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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. Customer orientation - coordinated effort - value driven and goal orientation
Retailing Concept
Market Segment Product Groupings
Resident Buying Office
Publicity
2. When manufacturers and wholesales seek to control the retail prices of their goods and services
Off-Price Chain
Assortment Display
Goal-Oriented Job Description
Vertical Price Fixing
3. A memorized - repetitive speech given to all customers interested in a particular item
Loss Leaders
Hierarchy of Effects
Goods/Service Category
Canned Sales Presentation
4. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Image
Household Life Cycle
Regional Shopping Center
Assortment Display
5. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Consumer Loyalty (Frequent Shopper) Programs
Merchandising Philosophy
Post-Purchase Behavior
Open-to-Buy
6. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Cross-Shopping
Item Price Removal
Reverse Logistics
Mystery Shoppers
7. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Mergers
Order-Taking Salesperson
Gap Analysis
Electronic Data Interchange (EDI)
8. Includes all the remaining customers - and they are the most widely dispersed
Maintenance-Increase-Recoupment Lease
Compensation
Fringe Trading Area
Merchandise Available for Sale
9. There is more interactive relationship between a franchisor and a franchisee
Weighted Application Blank
Business Format Franchising
Initial Markup
Vending Machine
10. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Quick Response (QR) Inventory Planning
Sales Opportunity Grid
Expected Customer Service
11. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Fad Merchandise
Reach
Retail Method of Accounting
Net Worth
12. 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
Community Shopping Center
Ethics
Merchandising Philosophy
Channel of Distribution
13. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Consumer Loyalty (Frequent Shopper) Programs
Assets
Advertising
Functional Product Groupings
14. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Quick Response (QR) Inventory Planning
LIFO (last-in-first-out) Method
Operations Management
Employee Empowerment
15. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Customer Satisfaction
Leader Pricing
Merchandising Philosophy
Business Format Franchising
16. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Niche Retailing
Vertical Retail Audit
Selective Distribution
Electronic Article Surveillance
17. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services
Supercenter
Assets
Sales Opportunity Grid
Value Delivery System
18. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Factory Outlet
Employee Empowerment
Department Store
Mazur Plan
19. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Stimulus
Secondary Data
Bottom-Up Space Management Approach
20. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Opportunities
Want Book (Want Slip)
Compensation
21. A sign that displays the store's name
Vertical Cooperative Advertising Agreement
Marquee
Gross Margin
Survey
22. When retailers count on suppliers to participate in their inventory management programs
Functional Product Groupings
Vendor-Managed Inventory (VMI)
Retail Strategy
Resident Buying Office
23. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Net Sales
Central Business District
Secondary Business District (SBD)
Data-Base Retailing
24. Whereby franchisors limit franchisee involvement in the strategic planning process
Constrained Decision Making
Bottom-Up Space Management Approach
Factory Outlet
Outshopping
25. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Benchmarking
Resident Buying Office
Human Resource Management
Logistics
26. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Recruitment
Rationalized Retailing
Personal Selling
Prestige Pricing
27. The merchandise categories for which data are gathered
Control Units
Monthly Sales Index
Automatic Reordering System
Canned Sales Presentation
28. Short-term selling and administrative costs in running a business
Cost of Method Accounting
Maintained Markup
Reference Groups
Operating Expenditures
29. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Logistics
Family Life Cycle
Automatic Reordering System
Value (retailer)
30. the drive within people to attain work-related goals - can be positive or negative
Job Motivation
Fashion Merchandise
Single-Channel Retailing
Assets
31. An inexpensive display that leaves merchandise in the original carton
Top-Down Space Management Approach
Vertical Marketing System
Cut Case
Option Credit Account
32. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Demographics
Operations Management
String
Slotting Allowances
33. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Destination Retailer
Computerized Checkout
Multi-Channel Retailing
Solution Selling
34. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Niche Retailing
Uncontrollable Variables
Memorandum Purchase
Specialty Store
35. When a retailer looks at data that are collected to address the specific issue or problem under study
Need-Satisfaction Approach
Primary Data
Inventory Shrinkage
Partnership
36. 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
Competitive Parity Method
Organizational Mission
External Secondary Data
Retail Information System
37. Factors having a high relationship with job success are given more weight than others
Weighted Application Blank
Sales Opportunity Grid
Fad Merchandise
Retail Balance
38. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share
Manufacturer (national) Brands
Analog Model
Information Search
Automatic Reordering System
39. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control
Distributed Promotion Effort
Department Store
Service Retailing
Vertical Marketing System
40. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Mass Marketing
Data-Base Management
Visual Merchandising
Threats
41. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Frequency
Net Profit After Taxes
Minimum-Price Laws
Universal Product Code (UPC)
42. A case that holds piles of sale clothing - marked down books or other products
Retail Balance
Productivity
Dump Bin
Simulation
43. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Diversified Retailer
Ease of Entry
Lifestyle Center
Balanced Tenancy
44. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Robinson-Patman Act
Chain
Purchase Motivation Product Groupings
Purchase Act
45. A manufacturer and a retailer or a wholesales and a retailer share an ad
Variable Markup Policy
Retail Method of Accounting
Logistics
Vertical Cooperative Advertising Agreement
46. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Regression Model
RFID (radio frequency identification)
Ethics
Gap Analysis
47. The positive - neutral or negative feelings a person has about different topics
Experiment
Downsizing
Vending Machine
Attitudes (Opinions)
48. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
External Secondary Data
Social Class
Rationalized Retailing
49. Calls for precise rent increases over a stated period of time
Canned Sales Presentation
Graduated Lease
Cost of Goods Sold
Chain
50. Incorporates life stages for both family and non-family households
Trading Area
Traditional Department Store
Household Life Cycle
Minimum-Price Laws