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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. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Niche Retailing
Budgeting
Cooperative Buying
2. When retailers count on suppliers to participate in their inventory management programs
Consumer Cooperative
Customer Loyalty
Post-Purchase Behavior
Vendor-Managed Inventory (VMI)
3. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Electronic Point of Sale System
Generic Brands
Niche Retailing
Benchmarking
4. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products
Robinson-Patman Act
Point-of-Purchase Display
Service Retailing
Mazur Plan
5. The difference between net sales and the total cost of goods sold
Household Life Cycle
Electronic Banking
Gross Margin
Variety Store
6. Merchandise that generates high sales over a short time
Downsizing
Hierarchy of Authority
Fad Merchandise
Everyday Low Pricing (EDLP)
7. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Channel of Distribution
Public Relations
Food-Based Superstore
Culture
8. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Storability Product Groupings
Leased Department
Scrambled Merchandising
Monthly Sales Index
9. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Pre-Training
Want Book (Want Slip)
Gap Analysis
10. 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
Customer Satisfaction
Financial Merchandise Management
Merchandising
11. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Straight (Gridiron) Traffic Flow
Rack Display
Maintenance-Increase-Recoupment Lease
Revolving Credit Account
12. Has a primarily functional use: to neatly hang or present products
Customer Loyalty
Control Units
Rack Display
Sole Proprietorship
13. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Consumer Decision Process
Purchase Act
Net Lease
Want Book (Want Slip)
14. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Observation
Vending Machine
Limited Decision Making
Opportunity Costs
15. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Vendor-Managed Inventory (VMI)
Curing (Free-Flowing) Traffic Flow
Generic Brands
Flexible Pricing
16. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Basic Stock List
Variable Pricing
Staple Merchandise
Hidden Assets
17. Beginning inventory - purchases - and transportation charges equal the cost of this
Competition-Oriented Pricing
Merchandise Available for Sale
Conventional Supermarket
Social Class
18. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Graduated Lease
Full-Line Discount Store
Americans With Disabilities Act
Problem Awareness
19. 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
Benchmarking
Specialog
Hierarchy of Authority
20. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Differentiated Marketing
Generic Brands
Open Credit Account
Traditional Job Description
21. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Internal Secondary Data
Situation Analysis
Distributed Promotion Effort
Limited Decision Making
22. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Competition-Oriented Pricing
Lifestyles
Evaluation of Alternatives
23. 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
Classification Merchandising
Case Display
Reorder Point
Maintained Markup
24. 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
Cost of Goods Sold
Retail Information System
Sales-Productivity Ratio
Perceived Risk
25. Whereby prices are marked only on shelves or signs and not on individual items
Chargebacks
Niche Retailing
Item Price Removal
Point of Difference
26. Signals or cues as to the success or failure of that each part of the strategy
Functional Product Groupings
Feedback
Channel Control
Department Store
27. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Extended Decision Making
Stock-to-Sales Method
Product Life Cycle
Efficient Consumer Response (ECR)
28. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Point-of-Purchase Display
Customary Pricing
Box (Limited-Line) Store
Geographical Information System
29. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Leader Pricing
Class Consciousness
Operations Management
Retailing
30. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Sales Manager
Dump Bin
Data Mining
31. The long-run and short-run performance targets a retailers hopes to attain
Product Life Cycle
Private (dealer) Brands
Vertical Price Fixing
Objectives
32. 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)
Dollar Control
Chain
Yield Management Pricing
Revolving Credit Account
33. The aspects of business to which a retailers must adapt
Uncontrollable Variables
Additional Markup
Incremental Budgeting
Diversification
34. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Consumer Loyalty (Frequent Shopper) Programs
Image
Cross-Shopping
Micromarketing
35. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings
Pre-Training
Operations Blueprint
Odd Pricing
RFID (radio frequency identification)
36. 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
Franchising
Factory Outlet
Hierarchy of Authority
Data-Base Management
37. Involves an informal ranking of people based on income - occupation - education and other factors
Social Class
Customer Service
All-You-Can-Afford Method
Cooperative Buying
38. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Budgeting
Retail Strategy
Expected Customer Service
Assortment
39. The customer group sought by a retailer
Threats
Target Marketing
Off-Price Chain
Market Segment Product Groupings
40. A memorized - repetitive speech given to all customers interested in a particular item
Multi-Channel Retailing
Data-Base Management
Canned Sales Presentation
Huff's Law of Shopper Attraction
41. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Robinson-Patman Act
Consumer Protection
Assets
Strategy Mix
42. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Stimulus
Bifurcated Retailing
Maintained Markup
Convenience Store
43. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Retail Strategy
Fashion Merchandise
Tactics
Family Life Cycle
44. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Net Lease
Perceived Risk
Computerized Checkout
Supercenter
45. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Loss Leaders
Trading Area
Partnership
Channel Control
46. Mandates that persons with disabilities be given appropriate access to retailing facilities
Uncontrollable Variables
Lifestyle Center
Americans With Disabilities Act
Opportunistic Buying
47. Selling goods and services to a broad spectrum of consumers
Mass Marketing
Diversification
Corporation
Issue (problem) Definition
48. Suppliers sell through a moderate number of retailers
Internal Secondary Data
Item Price Removal
Selective Distribution
Sales Opportunity Grid
49. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Purchase Act
Fashion Merchandise
Primary Data
Retailing Concept
50. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Customer Loyalty
Full-Line Discount Store
Social Responsibility
Data-Base Management