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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 aspects of business to which a retailers must adapt
Dual Marketing
Limited Decision Making
Uncontrollable Variables
Memorandum Purchase
2. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Stimulus
Primary Data
Mystery Shoppers
Internet
3. Many retail vendors sell a range of products at discount prices in plain surroundings
Analog Model
Flea Market
Trading Area
Organization Chart
4. 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
Forecasts
Supervision
Prestige Pricing
Reorder Point
5. Factors having a high relationship with job success are given more weight than others
Basic Stock List
Weighted Application Blank
Horizontal Retail Audit
Gravity Model
6. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Massed Promotion Effort
Staple Merchandise
Objective-and-Task Method
Visual Merchandising
7. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Supermarket
Economic Base
Debit Card System
Retail Method of Accounting
8. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Limited Decision Making
Order-Getting Salesperson
Stock-to-Sales Method
9. Based on the original retail value assigned to merchandise less the costs of the merchandise
Classification Merchandising
Problem Awareness
Initial Markup
Equal Store Organization
10. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Internet
Robinson-Patman Act
Customer Service
Reach
11. Systematically lists all operating functions to be performed - their characteristics - and their timing
Downsizing
Operations Blueprint
Consumer Decision Process
Product Life Cycle
12. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Consumer Protection
Organizational Mission
Budgeting
Cost of Goods Sold
13. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Impulse Purchases
Canned Sales Presentation
Net Worth
Traditional Job Description
14. Whereby a retailers sells to consumers through multiple retail formats
Probability (Random) Sample
Multi-Channel Retailing
Staple Merchandise
Nonstore Retailing
15. Money left after paying taxes and buying necessities
Customer Loyalty
Financial Merchandise Management
Convenience Store
Discretionary income
16. The difference between net sales and the total cost of goods sold
Trading Area Overlap
Gross Margin
Specialog
Off-Price Chain
17. Has a primarily functional use: to neatly hang or present products
Outsourcing
Dollar Control
Rack Display
Reilly's Law of Retailing Gravitation
18. Risk is still low - but a retailer takes title on delivery and is responsible for damages
Outsourcing
Battle of the Brands
Cooperative Buying
Memorandum Purchase
19. Whereby franchisors limit franchisee involvement in the strategic planning process
Constrained Decision Making
Horizontal Price Fixing
Analog Model
Recruitment
20. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Sorting Process
Logistics
Total Retail Experience
Market Segment Product Groupings
21. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Hierarchy of Effects
Recruitment
Price Lining
Vertical Price Fixing
22. 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
Perceived Risk
Concentrated Marketing
Variety Store
Data-Base Retailing
23. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Order-Getting Salesperson
Option Credit Account
Recruitment
Sales Opportunity Grid
24. A memorized - repetitive speech given to all customers interested in a particular item
Canned Sales Presentation
Cognitive Dissonance
Maintenance-Increase-Recoupment Lease
Advertising
25. Logically assumes old merchandise is sold first - while newer items remain in inventory
Merchandising
FIFO (first-in-first-out) Method
Regression Model
Diversification
26. the drive within people to attain work-related goals - can be positive or negative
Benchmarking
Compensation
Job Motivation
Data Warehousing
27. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting
One-Price Policy
Simulation
Customer Loyalty
Category Killer
28. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Incremental Budgeting
Conventional Supermarket
Specialty Store
Full-Line Discount Store
29. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
One-Price Policy
Straight (Gridiron) Traffic Flow
Net Sales
Experiential Merchandising
30. Lets consumers bargain over prices; those who are good at it obtain lower prices
Pre-Training
Category Management
Goal-Oriented Job Description
Flexible Pricing
31. 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
Cognitive Dissonance
Retail Promotion
FIFO (first-in-first-out) Method
Publicity
32. When a retailer acts in the best interests of society - as well as itself
Social Responsibility
Vertical Retail Audit
Cross-Merchandising
Seasonal Merchandise
33. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Markup Pricing
Supermarket
Bifurcated Retailing
Downsizing
34. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Bifurcated Retailing
Gross Margin
Frequency
Off-Price Chain
35. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Cut Case
Massed Promotion Effort
Curing (Free-Flowing) Traffic Flow
Strategy Mix
36. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
String
Training Programs
Retail Audit
Convenience Store
37. Describes how traditional family moves from bachelorhood to children to solitary retirement
Controllable Variables
Battle of the Brands
Family Life Cycle
Diversified Retailer
38. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Augmented Customer Service
Variety Store
Advertising
Objectives
39. A retail firm owned by its customer members
Generic Brands
Consumer Cooperative
Maintenance-Increase-Recoupment Lease
Fashion Merchandise
40. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Product/Trademark Franchising
Geographical Information System
Generic Brands
Downsizing
41. 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
Strategy Mix
Maintained Markup
Memorandum Purchase
Exclusive Distribution
42. The criteria used to assess effectiveness
Tactics
Performance Measures
Threats
Demographics
43. Actively involved with informing and persuading customers in closing sales
Vendor-Managed Inventory (VMI)
Order-Getting Salesperson
Exclusive Distribution
Supermarket
44. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Threats
Trading Area
Assets
Affinity
45. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Forecasts
Destination Retailer
Threats
Marketing Research In Retailing
46. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Customer Service
Electronic Point of Sale System
Lifestyle Center
Food-Based Superstore
47. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Bottom-Up Space Management Approach
Marquee
Semantic Differential
Traditional Department Store
48. 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
Dual Marketing
Net Lease
Book (Perpetual) Inventory System
Percentage Variation Method
49. 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
Incremental Budgeting
Massed Promotion Effort
Reorder Point
Assortment Merchandise
50. 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
Cost of Goods Sold
Neighborhood Business District
Family Life Cycle
Term Occupancy