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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 retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Consumer Loyalty (Frequent Shopper) Programs
Cross-Merchandising
Equal Store Organization
2. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Purchase Act
Leased Department
Debit Card System
Reilly's Law of Retailing Gravitation
3. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Massed Promotion Effort
Multi-Channel Retailing
Consignment Purchase
Regional Shopping Center
4. 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
Product/Trademark Franchising
Resident Buying Office
Membership (Warehouse) Club
Floor-Ready Merchandise
5. A retailer carries more items than expects to sell over a specified period
Social Class
Mergers
Central Business District
Basic Stock Method
6. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Monthly Sales Index
Intensive Distribution
Uncontrollable Variables
Central Business District
7. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Mergers
Point-of-Purchase Display
Impulse Purchases
Leased Department
8. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
All-You-Can-Afford Method
Vertical Price Fixing
Destination Retailer
Convenience Store
9. 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
Book (Perpetual) Inventory System
Flexible Pricing
Net Sales
Americans With Disabilities Act
10. Information is systematically gathered from respondents by communicating with them
Market Segment Product Groupings
Regional Shopping Center
Survey
Liabilities
11. Factors having a high relationship with job success are given more weight than others
Business Format Franchising
Franchising
Weighted Application Blank
Maintenance-Increase-Recoupment Lease
12. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Micromarketing
Control
Demographics
13. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Independent
Product Life Cycle
Data-Base Management
Customer Loyalty
14. 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]
Percentage Variation Method
Combination Store
Prestige Pricing
Option Credit Account
15. Involves an informal ranking of people based on income - occupation - education and other factors
Weeks' Supply Method
Social Class
Supervision
Horizontal Price Fixing
16. 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
Culture
Retail Information System
Hierarchy of Effects
Multi-Channel Retailing
17. Financial obligations a retailer incurs in operating a business
Liabilities
Americans With Disabilities Act
Never-Out List
Financial Merchandise Management
18. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Retail Life Cycle
Data Warehousing
Nongoods Services
Gross Profit (margin)
19. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Core Customers
Ethics
Supercenter
Secondary Trading Area
20. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Vertical Retail Audit
Video Kiosk
Liabilities
Markup Pricing
21. Used by retailers that promote throughout the year
Open Credit Account
Distributed Promotion Effort
Fad Merchandise
Want Book (Want Slip)
22. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Direct Store Distribution (DSD)
Generic Brands
Curing (Free-Flowing) Traffic Flow
23. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Objectives
Secondary Data
Gross Profit (margin)
24. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Mystery Shoppers
Publicity
Total Retail Experience
Nonstore Retailing
25. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Problem Awareness
Customer Service
Chargebacks
Basic Stock Method
26. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Non-probability Sample
Purchase Motivation Product Groupings
One-Hundred Percent Location
Control
27. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Probability (Random) Sample
Net Lease
Chargebacks
Reverse Logistics
28. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Observation
Problem Awareness
Stock Turnover
29. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Consumer Loyalty (Frequent Shopper) Programs
Internet
Primary Data
Outshopping
30. Incorporates life stages for both family and non-family households
Sole Proprietorship
Value Chain
Household Life Cycle
Monthly Sales Index
31. Available within the company - sometimes from the data bank of a retail information system
Internal Secondary Data
Vertical Cooperative Advertising Agreement
Customer Loyalty
Department Store
32. 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
All-You-Can-Afford Method
Pre-Training
Loss Leaders
Balanced Tenancy
33. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Regression Model
Retail Strategy
Secondary Trading Area
Mass Merchandising
34. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Discretionary income
Perceived Risk
Distributed Promotion Effort
Primary Trading Area
35. Lets consumers bargain over prices; those who are good at it obtain lower prices
Flexible Pricing
Infomercial
Strategy Mix
Specialog
36. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Attitudes (Opinions)
Combination Store
Data Mining
Compensation
37. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Battle of the Brands
Video Kiosk
Basic Stock List
38. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Word of Mouth (WOM)
Basic Stock Method
Supercenter
Affinity
39. Retailers price selected items below cost to lure more customer traffic for those retailers
Opportunistic Buying
Depth of Assortment
Loss Leaders
Scenario Analysis
40. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
41. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Horizontal Cooperative Advertising Agreement
Need-Satisfaction Approach
Uncontrollable Variables
Retail Balance
42. 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
Net Worth
Universal Product Code (UPC)
Experiment
43. Calls for precise rent increases over a stated period of time
Perceived Risk
Graduated Lease
Training Programs
Initial Markup
44. 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
Bait-and-Switch Advertising
Robinson-Patman Act
Department Store
Power Center
45. 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
46. Consists of all the levels of independently owned businesses along a channel of distribution
Goal-Oriented Job Description
Vertical Marketing System
Hierarchy of Effects
Incremental Budgeting
47. Out-of-hometown shopping - is important for both local and surrounding retailers
Attitudes (Opinions)
Outshopping
Economic Base
Electronic Article Surveillance
48. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Publicity
Memorandum Purchase
Internal Secondary Data
Community Shopping Center
49. Whereby a retailers sells to consumers through multiple retail formats
Forecasts
Multi-Channel Retailing
LIFO (last-in-first-out) Method
Prestige Pricing
50. 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
Incremental Method
Leader Pricing
Purchase Act
Battle of the Brands