandising
Horizontal Retail Audit
20. Doubt that the correct decision has been made
Cost of Goods Sold
Bait-and-Switch Advertising
Cognitive Dissonance
Specialog
21. Whereby a retailers sells to consumers through multiple retail formats
Term Occupancy
Multi-Channel Retailing
Food-Based Superstore
Supercenter
22. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Memorandum Purchase
Ethics
Warehouse Store
Electronic Banking
23. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Retailing Concept
Pre-Training
Community Shopping Center
24. Ways in which individual consumers and families live and spend time and money
Control Units
Lifestyles
Huff's Law of Shopper Attraction
Regional Shopping Center
25. Whereby goods owned by consumers are repaired - improved - or maintained
Mass Marketing
Owned-Goods Services
Positioning
Data-Base Management
26. Customer orientation - coordinated effort - value driven and goal orientation
Situation Analysis
Operations Blueprint
Retailing Concept
Sole Proprietorship
27. The positive - neutral or negative feelings a person has about different topics
Purchase Motivation Product Groupings
Uncontrollable Variables
Attitudes (Opinions)
Retailing
28. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI
Direct Store Distribution (DSD)
Direct Product Profitability (DPP)
Price Lining
Independent
29. Available from sources outside the firm
External Secondary Data
One-Hundred Percent Location
Stimulus
Channel of Distribution
30. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Word of Mouth (WOM)
Box (Limited-Line) Store
Maintained Markup
Channel of Distribution
31. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Factory Outlet
Demographics
Geographical Information System
Variable Pricing
32. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Consumer Behavior
Width of Assortment
Mergers
Goods Retailing
33. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Differentiated Marketing
Variable Markup Policy
Case Display
Electronic Point of Sale System
34. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Wheel of Retailing
Automatic Reordering System
Primary Trading Area
Consumer Decision Process
35. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Assortment Merchandise
Supervision
Threats
Box (Limited-Line) Store
36. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Stimulus
Secondary Data
Merchandising
Assortment Merchandise
37. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Basic Stock List
Traditional Job Description
Single-Channel Retailing
Experiment
38. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Consumer Loyalty (Frequent Shopper) Programs
Retail Audit
Direct Store Distribution (DSD)
39. 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
Control Units
Goal-Oriented Job Description
Percentage-of-Sales Method
40. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Value Delivery System
Ethics
Electronic Data Interchange (EDI)
HRM Process
41. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Cooperative Advertising
Variety Store
Human Resource Management
Value (customer)
42. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Electronic Banking
Contingency Pricing
RFID (radio frequency identification)
Operations Blueprint
43. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Point-of-Purchase Display
Reference Groups
Price Lining
Corporation
44. 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
Assortment
Reorder Point
Horizontal Cooperative Advertising Agreement
Differentiated Marketing
45. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Market Segment Product Groupings
Loss Leaders
String
Experiment
46. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Maintenance-Increase-Recoupment Lease
One-Price Policy
Convenience Store
Social Responsibility
47. Selling goods and services to a broad spectrum of consumers
Case Display
Regional Shopping Center
Diversified Retailer
Mass Marketing
48. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Strategy Mix
Supervision
Reorder Point
Goods/Service Category
49. Embodied by a series of activities and processes that provides a certain value for the consumer
Image
Value (retailer)
Value Chain
Diversified Retailer
50. The reasons for a consumers behavior
Scrambled Merchandising
Want Book (Want Slip)
Supply Chain
Motives