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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 the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Loss Leaders
Control Units
Consumer Protection
Social Class
2. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Financial Merchandise Management
Micromerchandising
Supercenter
Direct Marketing
3. A way to collect - store and use relevant information about customers
Percentage Variation Method
Straight (Gridiron) Traffic Flow
Data-Base Retailing
Sales Promotion
4. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Opportunity Costs
Limited Decision Making
Situation Analysis
Secondary Trading Area
5. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Assets
Chargebacks
Routine Decision Making
Flexible Pricing
6. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Everyday Low Pricing (EDLP)
Retailing Concept
Specialog
Probability (Random) Sample
7. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products
Exclusive Distribution
Impulse Purchases
Situation Analysis
Equal Store Organization
8. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Model Stock Approach
Infomercial
Concentrated Marketing
Channel Control
9. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)
PMs (Promotional or Push Monies)
Data Warehousing
Yield Management Pricing
Box (Limited-Line) Store
10. Whereby each department is subdivided into further categories for related types of merchandise
World Wide Web
Cooperative Advertising
Classification Merchandising
Positioning
11. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Cross-Shopping
Survey
Demand-Oriented Pricing
Situation Analysis
12. 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
Micromerchandising
Customer Satisfaction
Benchmarking
13. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Markup Pricing
Non-probability Sample
Total Retail Experience
Threats
14. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Order-Getting Salesperson
Word of Mouth (WOM)
FIFO (first-in-first-out) Method
15. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Direct Product Profitability (DPP)
Curing (Free-Flowing) Traffic Flow
Retail Organization
16. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Supermarket
Percentage Variation Method
Micromarketing
Net Worth
17. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Conventional Supermarket
Prototype Stores
Goods Retailing
Solution Selling
18. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations
Retail Institution
Public Relations
Geographical Information System
Discretionary income
19. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Advertising
Retail Strategy
Scenario Analysis
Cost of Method Accounting
20. Selling goods and services to a broad spectrum of consumers
Uncontrollable Variables
Analog Model
Affinity
Mass Marketing
21. The optimum site for a particular store
Retail Balance
One-Hundred Percent Location
Huff's Law of Shopper Attraction
Goal-Oriented Job Description
22. Consumers feel high prices connote high quality and low prices connote low quality
Diversified Retailer
Price-Quality Association
Staple Merchandise
Curing (Free-Flowing) Traffic Flow
23. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Pre-Training
Revolving Credit Account
Control Units
Channel Control
24. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Issue (problem) Definition
Mass Merchandising
Consignment Purchase
Post-Purchase Behavior
25. 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
Retail Organization
Retailing
Ease of Entry
Price Lining
26. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Floor-Ready Merchandise
Stock Turnover
Forecasts
Augmented Customer Service
27. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Want Book (Want Slip)
Direct Selling
Motives
Unit Pricing
28. Increases an item's original price because demand is unexpectedly high or costs are rising
Independent
Value Delivery System
Additional Markup
Cost of Method Accounting
29. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Straight (Gridiron) Traffic Flow
Franchising
Automatic Reordering System
Supply Chain
30. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Control
Goal-Oriented Job Description
Retail Institution
Target Marketing
31. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Application Blank
Value (customer)
Non-probability Sample
Image
32. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Tactics
Maintenance-Increase-Recoupment Lease
Retail Method of Accounting
Secondary Trading Area
33. Zeroing in on one specific group
Balanced Tenancy
Job Analysis
Concentrated Marketing
Product/Trademark Franchising
34. Objective - quantifiable - easily identifiable and measurable population data
Demographics
Inventory Shrinkage
External Secondary Data
Membership (Warehouse) Club
35. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Traditional Job Description
Personal Selling
Inventory Management
Open-to-Buy
36. Relates to the quantites of merchandise a retailer handles during a stated period
Customary Pricing
Direct Selling
Application Blank
Unit Control
37. The portion of revenues turned over to the federal - state and/or local government
Community Shopping Center
Taxes
Forecasts
Cost of Goods Sold
38. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Goods/Service Category
Nongoods Services
Motives
Single-Channel Retailing
39. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Term Occupancy
Product/Trademark Franchising
Experiential Merchandising
Value (retailer)
40. A retail firm that is formally incorporated under state law
Zero-Based Budgeting
Objectives
Corporation
Limited Decision Making
41. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time
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42. 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
Cross-Shopping
Inventory Management
Micromerchandising
Impulse Purchases
43. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Supermarket
Gravity Model
Demographics
44. Consists of products that sell well over nonconsecutive time periods
Seasonal Merchandise
Control
Assortment
HRM Process
45. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock
Never-Out List
Rented-Goods Services
Loss Leaders
Operating Expenses
46. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior
Yield Management Pricing
Consumer Decision Process
Franchising
Electronic Data Interchange (EDI)
47. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Marketing Research In Retailing
Revolving Credit Account
Gross Profit (margin)
One-Hundred Percent Location
48. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Job Analysis
Universal Product Code (UPC)
Non-probability Sample
Fashion Merchandise
49. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Operating Expenditures
Assortment Merchandise
Supercenter
50. The efficiency with which a retail strategy is carried out
Consumer Protection
Productivity
Electronic Data Interchange (EDI)
Image