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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. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Hierarchy of Effects
Data-Base Management
Regression Model
Visual Merchandising
2. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Leader Pricing
Odd Pricing
Consumer Behavior
Additional Markup
3. The overall plan or framework of action that guides a retailer
Assortment
Internal Secondary Data
Retail Strategy
Never-Out List
4. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Multiple-Unit Pricing
Sorting Process
Percentage-of-Sales Method
Rack Display
5. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Direct Product Profitability (DPP)
Unit Pricing
Retail Audit
Massed Promotion Effort
6. Objective - quantifiable - easily identifiable and measurable population data
Liabilities
Relationship Retailing
Consumer Behavior
Demographics
7. Concentrates on selling one goods or service line - such as young women's apparel
Training Programs
Traditional Job Description
Service Retailing
Specialty Store
8. Beginning inventory - purchases - and transportation charges equal the cost of this
Merchandise Available for Sale
Term Occupancy
Vertical Marketing System
Bottom-Up Space Management Approach
9. Used for products needing special handling
Secondary Data
Owned-Goods Services
Predatory Pricing
Storability Product Groupings
10. Used by retailers that promote seasonally
Specialog
Massed Promotion Effort
Rack Display
Cost of Goods Sold
11. 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
Variety Store
Positioning
Training Programs
Vendor-Managed Inventory (VMI)
12. Depicts a product offering in a thematic manner and sets a specific mood
Basic Stock Method
Data Warehousing
Theme-Setting Display
Market Segment Product Groupings
13. 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
Rented-Goods Services
Controllable Variables
Department Store
Initial Markup
14. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Mass Merchandising
Direct Product Profitability (DPP)
Positioning
15. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Culture
Basic Stock List
Staple Merchandise
16. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Net Lease
Mazur Plan
Multi-Channel Retailing
Cost-Oriented Pricing
17. 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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18. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
LIFO (last-in-first-out) Method
Control
Logistics
Markup Pricing
19. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Issue (problem) Definition
Predatory Pricing
Household Life Cycle
Publicity
20. Influence people's thought and behavior such as families - aspirational groups and membership groups
Control Units
Rack Display
Weeks' Supply Method
Reference Groups
21. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Slotting Allowances
Huff's Law of Shopper Attraction
Net Sales
Situation Analysis
22. Represents how a given retailer is perceived by consumers and others
Need-Satisfaction Approach
Stock Turnover
Image
Operating Expenses
23. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Objectives
Community Shopping Center
Vendor-Managed Inventory (VMI)
Channel Control
24. A multi-line firm operating under central ownership
Diversified Retailer
Training Programs
Liabilities
Ensemble Display
25. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Private (dealer) Brands
Nonstore Retailing
Value (customer)
Cooperative Advertising
26. Exhibits heavier - bulkier items than a rack holds
Huff's Law of Shopper Attraction
Opportunistic Buying
Combination Store
Case Display
27. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Bifurcated Retailing
Limited Decision Making
Objectives
Specialog
28. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Job Motivation
Franchising
Downsizing
29. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Organization Chart
Floor-Ready Merchandise
Variety Store
Recruitment
30. A manufacturer and a retailer or a wholesales and a retailer share an ad
Objective-and-Task Method
Odd Pricing
RFID (radio frequency identification)
Vertical Cooperative Advertising Agreement
31. The difference between net sales and the total cost of goods sold
Bifurcated Retailing
Gross Margin
Opportunity Costs
Outsourcing
32. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Customer Service
Consignment Purchase
Cut Case
Secondary Trading Area
33. 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
Benchmarking
Vending Machine
Specialty Store
Primary Trading Area
34. Assumes new merchandise is sold first - while older stock remains in inventory
Demand-Oriented Pricing
LIFO (last-in-first-out) Method
Leased Department
Organizational Mission
35. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Experiential Merchandising
Personality
Organizational Mission
Goods Retailing
36. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Dump Bin
Frequency
Threats
Differentiated Marketing
37. Calls for all maintenance costs to be paid by the retailer
Objective-and-Task Method
Net Lease
Niche Retailing
Weighted Application Blank
38. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Situation Analysis
Convenience Store
Percentage Lease
Bottom-Up Space Management Approach
39. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Balanced Tenancy
Ethics
Diversified Retailer
Retail Organization
40. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Factory Outlet
Retail Life Cycle
Internet
Primary Trading Area
41. There is more interactive relationship between a franchisor and a franchisee
Planogram
Business Format Franchising
Franchising
Reorder Point
42. Zeroing in on one specific group
Electronic Data Interchange (EDI)
Concentrated Marketing
Assets
Vertical Marketing System
43. The sum total of an individuals traits - which make that individual unique
Mazur Plan
Objectives
Personality
Cross-Merchandising
44. Where the same customers are served by both branches
Price-Quality Association
Semantic Differential
Net Worth
Trading Area Overlap
45. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Retail Information System
Trading Area Overlap
Competition-Oriented Pricing
Flea Market
46. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)
Hierarchy of Authority
Storefront
Niche Retailing
Option Credit Account
47. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Expected Customer Service
Constrained Decision Making
Supermarket
Demographics
48. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Unit Pricing
Consumer Decision Process
Employee Empowerment
Resident Buying Office
49. The service level that customers want to receive from any retailer - such as basic employee courtesy
Expected Customer Service
Direct Selling
Job Motivation
PMs (Promotional or Push Monies)
50. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions
Nonstore Retailing
Information Search
Price Elasticity of Demand
Human Resource Management