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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 reasons for a consumers behavior
Motives
Merchandising
Neighborhood Shopping Center
Ethics
2. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Point of Difference
Cost-Oriented Pricing
All-You-Can-Afford Method
Micromerchandising
3. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Quick Response (QR) Inventory Planning
Memorandum Purchase
Information Search
Total Retail Experience
4. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Nongoods Services
Gross Profit (margin)
Ensemble Display
HRM Process
5. A type of retail institution that is a department in a retail store that is rented to an outside party
Bottom-Up Space Management Approach
Leased Department
Corporation
Job Motivation
6. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Intensive Distribution
Cost-Oriented Pricing
Depth of Assortment
Department Store
7. A retailer sets its prices in accordance with competitors'
Competition-Oriented Pricing
Rack Display
Observation
Everyday Low Pricing (EDLP)
8. 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
Goods Retailing
PMs (Promotional or Push Monies)
Non-probability Sample
9. Shows the expected behavior of a good or service over its life
Image
Product Life Cycle
Extended Decision Making
Controllable Variables
10. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Expected Customer Service
Generic Brands
Leader Pricing
Micromarketing
11. Typically supervises the on-floor selling and operational activities for a specific retail department
Dual Marketing
Manufacturer (national) Brands
Goods/Service Category
Sales Manager
12. When manufacturers and wholesales seek to control the retail prices of their goods and services
Retailing
Vertical Price Fixing
Cost-Oriented Pricing
Economic Base
13. Every store - product - or customer has an equal or known chance of being chosen for a study
Seasonal Merchandise
Probability (Random) Sample
Customer Loyalty
Percentage Variation Method
14. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Total Retail Experience
Ethics
Point of Difference
15. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Staple Merchandise
Mystery Shoppers
Sales-Productivity Ratio
Bifurcated Retailing
16. 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
Minimum-Price Laws
Situation Analysis
Electronic Point of Sale System
Point of Difference
17. The number of distinct people exposed to a retailers promotion efforts in a specific period
External Secondary Data
Variable Pricing
Reach
Taxes
18. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Gap Analysis
Sales Promotion
Regional Shopping Center
Percentage Lease
19. Consumers feel high prices connote high quality and low prices connote low quality
Conventional Supermarket
Price-Quality Association
Retailing
Business Format Franchising
20. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Situation Analysis
Personality
Threats
Retail Promotion
21. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Stimulus
Efficient Consumer Response (ECR)
Term Occupancy
Retail Method of Accounting
22. Competition between manufacturers and retailers for shelf space and profits
Everyday Low Pricing (EDLP)
Limited Decision Making
Combination Store
Battle of the Brands
23. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Massed Promotion Effort
Storability Product Groupings
Debit Card System
Lifestyle Center
24. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Independent
Atmosphere (atmospherics)
Mergers
25. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Consumer Behavior
Open-to-Buy
All-You-Can-Afford Method
Application Blank
26. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Retail Promotion
Cognitive Dissonance
Maintenance-Increase-Recoupment Lease
Competition-Oriented Pricing
27. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
HRM Process
Off-Price Chain
Stock Turnover
PMs (Promotional or Push Monies)
28. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Predatory Pricing
Personality
Specialog
All-You-Can-Afford Method
29. Used for products needing special handling
Storability Product Groupings
Compensation
Book (Perpetual) Inventory System
Assets
30. The service level that customers want to receive from any retailer - such as basic employee courtesy
Point of Difference
Percentage Lease
Expected Customer Service
Social Class
31. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Assortment Merchandise
Data Mining
Variety Store
Product/Trademark Franchising
32. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Internal Secondary Data
PMs (Promotional or Push Monies)
Multi-Channel Retailing
Class Consciousness
33. Mandates that persons with disabilities be given appropriate access to retailing facilities
Trading Area Overlap
Data-Base Management
Community Shopping Center
Americans With Disabilities Act
34. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Product Life Cycle
Balanced Tenancy
Theme-Setting Display
Basic Stock List
35. Takes place when the consumer buys out of habit and skips steps in the purchase process
Price Lining
Independent
Diversified Retailer
Routine Decision Making
36. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Retail Information System
Sorting Process
Maintenance-Increase-Recoupment Lease
Staple Merchandise
37. Factors having a high relationship with job success are given more weight than others
Organizational Mission
Objective-and-Task Method
Trading Area
Weighted Application Blank
38. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Net Sales
Purchase Motivation Product Groupings
Selective Distribution
Niche Retailing
39. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Mass Merchandising
Multi-Channel Retailing
Dollar Control
Product/Trademark Franchising
40. A large - planned shopping facility appealing to a geographically dispersed market
Consumer Cooperative
Odd Pricing
Regional Shopping Center
Hidden Assets
41. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Yield Management Pricing
Variable Markup Policy
Order-Getting Salesperson
Order-Taking Salesperson
42. A memorized - repetitive speech given to all customers interested in a particular item
Vertical Price Fixing
Retail Institution
Semantic Differential
Canned Sales Presentation
43. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Prestige Pricing
Multiple-Unit Pricing
Incremental Budgeting
Social Class
44. Involves a clear statement of the topic to be studied
Product/Trademark Franchising
Flexible Pricing
Wheel of Retailing
Issue (problem) Definition
45. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Non-probability Sample
Financial Merchandise Management
Prestige Pricing
Dual Marketing
46. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Slotting Allowances
Organizational Mission
Contingency Pricing
Budgeting
47. 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
Primary Trading Area
Compensation
Term Occupancy
Variety Store
48. The sum total of an individuals traits - which make that individual unique
Personality
Limited Decision Making
Huff's Law of Shopper Attraction
Demographics
49. Where a consumer must pay the bill in full when it is due
Taxes
Retailing
Open Credit Account
Extended Decision Making
50. Out-of-hometown shopping - is important for both local and surrounding retailers
Outshopping
Storability Product Groupings
Regression Model
Americans With Disabilities Act