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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. A case that holds piles of sale clothing - marked down books or other products
Debit Card System
Dump Bin
Image
Department Store
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
Markdown
Routine Decision Making
Horizontal Price Fixing
Electronic Banking
3. Focuses on the sale of tangible phoducts
Relationship Retailing
Geographical Information System
Goods Retailing
Scrambled Merchandising
4. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Probability (Random) Sample
Fashion Merchandise
Strategy Mix
Hierarchy of Effects
5. 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
Dollar Control
Video Kiosk
Book (Perpetual) Inventory System
Fashion Merchandise
6. 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
Huff's Law of Shopper Attraction
Direct Product Profitability (DPP)
Purchase Act
Manufacturer (national) Brands
7. A retailer wants to maintain a specified ratio of goods on hand to sales
Discretionary income
Inventory Management
Stock-to-Sales Method
Lifestyle Center
8. 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
Balanced Tenancy
Consignment Purchase
Variety Store
Theme-Setting Display
9. Actively involved with informing and persuading customers in closing sales
Canned Sales Presentation
Image
Straight (Gridiron) Traffic Flow
Order-Getting Salesperson
10. Consists of all the levels of independently owned businesses along a channel of distribution
Relationship Retailing
Analog Model
Vertical Marketing System
Control
11. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Product/Trademark Franchising
Customer Service
Opportunistic Buying
12. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Mazur Plan
Stimulus
Private (dealer) Brands
Consumer Loyalty (Frequent Shopper) Programs
13. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Planogram
Percentage Variation Method
Feedback
Retail Audit
14. A planned shopping facility - with the largest store being a supermarket or a drugstore
Impulse Purchases
Weighted Application Blank
Neighborhood Shopping Center
Personality
15. When manufacturers and wholesales seek to control the retail prices of their goods and services
Multi-Channel Retailing
Control Units
Vertical Price Fixing
Leased Department
16. The overall plan guiding a retail firm
Huff's Law of Shopper Attraction
Objective-and-Task Method
Variable Pricing
Retail Strategy
17. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Generic Brands
Mystery Shoppers
Retail Promotion
FIFO (first-in-first-out) Method
18. Displays merchandise by common end use
Power Center
Horizontal Retail Audit
Control
Functional Product Groupings
19. Influence people's thought and behavior such as families - aspirational groups and membership groups
Reference Groups
Competition-Oriented Pricing
Dual Marketing
Merchandising Philosophy
20. Increases an item's original price because demand is unexpectedly high or costs are rising
Term Occupancy
Planogram
Additional Markup
Cost of Goods Sold
21. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Conventional Supermarket
Cross-Shopping
Problem Awareness
LIFO (last-in-first-out) Method
22. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Maintained Markup
Need-Satisfaction Approach
Neighborhood Shopping Center
Reorder Point
23. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret
Central Business District
Cross-Shopping
Private (dealer) Brands
Personal Selling
24. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item
Electronic Data Interchange (EDI)
Destination Retailer
Electronic Point of Sale System
External Secondary Data
25. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Scrambled Merchandising
Concentrated Marketing
Memorandum Purchase
Vertical Cooperative Advertising Agreement
26. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Core Customers
Differentiated Marketing
Cost-Oriented Pricing
Personal Selling
27. An unincorporated retail firm owned by one person
Sole Proprietorship
Secondary Business District (SBD)
Direct Marketing
Need-Satisfaction Approach
28. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Sorting Process
Percentage-of-Sales Method
Micromerchandising
Multi-Channel Retailing
29. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Micromerchandising
Option Credit Account
Training Programs
Variety Store
30. 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 Data Interchange (EDI)
Nongoods Services
Central Business District
Graduated Lease
31. Whereby consumers lease and use goods for specified periods of time
Positioning
Rented-Goods Services
Class Consciousness
Experiment
32. The form of research in which present behavior or the results of past behavior are noted and recorded
Loss Leaders
Observation
Retail Strategy
Book (Perpetual) Inventory System
33. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Motives
Competition-Oriented Pricing
Infomercial
Rented-Goods Services
34. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Personality
Power Center
Target Marketing
Zero-Based Budgeting
35. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Data Warehousing
Gross Profit (margin)
Open-to-Buy
Vertical Cooperative Advertising Agreement
36. Whereby franchisors limit franchisee involvement in the strategic planning process
Constrained Decision Making
Fringe Trading Area
Customary Pricing
Initial Markup
37. Relates to the quantites of merchandise a retailer handles during a stated period
Unit Control
Power Center
Operations Management
Theme-Setting Display
38. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Purchase Motivation Product Groupings
Affinity
Trading Area
Stock Turnover
39. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Retail Balance
Chargebacks
Data-Base Management
Top-Down Space Management Approach
40. 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
Merchandise Available for Sale
Cut Case
Publicity
Physical Inventory System
41. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Universal Product Code (UPC)
Traditional Department Store
Secondary Trading Area
Mass Marketing
42. 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
Reorder Point
Electronic Point of Sale System
Constrained Decision Making
Competitive Parity Method
43. Sets the guiding principles for all the merchandise decisions a retailers makes
Want Book (Want Slip)
Cost of Goods Sold
Seasonal Merchandise
Merchandising Philosophy
44. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Term Occupancy
Net Worth
Retailing Concept
Point-of-Purchase Display
45. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping
Sorting Process
Sales Opportunity Grid
Purchase Motivation Product Groupings
Purchase Act
46. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Uncontrollable Variables
Regression Model
Bottom-Up Space Management Approach
Tactics
47. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules
PMs (Promotional or Push Monies)
Tactics
Employee Empowerment
Assortment Merchandise
48. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Channel Control
Positioning
Niche Retailing
Customer Loyalty
49. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Operating Expenses
Benchmarking
Diversification
Full-Line Discount Store
50. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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