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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. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Rationalized Retailing
Storefront
Staple Merchandise
Controllable Variables
2. An inexpensive display that leaves merchandise in the original carton
Initial Markup
Cut Case
Personal Selling
Evaluation of Alternatives
3. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Value (customer)
Attitudes (Opinions)
Logistics
Stock Turnover
4. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Threats
Trading Area
Category Killer
Point of Difference
5. The mix of stores within a district or shopping center
Relationship Retailing
Retail Balance
Reilly's Law of Retailing Gravitation
Convenience Store
6. Shows the expected behavior of a good or service over its life
Perceived Risk
Supervision
Gap Analysis
Product Life Cycle
7. When a retailer looks at data that are collected to address the specific issue or problem under study
Curing (Free-Flowing) Traffic Flow
Merchandising
Leader Pricing
Primary Data
8. Consists of all the levels of independently owned businesses along a channel of distribution
Order-Getting Salesperson
Net Worth
Vertical Marketing System
Purchase Motivation Product Groupings
9. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Model Stock Approach
Neighborhood Business District
Opportunistic Buying
Competition-Oriented Pricing
10. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Partnership
Basic Stock List
Value (retailer)
Consumer Protection
11. Projections of expected retail sales for given periods
Net Sales
Limited Decision Making
Forecasts
Direct Selling
12. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Want Book (Want Slip)
Rented-Goods Services
Fashion Merchandise
Retail Organization
13. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures
Incremental Budgeting
Semantic Differential
Reverse Logistics
Problem Awareness
14. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer
Total Retail Experience
Bait-and-Switch Advertising
Percentage-of-Sales Method
Post-Purchase Behavior
15. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Equal Store Organization
Cut Case
Infomercial
Personal Selling
16. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Extended Decision Making
Seasonal Merchandise
Direct Marketing
17. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Nonstore Retailing
Cooperative Advertising
Purchase Motivation Product Groupings
Factory Outlet
18. The activity whereby a retailer generates a list of job applicants
Non-probability Sample
Electronic Banking
Recruitment
Ensemble Display
19. A retailers carries complementary goods and services to encourage shoppers to buy more
Observation
Gravity Model
Cross-Merchandising
Performance Measures
20. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
HRM Process
Maintained Markup
Value (retailer)
Straight (Gridiron) Traffic Flow
21. Where a consumer must pay the bill in full when it is due
Opportunity Costs
Primary Trading Area
World Wide Web
Open Credit Account
22. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Forecasts
Cooperative Advertising
Opportunities
Minimum-Price Laws
23. A retail firm that is formally incorporated under state law
Case Display
Corporation
Regression Model
Factory Outlet
24. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Culture
Everyday Low Pricing (EDLP)
Franchising
Opportunities
25. The manner of providing a job environment that encourages employee accomplishment
Marquee
Data-Base Management
Supervision
Price Elasticity of Demand
26. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Point of Difference
Lifestyle Center
Independent
Cost of Goods Sold
27. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Taxes
Full-Line Discount Store
Inventory Shrinkage
Selective Distribution
28. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Electronic Point of Sale System
Objectives
Dollar Control
Dual Marketing
29. 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
Diversification
Direct Store Distribution (DSD)
Cost of Method Accounting
Retail Organization
30. Logically assumes old merchandise is sold first - while newer items remain in inventory
Consumer Cooperative
Bottom-Up Space Management Approach
Destination Retailer
FIFO (first-in-first-out) Method
31. A merchandising technique that some firms use to improve productivity
Regression Model
Category Management
Storability Product Groupings
Need-Satisfaction Approach
32. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Canned Sales Presentation
Assortment
Full-Line Discount Store
Niche Retailing
33. Whereby prices are marked only on shelves or signs and not on individual items
Price Lining
Item Price Removal
Vertical Price Fixing
Organizational Mission
34. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Consumer Behavior
Assortment Merchandise
Direct Marketing
Flexible Pricing
35. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Routine Decision Making
Pre-Training
Public Relations
Americans With Disabilities Act
36. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Loss Leaders
Partnership
Nonstore Retailing
HRM Process
37. The form of research in which present behavior or the results of past behavior are noted and recorded
Weeks' Supply Method
Consumer Cooperative
Observation
Hierarchy of Authority
38. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Controllable Variables
Automatic Reordering System
Micromerchandising
Training Programs
39. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Liabilities
Dual Marketing
Operating Expenditures
Floor-Ready Merchandise
40. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Scenario Analysis
Private (dealer) Brands
Term Occupancy
Unit Pricing
41. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
All-You-Can-Afford Method
Merchandising
Prototype Stores
Neighborhood Business District
42. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Relationship Retailing
Inventory Management
Markup Pricing
Consumer Decision Process
43. Represents how a given retailer is perceived by consumers and others
Computerized Checkout
Chargebacks
Retail Organization
Image
44. The difference between net sales and the total cost of goods sold
Multi-Channel Retailing
Attitudes (Opinions)
Word of Mouth (WOM)
Gross Margin
45. The cost of running a retail business
Operating Expenses
Yield Management Pricing
Motives
Power Center
46. A planned shopping facility - with the largest store being a supermarket or a drugstore
Neighborhood Shopping Center
Positioning
Variable Markup Policy
Cost of Goods Sold
47. 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
Hierarchy of Authority
Private (dealer) Brands
Extended Decision Making
Assortment Merchandise
48. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Economic Base
Limited Decision Making
Infomercial
One-Hundred Percent Location
49. Whereby a retailers sells to consumers through multiple retail formats
Observation
Operating Expenditures
Multi-Channel Retailing
Supermarket
50. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Maintenance-Increase-Recoupment Lease
Semantic Differential
Multi-Channel Retailing
Selective Distribution