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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. Takes a customer-centered approach and presents "solutions" rather than "products"
Physical Inventory System
Neighborhood Business District
Compensation
Solution Selling
2. The basic format or structure of a business
Retail Institution
Never-Out List
Expected Customer Service
Reorder Point
3. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Markup Pricing
Net Worth
Opportunistic Buying
Performance Measures
4. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Straight (Gridiron) Traffic Flow
Non-probability Sample
Efficient Consumer Response (ECR)
Public Relations
5. Based on the actual prices received for merchandise sold during a time period less merchandise cost
Budgeting
Personal Selling
Class Consciousness
Maintained Markup
6. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Micromarketing
Percentage-of-Sales Method
Regional Shopping Center
Reilly's Law of Retailing Gravitation
7. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products
Mass Merchandising
Assortment Display
Channel Control
All-You-Can-Afford Method
8. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire
Problem Awareness
Affinity
Demand-Oriented Pricing
Partnership
9. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements
Wheel of Retailing
Gravity Model
HRM Process
Problem Awareness
10. A retailer sets its prices in accordance with competitors'
Competition-Oriented Pricing
Merchandise Available for Sale
Scenario Analysis
Cost of Goods Sold
11. A retailers commitment to a type of business and to a distinctive role in the marketplace
Public Relations
Internal Secondary Data
Zero-Based Budgeting
Organizational Mission
12. Based on the original retail value assigned to merchandise less the costs of the merchandise
Percentage-of-Sales Method
Ethics
Initial Markup
Lifestyles
13. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff
Cooperative Advertising
Automatic Reordering System
Budgeting
Resident Buying Office
14. Sets the guiding principles for all the merchandise decisions a retailers makes
Merchandising Philosophy
Category Management
Inventory Shrinkage
All-You-Can-Afford Method
15. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Vertical Retail Audit
Demographics
Perceived Risk
Straight (Gridiron) Traffic Flow
16. A listing of bipolar adjectives scales
Semantic Differential
Americans With Disabilities Act
Video Kiosk
Zero-Based Budgeting
17. Customer orientation - coordinated effort - value driven and goal orientation
Performance Measures
Retailing Concept
Mazur Plan
Video Kiosk
18. The long-run and short-run performance targets a retailers hopes to attain
Objectives
Battle of the Brands
Channel Control
Incremental Budgeting
19. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Functional Product Groupings
Graduated Lease
Bottom-Up Space Management Approach
Retail Method of Accounting
20. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory
Contingency Pricing
Publicity
Neighborhood Shopping Center
Book (Perpetual) Inventory System
21. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Vertical Price Fixing
Supply Chain
Basic Stock Method
Liabilities
22. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Traditional Department Store
Bifurcated Retailing
Warehouse Store
Internet
23. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Semantic Differential
World Wide Web
Vendor-Managed Inventory (VMI)
Food-Based Superstore
24. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Lifestyle Center
Variable Pricing
Everyday Low Pricing (EDLP)
FIFO (first-in-first-out) Method
25. Appeals to price-conscious consumers - who must be members to shop there
Memorandum Purchase
Membership (Warehouse) Club
Massed Promotion Effort
Model Stock Approach
26. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Ensemble Display
Order-Getting Salesperson
Fashion Merchandise
Initial Markup
27. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales
Electronic Point of Sale System
One-Price Policy
Primary Trading Area
Unit Pricing
28. The aspects of business to which a retailers must adapt
Multiple-Unit Pricing
Uncontrollable Variables
Fringe Trading Area
HRM Process
29. 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
Employee Empowerment
Post-Purchase Behavior
Mystery Shoppers
Graduated Lease
30. A way to collect - store and use relevant information about customers
Data-Base Retailing
Customer Loyalty
Predatory Pricing
Dollar Control
31. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Cognitive Dissonance
Extended Decision Making
Mazur Plan
Non-probability Sample
32. 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
Neighborhood Shopping Center
Control
Chain
Stock Turnover
33. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Data Warehousing
Supermarket
Retail Balance
Inventory Shrinkage
34. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Geographical Information System
Goal-Oriented Job Description
Retail Promotion
Publicity
35. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Non-probability Sample
Horizontal Retail Audit
Americans With Disabilities Act
36. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Ethics
Hierarchy of Authority
Sales Manager
Cross-Shopping
37. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Attitudes (Opinions)
Cooperative Advertising
Yield Management Pricing
Controllable Variables
38. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Supermarket
Data-Base Management
Theme-Setting Display
Multi-Channel Retailing
39. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations
Frequency
Customer Satisfaction
Item Price Removal
Convenience Store
40. When retailers count on suppliers to participate in their inventory management programs
Rack Display
Staple Merchandise
Vendor-Managed Inventory (VMI)
Revolving Credit Account
41. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts
Supply Chain
Additional Markup
Cost of Goods Sold
Benchmarking
42. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses
Channel Control
Specialty Store
Universal Product Code (UPC)
Bait-and-Switch Advertising
43. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Direct Marketing
Mass Marketing
Purchase Act
Stock Turnover
44. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Maintenance-Increase-Recoupment Lease
Merchandising
Dead Areas
Multiple-Unit Pricing
45. Objective - quantifiable - easily identifiable and measurable population data
Secondary Business District (SBD)
Demographics
Employee Empowerment
Quick Response (QR) Inventory Planning
46. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation
Video Kiosk
PMs (Promotional or Push Monies)
Mass Marketing
Primary Data
47. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Scenario Analysis
Need-Satisfaction Approach
Off-Price Chain
Universal Product Code (UPC)
48. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells
Application Blank
Customer Service
Job Motivation
Independent
49. Systematically lists all operating functions to be performed - their characteristics - and their timing
Order-Getting Salesperson
Cost-Oriented Pricing
Operations Blueprint
Service Retailing
50. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor
Odd Pricing
Control Units
Huff's Law of Shopper Attraction
Publicity