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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. Incorporates life stages for both family and non-family households
Household Life Cycle
Trading Area Overlap
Geographical Information System
Open-to-Buy
2. 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
Public Relations
Department Store
Theme-Setting Display
Mystery Shoppers
3. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Social Responsibility
Exclusive Distribution
Merchandising Philosophy
Operations Management
4. The line of business in which a retailer operates
Routine Decision Making
Membership (Warehouse) Club
Equal Store Organization
Goods/Service Category
5. Displays merchandise by common end use
Benchmarking
Direct Selling
Functional Product Groupings
Objectives
6. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Equal Store Organization
Nonstore Retailing
Scrambled Merchandising
Objective-and-Task Method
7. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Video Kiosk
Multi-Channel Retailing
Multiple-Unit Pricing
Goods/Service Category
8. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Efficient Consumer Response (ECR)
Regional Shopping Center
Geographical Information System
Seasonal Merchandise
9. 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
Logistics
Strategy Mix
Trading Area
Yield Management Pricing
10. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Stock-to-Sales Method
Expected Customer Service
External Secondary Data
Benchmarking
11. Occurs when a consumer makes full use of the decision process
Net Sales
Extended Decision Making
Operations Management
Culture
12. A food-based discounter offering a moderate number of food items in a no-frills setting
Performance Measures
Destination Retailer
Warehouse Store
Analog Model
13. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Publicity
Tactics
Americans With Disabilities Act
Goods/Service Category
14. The difference between net sales and the total cost of goods sold
Value (retailer)
Gross Margin
Value (customer)
Price Elasticity of Demand
15. 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
Price Elasticity of Demand
PMs (Promotional or Push Monies)
Automatic Reordering System
Leader Pricing
16. The overall plan guiding a retail firm
Diversified Retailer
Benchmarking
Model Stock Approach
Retail Strategy
17. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Demographics
Secondary Business District (SBD)
Training Programs
Relationship Retailing
18. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Combination Store
Predatory Pricing
Price Lining
Hierarchy of Effects
19. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Observation
Unit Control
Memorandum Purchase
Family Life Cycle
20. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Order-Taking Salesperson
Employee Empowerment
Retail Organization
Ease of Entry
21. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Minimum-Price Laws
Diversified Retailer
Training Programs
Supermarket
22. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Advertising
Pre-Training
Unit Pricing
Weeks' Supply Method
23. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Supermarket
Expected Customer Service
Downsizing
24. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Single-Channel Retailing
Minimum-Price Laws
Retail Promotion
Ethics
25. Money left after paying taxes and buying necessities
Semantic Differential
Organizational Mission
Discretionary income
Cost of Goods Sold
26. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Retail Balance
Stock Turnover
Net Profit After Taxes
27. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point
Vertical Cooperative Advertising Agreement
Household Life Cycle
Additional Markup
Automatic Reordering System
28. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Feedback
Maintained Markup
Retail Information System
Internal Secondary Data
29. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Service Retailing
Retailing Concept
Cognitive Dissonance
30. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Reverse Logistics
Minimum-Price Laws
Trading Area Overlap
Job Analysis
31. 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
Scenario Analysis
Yield Management Pricing
Micromarketing
Affinity
32. Beginning inventory - purchases - and transportation charges equal the cost of this
Straight (Gridiron) Traffic Flow
Extended Decision Making
Merchandise Available for Sale
Value Chain
33. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Data Warehousing
Information Search
Competition-Oriented Pricing
Bifurcated Retailing
34. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline
Option Credit Account
Retail Life Cycle
Chain
Assortment Display
35. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Corporation
Customer Satisfaction
Selective Distribution
Solution Selling
36. Assumes new merchandise is sold first - while older stock remains in inventory
Direct Selling
Primary Data
LIFO (last-in-first-out) Method
Retail Promotion
37. A retailers carries complementary goods and services to encourage shoppers to buy more
Gross Profit (margin)
Cross-Merchandising
Evaluation of Alternatives
Gravity Model
38. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Factory Outlet
Assortment
Incremental Budgeting
Cost of Goods Sold
39. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Affinity
Human Resource Management
Bottom-Up Space Management Approach
Differentiated Marketing
40. Whereby suppliers sell through as many retailers as possible
Intensive Distribution
Incremental Method
Data-Base Management
Operations Management
41. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month
Variety Store
Open-to-Buy
Bottom-Up Space Management Approach
Robinson-Patman Act
42. Whereby each department is subdivided into further categories for related types of merchandise
Ease of Entry
Value Chain
Diversified Retailer
Classification Merchandising
43. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Specialty Store
Job Analysis
Robinson-Patman Act
Prototype Stores
44. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Performance Measures
Retail Method of Accounting
Selective Distribution
Rack Display
45. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Augmented Customer Service
Term Occupancy
Sorting Process
Customer Loyalty
46. A type of retail institution that is a department in a retail store that is rented to an outside party
Markdown
Downsizing
Leased Department
Bait-and-Switch Advertising
47. Financial obligations a retailer incurs in operating a business
Positioning
Customer Loyalty
Secondary Trading Area
Liabilities
48. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Single-Channel Retailing
Issue (problem) Definition
Floor-Ready Merchandise
Point-of-Purchase Display
49. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Category Killer
Consumer Protection
Bifurcated Retailing
Scenario Analysis
50. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Regional Shopping Center
Cross-Shopping
Inventory Shrinkage
Consumer Protection