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Test your basic knowledge |
Retail Management
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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 basic format or structure of a business
Job Analysis
Tactics
Conventional Supermarket
Retail Institution
2. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Net Profit After Taxes
Maintenance-Increase-Recoupment Lease
Observation
Item Price Removal
3. 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
Outsourcing
Sales Manager
Debit Card System
Odd Pricing
4. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Electronic Article Surveillance
Central Business District
Feedback
Slotting Allowances
5. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Prototype Stores
Single-Channel Retailing
Merchandising Philosophy
Relationship Retailing
6. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Retail Organization
Need-Satisfaction Approach
Predatory Pricing
Service Retailing
7. 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
Social Class
Channel Control
Sorting Process
Canned Sales Presentation
8. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Electronic Banking
Bifurcated Retailing
Discretionary income
Visual Merchandising
9. Depicts a product offering in a thematic manner and sets a specific mood
Opportunistic Buying
Theme-Setting Display
Outsourcing
Maintained Markup
10. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Compensation
Consignment Purchase
Manufacturer (national) Brands
Assortment
11. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Zero-Based Budgeting
Traditional Job Description
Cross-Shopping
Direct Selling
12. Whereby consumers lease and use goods for specified periods of time
Lifestyle Center
Maintenance-Increase-Recoupment Lease
Rented-Goods Services
Width of Assortment
13. A cash or card operated retailing format that dispenses goods and services
Debit Card System
Electronic Data Interchange (EDI)
Distributed Promotion Effort
Vending Machine
14. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Survey
Staple Merchandise
Augmented Customer Service
Experiential Merchandising
15. Calls for all maintenance costs to be paid by the retailer
Primary Trading Area
Sales Opportunity Grid
Net Lease
Debit Card System
16. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Visual Merchandising
Taxes
Liabilities
Direct Store Distribution (DSD)
17. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Total Retail Experience
Sales Promotion
Observation
Fashion Merchandise
18. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Retail Strategy
Convenience Store
Bottom-Up Space Management Approach
Equal Store Organization
19. Competition between manufacturers and retailers for shelf space and profits
Application Blank
Rationalized Retailing
Battle of the Brands
Limited Decision Making
20. Whereby prices are marked only on shelves or signs and not on individual items
Reilly's Law of Retailing Gravitation
Concentrated Marketing
Item Price Removal
Cooperative Advertising
21. The line of business in which a retailer operates
Training Programs
Controllable Variables
Social Class
Goods/Service Category
22. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Target Marketing
Combination Store
Marketing Research In Retailing
Attitudes (Opinions)
23. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Direct Store Distribution (DSD)
Consignment Purchase
Retail Strategy
Horizontal Retail Audit
24. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits
Electronic Article Surveillance
Independent
Advertising
Infomercial
25. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Horizontal Retail Audit
Dump Bin
Box (Limited-Line) Store
26. A merchandising technique that some firms use to improve productivity
Maintenance-Increase-Recoupment Lease
Downsizing
Evaluation of Alternatives
Category Management
27. Whereby a retailers sells to consumers through multiple retail formats
Multi-Channel Retailing
Concentrated Marketing
Direct Marketing
Infomercial
28. Marketplace opening that exist because other retailers have not yet capitalized on them
Internal Secondary Data
World Wide Web
Direct Selling
Opportunities
29. 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
Full-Line Discount Store
Physical Inventory System
Sales Promotion
Robinson-Patman Act
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
Off-Price Chain
Recruitment
Box (Limited-Line) Store
Flea Market
31. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Internal Secondary Data
Marquee
Independent
Term Occupancy
32. Where the same customers are served by both branches
Cooperative Advertising
Ethics
Trading Area Overlap
Secondary Trading Area
33. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Mergers
Point-of-Purchase Display
Retailing Concept
Debit Card System
34. Financial obligations a retailer incurs in operating a business
Liabilities
Information Search
Competitive Parity Method
Primary Data
35. Every store - product - or customer has an equal or known chance of being chosen for a study
Yield Management Pricing
Straight (Gridiron) Traffic Flow
Probability (Random) Sample
Horizontal Price Fixing
36. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Diversification
Community Shopping Center
Width of Assortment
Recruitment
37. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Budgeting
Neighborhood Business District
Infomercial
Situation Analysis
38. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios
Zero-Based Budgeting
Theme-Setting Display
Scenario Analysis
Post-Purchase Behavior
39. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Retailing Concept
Ethics
Unit Control
Assortment Merchandise
40. The activity whereby a retailer generates a list of job applicants
Recruitment
Point-of-Purchase Display
Open Credit Account
Uncontrollable Variables
41. Consumers feel high prices connote high quality and low prices connote low quality
Publicity
Chain
Reorder Point
Price-Quality Association
42. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Electronic Article Surveillance
Objective-and-Task Method
Product/Trademark Franchising
Balanced Tenancy
43. 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
Book (Perpetual) Inventory System
Predatory Pricing
Bottom-Up Space Management Approach
Micromarketing
44. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Need-Satisfaction Approach
Retail Strategy
Never-Out List
Factory Outlet
45. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Automatic Reordering System
Net Worth
Option Credit Account
Central Business District
46. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Operations Management
Uncontrollable Variables
Retail Strategy
Staple Merchandise
47. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Fringe Trading Area
Retail Information System
Threats
Liabilities
48. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Combination Store
Retailing
Monthly Sales Index
RFID (radio frequency identification)
49. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period
Selective Distribution
Minimum-Price Laws
Fad Merchandise
Dollar Control
50. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Nongoods Services
Retail Balance
Channel Control
Generic Brands
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