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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Objective-and-Task Method
Public Relations
Job Analysis
Automatic Reordering System
2. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Quick Response (QR) Inventory Planning
Sorting Process
Equal Store Organization
Perceived Risk
3. Short-term selling and administrative costs in running a business
Americans With Disabilities Act
Efficient Consumer Response (ECR)
Merchandising Philosophy
Operating Expenditures
4. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Hierarchy of Effects
Curing (Free-Flowing) Traffic Flow
Order-Getting Salesperson
Cross-Merchandising
5. 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
Differentiated Marketing
Depth of Assortment
Organization Chart
6. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Recruitment
Floor-Ready Merchandise
Social Responsibility
Assortment
7. Calls for all maintenance costs to be paid by the retailer
Net Lease
Leader Pricing
Specialty Store
Percentage Variation Method
8. Calls for precise rent increases over a stated period of time
Cost of Goods Sold
Secondary Trading Area
Graduated Lease
Intensive Distribution
9. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Curing (Free-Flowing) Traffic Flow
Off-Price Chain
Initial Markup
Data Warehousing
10. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Goal-Oriented Job Description
Consumer Protection
Markup Pricing
Rack Display
11. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want
Mazur Plan
Electronic Banking
Retail Method of Accounting
Depth of Assortment
12. Used for products needing special handling
Storability Product Groupings
Purchase Act
Gross Profit (margin)
Combination Store
13. 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
Monthly Sales Index
Never-Out List
Simulation
Specialog
14. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each
Retail Audit
Customer Satisfaction
Traditional Department Store
Net Worth
15. A retailers carries complementary goods and services to encourage shoppers to buy more
Cross-Merchandising
Social Class
Retail Promotion
Marquee
16. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period
Atmosphere (atmospherics)
Physical Inventory System
Percentage Lease
Huff's Law of Shopper Attraction
17. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Retail Promotion
Sales Opportunity Grid
Value Chain
Leader Pricing
18. Aiming at two or more distinct consumer groups - with different retailing approaches for each group
Customary Pricing
Differentiated Marketing
Personal Selling
Product Life Cycle
19. 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
Discretionary income
Uncontrollable Variables
Single-Channel Retailing
Cost of Goods Sold
20. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Direct Product Profitability (DPP)
Hierarchy of Authority
Convenience Store
Scenario Analysis
21. 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
Goods/Service Category
Off-Price Chain
Debit Card System
Employee Empowerment
22. A retailers best customers
Value Chain
Consumer Behavior
Core Customers
Point of Difference
23. Whereby prices are marked only on shelves or signs and not on individual items
Item Price Removal
Personal Selling
Storability Product Groupings
Secondary Business District (SBD)
24. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)
Inventory Shrinkage
All-You-Can-Afford Method
Fashion Merchandise
Warehouse Store
25. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response
Owned-Goods Services
Positioning
Advertising
Multi-Channel Retailing
26. The overall plan or framework of action that guides a retailer
Lifestyles
Stock Turnover
Merchandising
Retail Strategy
27. 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
Depth of Assortment
Odd Pricing
Mass Marketing
28. Where the same customers are served by both branches
Compensation
Employee Empowerment
Trading Area Overlap
Product Life Cycle
29. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Issue (problem) Definition
Need-Satisfaction Approach
Augmented Customer Service
Central Business District
30. The reasons for a consumers behavior
Horizontal Price Fixing
Motives
Value (retailer)
Loss Leaders
31. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages
Retail Information System
Product/Trademark Franchising
World Wide Web
Americans With Disabilities Act
32. Typically supervises the on-floor selling and operational activities for a specific retail department
Bottom-Up Space Management Approach
Neighborhood Shopping Center
Feedback
Sales Manager
33. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Theme-Setting Display
Core Customers
Neighborhood Shopping Center
Trading Area
34. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Chain
Planogram
Huff's Law of Shopper Attraction
Factory Outlet
35. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage
Curing (Free-Flowing) Traffic Flow
Augmented Customer Service
Memorandum Purchase
Multi-Channel Retailing
36. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Secondary Trading Area
Universal Product Code (UPC)
Stock Turnover
Opportunity Costs
37. 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
Geographical Information System
Sales Manager
Word of Mouth (WOM)
Variable Markup Policy
38. Sets the guiding principles for all the merchandise decisions a retailers makes
Inventory Management
Marketing Research In Retailing
Dump Bin
Merchandising Philosophy
39. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Prestige Pricing
Value (retailer)
Customer Satisfaction
Operating Expenditures
40. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Control
Memorandum Purchase
Business Format Franchising
Direct Selling
41. Customer orientation - coordinated effort - value driven and goal orientation
Scenario Analysis
Merchandising
Retailing Concept
Efficient Consumer Response (ECR)
42. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Fashion Merchandise
Net Worth
Internet
Yield Management Pricing
43. The cost of running a retail business
Operating Expenses
Routine Decision Making
Partnership
Probability (Random) Sample
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
Outsourcing
Trading Area
Bait-and-Switch Advertising
Initial Markup
45. A food-based discounter offering a moderate number of food items in a no-frills setting
Private (dealer) Brands
Electronic Banking
Warehouse Store
Massed Promotion Effort
46. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Open Credit Account
Flea Market
Selective Distribution
47. A retailer sets its prices in accordance with competitors'
Tactics
Augmented Customer Service
Competition-Oriented Pricing
Membership (Warehouse) Club
48. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Destination Retailer
Value Chain
Net Lease
Markdown
49. Incorporates life stages for both family and non-family households
Market Segment Product Groupings
Household Life Cycle
Variable Pricing
Gross Margin
50. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Limited Decision Making
Corporation
Prototype Stores
Odd Pricing
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