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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. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Chargebacks
Consumer Protection
Variable Pricing
Incremental Method
2. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth
Neighborhood Business District
Impulse Purchases
Cost-Oriented Pricing
Prestige Pricing
3. The cost of running a retail business
Pre-Training
Graduated Lease
Operating Expenses
Evaluation of Alternatives
4. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations
Tactics
Outsourcing
Huff's Law of Shopper Attraction
Internet
5. A planned shopping facility - with the largest store being a supermarket or a drugstore
Consumer Loyalty (Frequent Shopper) Programs
Uncontrollable Variables
Neighborhood Shopping Center
Publicity
6. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Vertical Price Fixing
Outsourcing
Scrambled Merchandising
Variable Pricing
7. 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
Cut Case
Stock-to-Sales Method
Variety Store
Traditional Job Description
8. Places together various items that appeal to a given target market
Market Segment Product Groupings
Human Resource Management
Fringe Trading Area
Marketing Research In Retailing
9. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Combination Store
Publicity
Staple Merchandise
Dual Marketing
10. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Huff's Law of Shopper Attraction
Fashion Merchandise
Cut Case
Competitive Parity Method
11. A cash or card operated retailing format that dispenses goods and services
Vending Machine
Objective-and-Task Method
Vertical Cooperative Advertising Agreement
Canned Sales Presentation
12. 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
Odd Pricing
Differentiated Marketing
Consumer Behavior
Situation Analysis
13. The difference between net sales and the total cost of goods sold
Electronic Banking
Gross Margin
Liabilities
Loss Leaders
14. Two or more retailers share an ad
Exclusive Distribution
Vending Machine
Differentiated Marketing
Horizontal Cooperative Advertising Agreement
15. 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
Point of Difference
Cost of Goods Sold
Differentiated Marketing
Electronic Point of Sale System
16. Describes how traditional family moves from bachelorhood to children to solitary retirement
Hidden Assets
Purchase Act
Family Life Cycle
Video Kiosk
17. A way to collect - store and use relevant information about customers
Information Search
Data-Base Retailing
Rationalized Retailing
Diversification
18. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Cross-Shopping
Multiple-Unit Pricing
Straight (Gridiron) Traffic Flow
Publicity
19. Ownership verus leasing - the type of lease - operations and maintenance costs - taxing - zoning restrictions and voluntary regulations
Niche Retailing
Term Occupancy
Vending Machine
Social Class
20. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Marketing Research In Retailing
Business Format Franchising
Reorder Point
Graduated Lease
21. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Secondary Data
Exclusive Distribution
Assortment Display
Operating Expenses
22. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Markup Pricing
Goods Retailing
Mass Marketing
Objective-and-Task Method
23. The aspects of business that a firm can directly affect
Horizontal Retail Audit
Bifurcated Retailing
Controllable Variables
Dead Areas
24. Occurs when a consumer makes full use of the decision process
Multi-Channel Retailing
Liabilities
Regression Model
Extended Decision Making
25. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Stock Turnover
Independent
Point-of-Purchase Display
Gross Profit (margin)
26. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Job Motivation
Conventional Supermarket
Constrained Decision Making
Channel of Distribution
27. 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
Private (dealer) Brands
Marquee
Rack Display
Survey
28. 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
Need-Satisfaction Approach
Direct Product Profitability (DPP)
Partnership
Taxes
29. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Outshopping
Depth of Assortment
Direct Marketing
Horizontal Price Fixing
30. 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
Value (customer)
Horizontal Cooperative Advertising Agreement
Geographical Information System
31. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Ensemble Display
Benchmarking
Additional Markup
32. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Competition-Oriented Pricing
Stock Turnover
Unit Pricing
33. A form of multi-channel retailing which engages in more than one type of distribution arrangement
Unit Pricing
Experiential Merchandising
Attitudes (Opinions)
Dual Marketing
34. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Contingency Pricing
Infomercial
Assortment Display
Percentage Lease
35. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Horizontal Price Fixing
Application Blank
Channel of Distribution
Assortment
36. The customer group sought by a retailer
Box (Limited-Line) Store
Hierarchy of Effects
Operations Management
Target Marketing
37. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Gross Profit (margin)
Consumer Cooperative
Customer Service
Dead Areas
38. 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
Open-to-Buy
Experiment
Graduated Lease
Purchase Act
39. 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
Width of Assortment
Exclusive Distribution
Purchase Act
Competitive Parity Method
40. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Net Worth
Internal Secondary Data
Additional Markup
Traditional Job Description
41. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Membership (Warehouse) Club
Consumer Decision Process
Expected Customer Service
Option Credit Account
42. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Cross-Shopping
Robinson-Patman Act
Operating Expenses
Augmented Customer Service
43. A retailer charges the same price to all customers buying an item under similar conditions
One-Price Policy
Market Segment Product Groupings
Vertical Marketing System
Maintained Markup
44. Provides shoppers with information - adds to store atmospere and serves substantial promotional role
Control
Retail Balance
Point-of-Purchase Display
Private (dealer) Brands
45. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Single-Channel Retailing
Net Profit After Taxes
Competitive Parity Method
Post-Purchase Behavior
46. Includes all the remaining customers - and they are the most widely dispersed
Consumer Behavior
Reference Groups
Fringe Trading Area
Trading Area Overlap
47. The sum total of an individuals traits - which make that individual unique
Cost of Goods Sold
Planogram
Partnership
Personality
48. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name
Culture
Augmented Customer Service
Product/Trademark Franchising
Owned-Goods Services
49. Determines the floor space necessary to carry and display a proper merchandise assortment
Food-Based Superstore
Electronic Data Interchange (EDI)
Cut Case
Model Stock Approach
50. A listing of bipolar adjectives scales
Primary Data
Mass Marketing
Application Blank
Semantic Differential