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Test your basic knowledge |
Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Solution Selling
Off-Price Chain
Specialog
Purchase Motivation Product Groupings
2. The portion of revenues turned over to the federal - state and/or local government
Assortment Display
Channel Control
Taxes
Automatic Reordering System
3. A merchandising technique that some firms use to improve productivity
LIFO (last-in-first-out) Method
Forecasts
Category Management
Analog Model
4. The customer group sought by a retailer
Traditional Department Store
Visual Merchandising
Target Marketing
Intensive Distribution
5. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Owned-Goods Services
HRM Process
Supercenter
Sole Proprietorship
6. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets
Inventory Management
Secondary Business District (SBD)
Single-Channel Retailing
Assortment Merchandise
7. Assigns floor space on the basis of sales or profit per foot
Americans With Disabilities Act
Sales-Productivity Ratio
Robinson-Patman Act
Probability (Random) Sample
8. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Order-Getting Salesperson
Customary Pricing
Perceived Risk
Logistics
9. Short-term selling and administrative costs in running a business
Convenience Store
Operating Expenditures
Lifestyle Center
Markdown
10. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Option Credit Account
Vending Machine
One-Price Policy
Hierarchy of Authority
11. Financial obligations a retailer incurs in operating a business
Liabilities
Sales Manager
Massed Promotion Effort
Goods Retailing
12. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Retail Promotion
Neighborhood Business District
Consumer Behavior
Supermarket
13. A retailer purposely adjusts markups by merchandise category
Assortment Merchandise
Variable Markup Policy
Category Management
Cross-Shopping
14. Calls for all maintenance costs to be paid by the retailer
Odd Pricing
Trading Area Overlap
Net Lease
Fashion Merchandise
15. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Fashion Merchandise
Internal Secondary Data
Threats
Marquee
16. The efficiency with which a retail strategy is carried out
Concentrated Marketing
Marketing Research In Retailing
Purchase Motivation Product Groupings
Productivity
17. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores
Value (retailer)
Lifestyle Center
Retail Strategy
Core Customers
18. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Sorting Process
Reference Groups
Objective-and-Task Method
Internet
19. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service
Routine Decision Making
Markup Pricing
Floor-Ready Merchandise
Demand-Oriented Pricing
20. A type of retail institution in which a retailers owns one retail unit
Independent
Data Mining
Multi-Channel Retailing
Total Retail Experience
21. 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
Minimum-Price Laws
Selective Distribution
Basic Stock List
22. Takes place when the consumer buys out of habit and skips steps in the purchase process
Neighborhood Shopping Center
Assortment
Routine Decision Making
Retail Method of Accounting
23. Represents the total bundle of benefits offered to consumers through a channel of distribution
Value Chain
Hierarchy of Effects
Household Life Cycle
Inventory Management
24. Suppliers sell through a moderate number of retailers
Electronic Data Interchange (EDI)
LIFO (last-in-first-out) Method
Selective Distribution
Inventory Shrinkage
25. Concentrates on selling one goods or service line - such as young women's apparel
Never-Out List
Specialty Store
Simulation
Chain
26. Whereby suppliers sell through as many retailers as possible
Efficient Consumer Response (ECR)
Merchandising Philosophy
Consumer Behavior
Intensive Distribution
27. Takes a customer-centered approach and presents "solutions" rather than "products"
Market Segment Product Groupings
Application Blank
Consumer Protection
Solution Selling
28. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Need-Satisfaction Approach
Owned-Goods Services
Nongoods Services
Experiential Merchandising
29. The overall plan guiding a retail firm
Case Display
Retail Strategy
Predatory Pricing
Channel of Distribution
30. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Net Profit After Taxes
Cooperative Advertising
Supercenter
Incremental Budgeting
31. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Purchase Motivation Product Groupings
Consumer Cooperative
Inventory Management
Mass Marketing
32. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Relationship Retailing
Reach
Markup Pricing
Sales Manager
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
One-Hundred Percent Location
Pre-Training
Sales-Productivity Ratio
Dead Areas
34. 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
Direct Marketing
Application Blank
Cooperative Advertising
Assortment Merchandise
35. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Outsourcing
Channel Control
Cost of Goods Sold
String
36. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Benchmarking
Lifestyle Center
Data Warehousing
Ease of Entry
37. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals
Constrained Decision Making
Food-Based Superstore
Merchandising
One-Price Policy
38. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Cross-Merchandising
Dead Areas
Slotting Allowances
Bottom-Up Space Management Approach
39. A listing of bipolar adjectives scales
Trading Area
Semantic Differential
Demand-Oriented Pricing
Full-Line Discount Store
40. Describes how traditional family moves from bachelorhood to children to solitary retirement
Mystery Shoppers
Family Life Cycle
Predatory Pricing
Retail Strategy
41. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Retail Organization
Traditional Job Description
Reilly's Law of Retailing Gravitation
PMs (Promotional or Push Monies)
42. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Assortment
Specialog
Chain
43. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
Atmosphere (atmospherics)
Slotting Allowances
Odd Pricing
Prestige Pricing
44. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services
Single-Channel Retailing
Power Center
Consumer Behavior
Mass Merchandising
45. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Retail Audit
Lifestyles
Weighted Application Blank
Planogram
46. 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
Social Class
Micromarketing
Variable Markup Policy
47. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Consumer Loyalty (Frequent Shopper) Programs
Term Occupancy
Product/Trademark Franchising
Culture
48. Outlines a retailer's planned expenditures for a given time based on expected performance
Customer Satisfaction
Budgeting
Flea Market
Concentrated Marketing
49. Payments that retailers require of vendors for providing shelf space
Maintenance-Increase-Recoupment Lease
Curing (Free-Flowing) Traffic Flow
Slotting Allowances
Corporation
50. Calls for precise rent increases over a stated period of time
Efficient Consumer Response (ECR)
Contingency Pricing
Multi-Channel Retailing
Graduated Lease
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