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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 activity whereby a retailer generates a list of job applicants
Extended Decision Making
Want Book (Want Slip)
Recruitment
Inventory Shrinkage
2. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Variable Markup Policy
Markdown
Everyday Low Pricing (EDLP)
Reilly's Law of Retailing Gravitation
3. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Cooperative Advertising
Manufacturer (national) Brands
Social Class
Destination Retailer
4. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Never-Out List
Price Elasticity of Demand
Equal Store Organization
Application Blank
5. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
String
Primary Data
Universal Product Code (UPC)
Evaluation of Alternatives
6. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness
Core Customers
Horizontal Cooperative Advertising Agreement
Publicity
Sales Promotion
7. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Efficient Consumer Response (ECR)
Box (Limited-Line) Store
Control
Top-Down Space Management Approach
8. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Theme-Setting Display
Retail Strategy
Community Shopping Center
Cost of Goods Sold
9. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Cost of Goods Sold
Bottom-Up Space Management Approach
Electronic Article Surveillance
Retail Strategy
10. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Primary Trading Area
Retail Strategy
Retail Audit
Mass Merchandising
11. A multi-line firm operating under central ownership
Reach
Productivity
Owned-Goods Services
Diversified Retailer
12. Two or more retailers share an ad
Horizontal Cooperative Advertising Agreement
Supply Chain
Stimulus
Channel Control
13. A retailer carries more items than expects to sell over a specified period
String
Never-Out List
HRM Process
Basic Stock Method
14. Displays merchandise by common end use
Electronic Banking
Marketing Research In Retailing
Functional Product Groupings
Constrained Decision Making
15. Whereby goods owned by consumers are repaired - improved - or maintained
Floor-Ready Merchandise
Owned-Goods Services
Competitive Parity Method
Ethics
16. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Computerized Checkout
Pre-Training
Fashion Merchandise
Want Book (Want Slip)
17. Has a primarily functional use: to neatly hang or present products
Dollar Control
Chain
Rack Display
Merchandise Available for Sale
18. Ways in which individual consumers and families live and spend time and money
Specialog
Lifestyles
Odd Pricing
Household Life Cycle
19. Exhibits heavier - bulkier items than a rack holds
Vendor-Managed Inventory (VMI)
Stock Turnover
Case Display
Multiple-Unit Pricing
20. A sign that displays the store's name
Retail Balance
Impulse Purchases
Ethics
Marquee
21. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Cost of Goods Sold
Functional Product Groupings
Nonstore Retailing
Data-Base Management
22. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Net Worth
Staple Merchandise
Diversification
Quick Response (QR) Inventory Planning
23. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Bait-and-Switch Advertising
Storefront
Family Life Cycle
Semantic Differential
24. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Horizontal Cooperative Advertising Agreement
Minimum-Price Laws
Revolving Credit Account
All-You-Can-Afford Method
25. Embodied by a series of activities and processes that provides a certain value for the consumer
Performance Measures
Value (retailer)
Downsizing
Opportunity Costs
26. Calls for precise rent increases over a stated period of time
Specialog
Graduated Lease
Robinson-Patman Act
HRM Process
27. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Private (dealer) Brands
Total Retail Experience
Culture
Budgeting
28. 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
Sales Opportunity Grid
Purchase Act
Floor-Ready Merchandise
Conventional Supermarket
29. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
PMs (Promotional or Push Monies)
Assortment Display
Scrambled Merchandising
Cost of Method Accounting
30. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Destination Retailer
Threats
Vending Machine
Multi-Channel Retailing
31. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Value (retailer)
Downsizing
Impulse Purchases
Electronic Article Surveillance
32. A planned shopping facility - with the largest store being a supermarket or a drugstore
Electronic Article Surveillance
Rented-Goods Services
Neighborhood Shopping Center
Order-Getting Salesperson
33. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Initial Markup
Gravity Model
Secondary Business District (SBD)
Electronic Article Surveillance
34. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Cost-Oriented Pricing
Gravity Model
Category Killer
Storability Product Groupings
35. Suppliers sell through a moderate number of retailers
Price Lining
Selective Distribution
Reach
Diversification
36. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Retail Balance
Retail Organization
Goods Retailing
Independent
37. A merchandising technique that some firms use to improve productivity
Category Management
Franchising
Electronic Banking
Debit Card System
38. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Intensive Distribution
Culture
Affinity
Independent
39. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Zero-Based Budgeting
Consumer Cooperative
Analog Model
Generic Brands
40. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Operations Management
Traditional Department Store
Franchising
Electronic Banking
41. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Chargebacks
Operating Expenses
Bifurcated Retailing
Quick Response (QR) Inventory Planning
42. Typically supervises the on-floor selling and operational activities for a specific retail department
Sales Manager
Unit Pricing
Compensation
Publicity
43. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Logistics
Merchandising Philosophy
All-You-Can-Afford Method
44. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Secondary Business District (SBD)
Merchandising
Americans With Disabilities Act
Micromarketing
45. The manner of providing a job environment that encourages employee accomplishment
World Wide Web
Routine Decision Making
Sales Opportunity Grid
Supervision
46. An inexpensive display that leaves merchandise in the original carton
Competitive Parity Method
Cut Case
Service Retailing
Monthly Sales Index
47. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Vertical Retail Audit
Food-Based Superstore
Destination Retailer
Equal Store Organization
48. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts
Department Store
Positioning
Markup Pricing
Customer Loyalty
49. Relates to the quantites of merchandise a retailer handles during a stated period
Unit Control
Robinson-Patman Act
Product Life Cycle
Physical Inventory System
50. Focuses on the sale of tangible phoducts
Goods Retailing
Demand-Oriented Pricing
Equal Store Organization
Electronic Data Interchange (EDI)