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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. 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
Observation
Open-to-Buy
Mystery Shoppers
Employee Empowerment
2. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Unit Pricing
Retail Strategy
Pre-Training
Width of Assortment
3. A retailer purposely adjusts markups by merchandise category
Assets
Unit Pricing
Variable Markup Policy
Percentage-of-Sales Method
4. A retailers commitment to a type of business and to a distinctive role in the marketplace
Markup Pricing
Perceived Risk
Organizational Mission
Reference Groups
5. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Marquee
Combination Store
Need-Satisfaction Approach
Relationship Retailing
6. A food-based discounter offering a moderate number of food items in a no-frills setting
Warehouse Store
Assortment Merchandise
Balanced Tenancy
Retail Information System
7. Represents how a given retailer is perceived by consumers and others
Image
Market Segment Product Groupings
Partnership
Ensemble Display
8. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores
Gravity Model
Performance Measures
Basic Stock List
Floor-Ready Merchandise
9. Occurs when a consumer makes full use of the decision process
Private (dealer) Brands
Extended Decision Making
Model Stock Approach
Sales Manager
10. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Straight (Gridiron) Traffic Flow
Variable Markup Policy
Augmented Customer Service
Taxes
11. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Customer Service
Gross Profit (margin)
Dump Bin
Gross Margin
12. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Regional Shopping Center
Quick Response (QR) Inventory Planning
Cut Case
Issue (problem) Definition
13. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal
Net Sales
Horizontal Cooperative Advertising Agreement
Sales Manager
Debit Card System
14. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Cost of Goods Sold
Vertical Cooperative Advertising Agreement
Cross-Merchandising
Rack Display
15. 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]
Social Class
Service Retailing
Multiple-Unit Pricing
Percentage Variation Method
16. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Channel of Distribution
Experiment
Regional Shopping Center
Nonstore Retailing
17. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market
Odd Pricing
Reference Groups
Debit Card System
Control
18. Competition between manufacturers and retailers for shelf space and profits
Battle of the Brands
Combination Store
Total Retail Experience
Merchandising Philosophy
19. A merchandising technique that some firms use to improve productivity
Social Responsibility
Net Profit After Taxes
Experiential Merchandising
Category Management
20. The optimum site for a particular store
Want Book (Want Slip)
Application Blank
Organizational Mission
One-Hundred Percent Location
21. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Consumer Cooperative
Information Search
Planogram
Point-of-Purchase Display
22. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Situation Analysis
Assortment Merchandise
Positioning
Opportunity Costs
23. Focuses on the sale of tangible phoducts
Threats
Goods Retailing
Markdown
Primary Data
24. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Reverse Logistics
Video Kiosk
Multi-Channel Retailing
Net Sales
25. The cost of running a retail business
Assortment
Category Management
HRM Process
Operating Expenses
26. Every store - product - or customer has an equal or known chance of being chosen for a study
Bait-and-Switch Advertising
Curing (Free-Flowing) Traffic Flow
Probability (Random) Sample
Recruitment
27. A retailer charges the same price to all customers buying an item under similar conditions
Product/Trademark Franchising
Monthly Sales Index
Computerized Checkout
One-Price Policy
28. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers
Retail Information System
Differentiated Marketing
Customary Pricing
Direct Marketing
29. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation
Post-Purchase Behavior
Selective Distribution
Maintenance-Increase-Recoupment Lease
Balanced Tenancy
30. Logically assumes old merchandise is sold first - while newer items remain in inventory
FIFO (first-in-first-out) Method
Diversification
Customer Loyalty
Hierarchy of Authority
31. The basic format or structure of a business
Merchandising
Debit Card System
Value (retailer)
Retail Institution
32. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Item Price Removal
Cooperative Advertising
Market Segment Product Groupings
Straight (Gridiron) Traffic Flow
33. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study
Downsizing
Direct Selling
Retail Promotion
Secondary Data
34. Has a primarily functional use: to neatly hang or present products
Loss Leaders
Rack Display
Franchising
Chain
35. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Application Blank
Mergers
Niche Retailing
Monthly Sales Index
36. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store
Marketing Research In Retailing
Logistics
Food-Based Superstore
Weighted Application Blank
37. Projections of expected retail sales for given periods
Weighted Application Blank
Variety Store
Generic Brands
Forecasts
38. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category
Forecasts
Traditional Job Description
Opportunistic Buying
Power Center
39. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
Electronic Banking
Additional Markup
Order-Taking Salesperson
Distributed Promotion Effort
40. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials
Multiple-Unit Pricing
Memorandum Purchase
Storefront
Hierarchy of Effects
41. A way to collect - store and use relevant information about customers
Bifurcated Retailing
Data-Base Retailing
Selective Distribution
LIFO (last-in-first-out) Method
42. 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
Solution Selling
Visual Merchandising
Consumer Protection
Personal Selling
43. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Want Book (Want Slip)
Mass Marketing
Assortment
Uncontrollable Variables
44. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks
Classification Merchandising
Outsourcing
Internet
Traditional Department Store
45. The aspects of business that a firm can directly affect
FIFO (first-in-first-out) Method
Memorandum Purchase
Organization Chart
Controllable Variables
46. 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
Consumer Decision Process
Planogram
Primary Trading Area
Central Business District
47. A large - planned shopping facility appealing to a geographically dispersed market
Channel of Distribution
Regional Shopping Center
Dead Areas
Vertical Marketing System
48. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Specialog
Mass Merchandising
Cost of Method Accounting
49. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Retail Information System
World Wide Web
Prototype Stores
Supply Chain
50. Used by retailers that promote throughout the year
Data-Base Management
Distributed Promotion Effort
Robinson-Patman Act
Rationalized Retailing