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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. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Reilly's Law of Retailing Gravitation
Cost of Method Accounting
Hierarchy of Authority
Strategy Mix
2. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Retail Organization
Marquee
Customer Loyalty
3. Involves an informal ranking of people based on income - occupation - education and other factors
Supply Chain
Threats
Robinson-Patman Act
Social Class
4. Available from sources outside the firm
Memorandum Purchase
Huff's Law of Shopper Attraction
External Secondary Data
Stimulus
5. Customer orientation - coordinated effort - value driven and goal orientation
Cost of Goods Sold
Retailing Concept
FIFO (first-in-first-out) Method
Loss Leaders
6. A manufacturer and a retailer or a wholesales and a retailer share an ad
Vertical Cooperative Advertising Agreement
Lifestyle Center
Video Kiosk
Frequency
7. Actively involved with informing and persuading customers in closing sales
Order-Getting Salesperson
Basic Stock List
Operating Expenditures
Independent
8. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Incremental Method
Huff's Law of Shopper Attraction
Retail Promotion
Stock-to-Sales Method
9. 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
Hidden Assets
Point of Difference
Incremental Budgeting
10. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Internet
Niche Retailing
RFID (radio frequency identification)
Product/Trademark Franchising
11. A retailer wants to maintain a specified ratio of goods on hand to sales
Stock-to-Sales Method
Opportunities
Full-Line Discount Store
Attitudes (Opinions)
12. The efficiency with which a retail strategy is carried out
Productivity
Full-Line Discount Store
Classification Merchandising
Value Delivery System
13. Places together various items that appeal to a given target market
Full-Line Discount Store
Ease of Entry
Cooperative Advertising
Market Segment Product Groupings
14. Calls for precise rent increases over a stated period of time
Corporation
Graduated Lease
Training Programs
Curing (Free-Flowing) Traffic Flow
15. The line of business in which a retailer operates
Goods/Service Category
Advertising
Hierarchy of Effects
Yield Management Pricing
16. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Seasonal Merchandise
Category Killer
Ethics
Combination Store
17. Represents how a given retailer is perceived by consumers and others
Image
FIFO (first-in-first-out) Method
Value Chain
Vertical Retail Audit
18. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Cost-Oriented Pricing
Impulse Purchases
Minimum-Price Laws
Training Programs
19. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Want Book (Want Slip)
Retail Audit
Net Lease
Staple Merchandise
20. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Pre-Training
Outsourcing
Top-Down Space Management Approach
Household Life Cycle
21. A cash or card operated retailing format that dispenses goods and services
Fashion Merchandise
Vending Machine
Simulation
Central Business District
22. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Family Life Cycle
Bottom-Up Space Management Approach
Inventory Shrinkage
FIFO (first-in-first-out) Method
23. Outlines a retailer's planned expenditures for a given time based on expected performance
Order-Getting Salesperson
Net Sales
Budgeting
Tactics
24. Displays merchandise by common end use
Demographics
Depth of Assortment
Gross Margin
Functional Product Groupings
25. Zeroing in on one specific group
Case Display
Concentrated Marketing
Markup Pricing
Trading Area Overlap
26. The sum total of an individuals traits - which make that individual unique
Training Programs
Personality
Canned Sales Presentation
Exclusive Distribution
27. 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
Order-Taking Salesperson
Impulse Purchases
Demographics
Ethics
28. Any item a retailer owns with monetary value
Assets
Variable Pricing
Sole Proprietorship
Cognitive Dissonance
29. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Analog Model
Purchase Motivation Product Groupings
Situation Analysis
Value Delivery System
30. 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
Survey
Off-Price Chain
Strategy Mix
Human Resource Management
31. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Supercenter
Post-Purchase Behavior
Hidden Assets
Loss Leaders
32. Represents the total bundle of benefits offered to consumers through a channel of distribution
Combination Store
Staple Merchandise
Assortment
Value Chain
33. Whereby prices are marked only on shelves or signs and not on individual items
Analog Model
Organizational Mission
Item Price Removal
Atmosphere (atmospherics)
34. 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
Basic Stock Method
Odd Pricing
Organizational Mission
Scrambled Merchandising
35. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Secondary Business District (SBD)
Traditional Job Description
One-Hundred Percent Location
Vertical Retail Audit
36. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Resident Buying Office
Channel of Distribution
Zero-Based Budgeting
Solution Selling
37. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Operations Blueprint
Fashion Merchandise
Problem Awareness
Service Retailing
38. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Threats
Hierarchy of Authority
Social Responsibility
Micromarketing
39. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Intensive Distribution
Horizontal Price Fixing
Consumer Cooperative
Storefront
40. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Social Class
Fad Merchandise
Frequency
41. Increases an item's original price because demand is unexpectedly high or costs are rising
Secondary Data
Additional Markup
Theme-Setting Display
Franchising
42. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts
Information Search
Operating Expenses
HRM Process
Opportunistic Buying
43. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
World Wide Web
Never-Out List
Purchase Motivation Product Groupings
Category Killer
44. When manufacturers and wholesales seek to control the retail prices of their goods and services
Augmented Customer Service
Vertical Price Fixing
Exclusive Distribution
Order-Taking Salesperson
45. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales
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46. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Weighted Application Blank
Micromerchandising
Width of Assortment
Cost of Method Accounting
47. When a retailer acts in the best interests of society - as well as itself
Scenario Analysis
Social Responsibility
Purchase Act
Zero-Based Budgeting
48. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Video Kiosk
Specialog
Opportunity Costs
Inventory Management
49. Competition between manufacturers and retailers for shelf space and profits
Simulation
Battle of the Brands
Nonstore Retailing
Dollar Control
50. 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
Traditional Department Store
Probability (Random) Sample
Cognitive Dissonance
Affinity