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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. Involves oral communication with one or more prospective customers for the purpose of making a sale
Sales-Productivity Ratio
Reference Groups
Chain
Personal Selling
2. Describes how traditional family moves from bachelorhood to children to solitary retirement
Unit Control
Term Occupancy
Inventory Management
Family Life Cycle
3. 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
Cut Case
Private (dealer) Brands
Department Store
Pre-Training
4. A retailers commitment to a type of business and to a distinctive role in the marketplace
Term Occupancy
Order-Taking Salesperson
Organizational Mission
Dump Bin
5. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Atmosphere (atmospherics)
Personal Selling
Tactics
Corporation
6. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Additional Markup
Inventory Management
Experiential Merchandising
Stock-to-Sales Method
7. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Niche Retailing
Need-Satisfaction Approach
Evaluation of Alternatives
Business Format Franchising
8. Takes place when the consumer buys out of habit and skips steps in the purchase process
Maintained Markup
Storability Product Groupings
Customer Loyalty
Routine Decision Making
9. The number of distinct people exposed to a retailers promotion efforts in a specific period
Curing (Free-Flowing) Traffic Flow
Item Price Removal
Reach
Business Format Franchising
10. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Lifestyle Center
Electronic Data Interchange (EDI)
Debit Card System
Frequency
11. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Assets
Cost-Oriented Pricing
Multiple-Unit Pricing
Control
12. A cash or card operated retailing format that dispenses goods and services
Vending Machine
Cooperative Advertising
Selective Distribution
Debit Card System
13. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act
Stimulus
Scenario Analysis
Micromarketing
Canned Sales Presentation
14. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods
Sole Proprietorship
Leader Pricing
Rack Display
Multi-Channel Retailing
15. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Stimulus
Graduated Lease
Model Stock Approach
Affinity
16. A retailers carries complementary goods and services to encourage shoppers to buy more
Control Units
RFID (radio frequency identification)
Cross-Merchandising
Seasonal Merchandise
17. Lets consumers bargain over prices; those who are good at it obtain lower prices
FIFO (first-in-first-out) Method
Horizontal Cooperative Advertising Agreement
Flexible Pricing
Multi-Channel Retailing
18. The extent to which a person desires and pursues social status
Publicity
Class Consciousness
Nonstore Retailing
Reorder Point
19. Consists of products that sell well over nonconsecutive time periods
Non-probability Sample
Nongoods Services
Storability Product Groupings
Seasonal Merchandise
20. There is more interactive relationship between a franchisor and a franchisee
Cost of Goods Sold
Assets
External Secondary Data
Business Format Franchising
21. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Stock-to-Sales Method
Assortment Display
Maintained Markup
Destination Retailer
22. Used by retailers that promote seasonally
Controllable Variables
Power Center
Business Format Franchising
Massed Promotion Effort
23. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Physical Inventory System
Unit Pricing
Strategy Mix
Dollar Control
24. Short-term selling and administrative costs in running a business
Manufacturer (national) Brands
Everyday Low Pricing (EDLP)
Horizontal Retail Audit
Operating Expenditures
25. Factors having a high relationship with job success are given more weight than others
Partnership
Cost of Goods Sold
Weighted Application Blank
Electronic Point of Sale System
26. Depicts a product offering in a thematic manner and sets a specific mood
Percentage Variation Method
Theme-Setting Display
Vending Machine
Hierarchy of Authority
27. 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
Impulse Purchases
Customer Loyalty
Specialty Store
Competitive Parity Method
28. The aspects of business to which a retailers must adapt
Outsourcing
Expected Customer Service
Uncontrollable Variables
Horizontal Retail Audit
29. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Term Occupancy
Retail Balance
Horizontal Cooperative Advertising Agreement
PMs (Promotional or Push Monies)
30. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act
Performance Measures
Horizontal Price Fixing
Distributed Promotion Effort
Motives
31. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Prestige Pricing
Convenience Store
Combination Store
Open-to-Buy
32. Outlines a retailer's planned expenditures for a given time based on expected performance
Retail Balance
Budgeting
Marquee
Massed Promotion Effort
33. Focuses on the sale of tangible phoducts
Item Price Removal
Assortment
Electronic Banking
Goods Retailing
34. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Cost of Method Accounting
Traditional Job Description
Primary Trading Area
Performance Measures
35. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway
Lifestyles
String
Customer Satisfaction
Book (Perpetual) Inventory System
36. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Ethics
Scrambled Merchandising
Class Consciousness
Markdown
37. Beginning inventory - purchases - and transportation charges equal the cost of this
Extended Decision Making
Merchandise Available for Sale
Incremental Budgeting
Pre-Training
38. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Opportunity Costs
Wheel of Retailing
Sole Proprietorship
Generic Brands
39. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Niche Retailing
Product Life Cycle
Primary Data
40. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Nongoods Services
Cross-Shopping
Mazur Plan
Assortment Merchandise
41. The merchandise categories for which data are gathered
Human Resource Management
Control Units
Goods Retailing
Top-Down Space Management Approach
42. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Trading Area Overlap
Assortment
Efficient Consumer Response (ECR)
Price Lining
43. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Internal Secondary Data
Generic Brands
Consumer Loyalty (Frequent Shopper) Programs
Lifestyle Center
44. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Secondary Data
Multiple-Unit Pricing
Job Analysis
Demand-Oriented Pricing
45. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Problem Awareness
Reference Groups
Computerized Checkout
46. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season
Point of Difference
Nongoods Services
Operating Expenses
Everyday Low Pricing (EDLP)
47. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Sales-Productivity Ratio
Ensemble Display
Supermarket
Analog Model
48. Available from sources outside the firm
Fad Merchandise
External Secondary Data
Point of Difference
Household Life Cycle
49. The portion of revenues turned over to the federal - state and/or local government
Taxes
Inventory Shrinkage
Membership (Warehouse) Club
Vertical Marketing System
50. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
One-Hundred Percent Location
Vertical Cooperative Advertising Agreement
Merchandising Philosophy
Consumer Protection