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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. 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
Customer Service
Incremental Method
Geographical Information System
Hidden Assets
2. Takes a customer-centered approach and presents "solutions" rather than "products"
Solution Selling
Planogram
Opportunistic Buying
Visual Merchandising
3. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Opportunities
Downsizing
Class Consciousness
Diversification
4. Assumes new merchandise is sold first - while older stock remains in inventory
Core Customers
Operating Expenses
LIFO (last-in-first-out) Method
Maintenance-Increase-Recoupment Lease
5. Whereby franchisors limit franchisee involvement in the strategic planning process
Monthly Sales Index
Constrained Decision Making
Inventory Shrinkage
Retail Information System
6. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Wheel of Retailing
Analog Model
Micromerchandising
Service Retailing
7. The difference between net sales and the total cost of goods sold
Family Life Cycle
Gross Margin
Assortment Merchandise
Combination Store
8. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
Ethics
Unit Pricing
Chargebacks
Gap Analysis
9. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Point of Difference
PMs (Promotional or Push Monies)
Downsizing
Unit Control
10. A manufacturer and a retailer or a wholesales and a retailer share an ad
Depth of Assortment
Publicity
Nongoods Services
Vertical Cooperative Advertising Agreement
11. Whereby prices are marked only on shelves or signs and not on individual items
Vending Machine
Electronic Banking
Item Price Removal
Floor-Ready Merchandise
12. A listing of bipolar adjectives scales
Theme-Setting Display
Public Relations
Percentage Lease
Semantic Differential
13. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Monthly Sales Index
Hidden Assets
Retail Audit
Category Management
14. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making
Bifurcated Retailing
Demand-Oriented Pricing
Chain
Box (Limited-Line) Store
15. A retailer sets prices for goods and services and seeks to maintain them for an extended period
Mass Merchandising
Marquee
Customary Pricing
Advertising
16. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Community Shopping Center
Micromerchandising
Frequency
Positioning
17. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Social Responsibility
Balanced Tenancy
Experiential Merchandising
18. Short-term selling and administrative costs in running a business
Operating Expenditures
Evaluation of Alternatives
Cost of Goods Sold
Infomercial
19. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Data Mining
Video Kiosk
Private (dealer) Brands
Assortment
20. Increases an item's original price because demand is unexpectedly high or costs are rising
Incremental Budgeting
Additional Markup
Cost of Goods Sold
Ethics
21. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Equal Store Organization
Prototype Stores
Competitive Parity Method
String
22. 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
Productivity
Non-probability Sample
Category Management
Employee Empowerment
23. Consumers feel high prices connote high quality and low prices connote low quality
Uncontrollable Variables
Vertical Price Fixing
Sales Opportunity Grid
Price-Quality Association
24. The overall plan guiding a retail firm
Case Display
Value (retailer)
Memorandum Purchase
Retail Strategy
25. When a retailer acts in the best interests of society - as well as itself
Basic Stock Method
Social Responsibility
Job Analysis
Competitive Parity Method
26. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Vertical Cooperative Advertising Agreement
Relationship Retailing
Customer Service
Supervision
27. 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
Department Store
Organization Chart
Rented-Goods Services
Cost-Oriented Pricing
28. Describes how traditional family moves from bachelorhood to children to solitary retirement
Chargebacks
Family Life Cycle
World Wide Web
Specialog
29. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Loss Leaders
Supply Chain
Variable Pricing
Trading Area
30. 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
Prototype Stores
Merchandising Philosophy
Community Shopping Center
Cross-Merchandising
31. Selling goods and services to a broad spectrum of consumers
Assortment Merchandise
Mass Marketing
Survey
Feedback
32. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Direct Selling
Ethics
Vertical Marketing System
One-Hundred Percent Location
33. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Hierarchy of Effects
Pre-Training
Quick Response (QR) Inventory Planning
Minimum-Price Laws
34. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful
Percentage Lease
Constrained Decision Making
Massed Promotion Effort
Nongoods Services
35. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio
Percentage-of-Sales Method
Opportunity Costs
Top-Down Space Management Approach
Attitudes (Opinions)
36. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Single-Channel Retailing
Ethics
Compensation
Box (Limited-Line) Store
37. A cash or card operated retailing format that dispenses goods and services
Vertical Retail Audit
Vending Machine
Initial Markup
Contingency Pricing
38. Refers to the variety in any one good/service (product line) a retailer carries
Hierarchy of Effects
Item Price Removal
Central Business District
Depth of Assortment
39. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Markup Pricing
Liabilities
Training Programs
Nonstore Retailing
40. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Inventory Management
Cooperative Buying
Equal Store Organization
Consumer Behavior
41. Logically assumes old merchandise is sold first - while newer items remain in inventory
HRM Process
Multiple-Unit Pricing
Mystery Shoppers
FIFO (first-in-first-out) Method
42. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Warehouse Store
Goal-Oriented Job Description
Dead Areas
String
43. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment
Positioning
Resident Buying Office
Full-Line Discount Store
Visual Merchandising
44. 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
Destination Retailer
Downsizing
Flea Market
Direct Product Profitability (DPP)
45. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Assortment Display
Distributed Promotion Effort
Retailing Concept
Huff's Law of Shopper Attraction
46. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Issue (problem) Definition
Reverse Logistics
Maintained Markup
Want Book (Want Slip)
47. The aspects of business to which a retailers must adapt
Electronic Banking
Cost of Goods Sold
Uncontrollable Variables
Markup Pricing
48. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Debit Card System
Purchase Motivation Product Groupings
Universal Product Code (UPC)
Personal Selling
49. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Extended Decision Making
Mazur Plan
Merchandise Available for Sale
Contingency Pricing
50. 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
Rationalized Retailing
Percentage Variation Method
Competitive Parity Method
Affinity