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Test your basic knowledge |
Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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
Physical Inventory System
Retail Strategy
Point-of-Purchase Display
Resident Buying Office
2. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Bait-and-Switch Advertising
Post-Purchase Behavior
Performance Measures
Prestige Pricing
3. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees
Weeks' Supply Method
Planogram
Compensation
Unit Control
4. Shows the expected behavior of a good or service over its life
Reference Groups
Sole Proprietorship
Secondary Data
Product Life Cycle
5. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Performance Measures
Consumer Behavior
Factory Outlet
Initial Markup
6. A planned shopping facility - with the largest store being a supermarket or a drugstore
Feedback
Neighborhood Shopping Center
Vertical Cooperative Advertising Agreement
Objective-and-Task Method
7. 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
Community Shopping Center
Bait-and-Switch Advertising
Never-Out List
Want Book (Want Slip)
8. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Data-Base Retailing
Data Mining
Single-Channel Retailing
Channel of Distribution
9. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Hierarchy of Authority
Lifestyles
Retail Promotion
Demographics
10. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Video Kiosk
Direct Marketing
Personal Selling
Differentiated Marketing
11. Objective - quantifiable - easily identifiable and measurable population data
Staple Merchandise
Chargebacks
Demographics
Differentiated Marketing
12. The criteria used to assess effectiveness
Outshopping
Performance Measures
Culture
Direct Product Profitability (DPP)
13. Marketplace opening that exist because other retailers have not yet capitalized on them
Opportunities
Total Retail Experience
Leased Department
Debit Card System
14. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores
Curing (Free-Flowing) Traffic Flow
Cost-Oriented Pricing
Merchandise Available for Sale
Loss Leaders
15. A food-based discounter offering a moderate number of food items in a no-frills setting
Warehouse Store
Goal-Oriented Job Description
Robinson-Patman Act
Exclusive Distribution
16. The overall plan guiding a retail firm
Model Stock Approach
Goods/Service Category
Physical Inventory System
Retail Strategy
17. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Routine Decision Making
Discretionary income
Retail Organization
Public Relations
18. 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
Publicity
Lifestyles
Cost of Goods Sold
Non-probability Sample
19. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Assortment
Opportunities
Routine Decision Making
Price Lining
20. Involve the combination of separately owned retail firms
Convenience Store
Cooperative Advertising
Diversified Retailer
Mergers
21. The difference between net sales and the total cost of goods sold
Gross Margin
Computerized Checkout
Post-Purchase Behavior
Dead Areas
22. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Gap Analysis
Full-Line Discount Store
Competition-Oriented Pricing
Frequency
23. The efficiency with which a retail strategy is carried out
Private (dealer) Brands
Fringe Trading Area
Productivity
Selective Distribution
24. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Prototype Stores
Reorder Point
Supply Chain
Personal Selling
25. 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
Consumer Loyalty (Frequent Shopper) Programs
Cooperative Advertising
Automatic Reordering System
Private (dealer) Brands
26. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Horizontal Retail Audit
Experiment
Quick Response (QR) Inventory Planning
Retail Strategy
27. 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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28. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Battle of the Brands
Tactics
Category Killer
Recruitment
29. 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
Semantic Differential
Retail Information System
Survey
Market Segment Product Groupings
30. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Sales-Productivity Ratio
Weighted Application Blank
Channel Control
Logistics
31. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Leader Pricing
Consumer Decision Process
Infomercial
32. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Retail Promotion
Business Format Franchising
Bait-and-Switch Advertising
Financial Merchandise Management
33. 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
Horizontal Cooperative Advertising Agreement
String
Value Chain
Variety Store
34. 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
Markup Pricing
Ethics
Household Life Cycle
Reorder Point
35. Where a consumer must pay the bill in full when it is due
Open Credit Account
Basic Stock List
Competition-Oriented Pricing
Internal Secondary Data
36. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow
Competitive Parity Method
Chain
Reverse Logistics
Pre-Training
37. 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
Assortment Merchandise
One-Price Policy
Off-Price Chain
Horizontal Price Fixing
38. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Storefront
Retail Method of Accounting
Need-Satisfaction Approach
Solution Selling
39. Whereby prices are marked only on shelves or signs and not on individual items
Consumer Cooperative
Channel Control
Additional Markup
Item Price Removal
40. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Customary Pricing
Category Killer
Price Lining
Mergers
41. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display
Vertical Retail Audit
Efficient Consumer Response (ECR)
Internet
PMs (Promotional or Push Monies)
42. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Diversified Retailer
Downsizing
FIFO (first-in-first-out) Method
Percentage-of-Sales Method
43. 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
Opportunity Costs
Hidden Assets
External Secondary Data
Pre-Training
44. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Memorandum Purchase
Personal Selling
Reverse Logistics
Generic Brands
45. Information is systematically gathered from respondents by communicating with them
Customer Service
Want Book (Want Slip)
Primary Data
Survey
46. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Vendor-Managed Inventory (VMI)
Social Responsibility
Application Blank
Regression Model
47. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Video Kiosk
Combination Store
Point of Difference
Computerized Checkout
48. The activity whereby a retailer generates a list of job applicants
Mystery Shoppers
Recruitment
Reference Groups
Information Search
49. The aspects of business to which a retailers must adapt
Seasonal Merchandise
Attitudes (Opinions)
Uncontrollable Variables
Want Book (Want Slip)
50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Graduated Lease
Convenience Store
Chain
Supervision
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