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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. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit
Independent
Box (Limited-Line) Store
Markup Pricing
Cost-Oriented Pricing
2. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Huff's Law of Shopper Attraction
Minimum-Price Laws
Multiple-Unit Pricing
Wheel of Retailing
3. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there
Product Life Cycle
Demand-Oriented Pricing
Target Marketing
Destination Retailer
4. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Public Relations
Chain
Marketing Research In Retailing
Goal-Oriented Job Description
5. The line of business in which a retailer operates
Operations Management
Scrambled Merchandising
Neighborhood Shopping Center
Goods/Service Category
6. A large - planned shopping facility appealing to a geographically dispersed market
Marketing Research In Retailing
Destination Retailer
Regional Shopping Center
Net Lease
7. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Never-Out List
Core Customers
Objective-and-Task Method
Consignment Purchase
8. A food-based discounter offering a moderate number of food items in a no-frills setting
Retail Method of Accounting
Warehouse Store
Markdown
Resident Buying Office
9. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories
PMs (Promotional or Push Monies)
Regional Shopping Center
Ensemble Display
Discretionary income
10. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Ethics
Maintained Markup
Curing (Free-Flowing) Traffic Flow
Direct Marketing
11. Assumes new merchandise is sold first - while older stock remains in inventory
LIFO (last-in-first-out) Method
Threats
Additional Markup
Regional Shopping Center
12. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer
Goods/Service Category
Consumer Behavior
Storefront
Channel of Distribution
13. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Consignment Purchase
Limited Decision Making
Width of Assortment
Niche Retailing
14. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Situation Analysis
Simulation
Prestige Pricing
Application Blank
15. When a retailer gathers - integrates - applies - and stores information related to specific subject areas
Goods/Service Category
Direct Selling
Data-Base Management
Frequency
16. 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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17. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Full-Line Discount Store
Product/Trademark Franchising
Public Relations
Objectives
18. The overall plan guiding a retail firm
Leader Pricing
Convenience Store
Retail Strategy
Extended Decision Making
19. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Public Relations
Competitive Parity Method
Opportunistic Buying
Automatic Reordering System
20. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Perceived Risk
Publicity
Curing (Free-Flowing) Traffic Flow
Experiment
21. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Americans With Disabilities Act
Maintained Markup
Physical Inventory System
Specialog
22. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Routine Decision Making
Bottom-Up Space Management Approach
Constrained Decision Making
Sorting Process
23. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
HRM Process
Neighborhood Business District
Hidden Assets
Zero-Based Budgeting
24. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic
Affinity
Partnership
Top-Down Space Management Approach
Owned-Goods Services
25. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Retail Information System
Conventional Supermarket
Primary Trading Area
Customer Loyalty
26. Retailers price selected items below cost to lure more customer traffic for those retailers
Loss Leaders
Selective Distribution
Depth of Assortment
Net Worth
27. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Purchase Motivation Product Groupings
Storability Product Groupings
Market Segment Product Groupings
RFID (radio frequency identification)
28. Whereby a retailer sells to consumers through multiple retails formats (points of contact)
Value (retailer)
Multi-Channel Retailing
Opportunistic Buying
Hidden Assets
29. The overall plan or framework of action that guides a retailer
Percentage Variation Method
Chargebacks
Net Lease
Retail Strategy
30. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Ensemble Display
Net Worth
Outshopping
Price-Quality Association
31. Information is systematically gathered from respondents by communicating with them
Consumer Loyalty (Frequent Shopper) Programs
Survey
Battle of the Brands
Box (Limited-Line) Store
32. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Social Responsibility
Job Analysis
Functional Product Groupings
FIFO (first-in-first-out) Method
33. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular
Bifurcated Retailing
Human Resource Management
Operating Expenses
Niche Retailing
34. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm
Weighted Application Blank
Retail Promotion
Convenience Store
Forecasts
35. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Distributed Promotion Effort
Width of Assortment
Stimulus
Need-Satisfaction Approach
36. 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
Stock Turnover
Impulse Purchases
Augmented Customer Service
Central Business District
37. Has a primarily functional use: to neatly hang or present products
Cost-Oriented Pricing
Experiment
Rack Display
Retailing Concept
38. A retail firm that is formally incorporated under state law
Performance Measures
Economic Base
Corporation
Percentage Variation Method
39. Logically assumes old merchandise is sold first - while newer items remain in inventory
Physical Inventory System
FIFO (first-in-first-out) Method
Total Retail Experience
Traditional Department Store
40. Used by retailers that promote throughout the year
FIFO (first-in-first-out) Method
Never-Out List
Distributed Promotion Effort
Public Relations
41. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Multi-Channel Retailing
Prototype Stores
Stimulus
Retail Life Cycle
42. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Sales Manager
Dead Areas
Class Consciousness
Opportunity Costs
43. 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
Vertical Price Fixing
Reference Groups
Direct Product Profitability (DPP)
44. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor
Information Search
Household Life Cycle
Advertising
Private (dealer) Brands
45. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Multiple-Unit Pricing
Sales Opportunity Grid
Direct Product Profitability (DPP)
Constrained Decision Making
46. 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
Merchandising
Bait-and-Switch Advertising
Stock Turnover
Product Life Cycle
47. A retail firm owned by its customer members
Consumer Cooperative
Item Price Removal
Discretionary income
Factory Outlet
48. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen
Monthly Sales Index
Video Kiosk
Strategy Mix
Direct Marketing
49. When a retailer acts in the best interests of society - as well as itself
Social Responsibility
Expected Customer Service
PMs (Promotional or Push Monies)
Cross-Shopping
50. Whereby retailers seek to establish and maintain long-term bonds with customers - rather than act as if each sales transaction is completely new encounter
Universal Product Code (UPC)
Relationship Retailing
Weeks' Supply Method
Seasonal Merchandise