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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 a retailer sells to consumers through one retail format - may be store-bsed or non-store based
Off-Price Chain
Traditional Department Store
RFID (radio frequency identification)
Single-Channel Retailing
2. Calls for all maintenance costs to be paid by the retailer
Reverse Logistics
Net Lease
Variety Store
Motives
3. The possible benefits a retailer forgoes if it invests in one opportunity rather than another
Lifestyles
Value (retailer)
Opportunity Costs
Neighborhood Business District
4. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way
Data Mining
Horizontal Retail Audit
Net Sales
Single-Channel Retailing
5. Sets the guiding principles for all the merchandise decisions a retailers makes
Merchandising Philosophy
Storefront
Stock Turnover
Customary Pricing
6. the drive within people to attain work-related goals - can be positive or negative
Graduated Lease
Staple Merchandise
Job Motivation
World Wide Web
7. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores
Outshopping
Cost of Method Accounting
Community Shopping Center
Social Responsibility
8. Shows the expected behavior of a good or service over its life
Core Customers
Perceived Risk
Product Life Cycle
Direct Store Distribution (DSD)
9. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Merchandising Philosophy
Box (Limited-Line) Store
Nongoods Services
Sales Manager
10. A way to collect - store and use relevant information about customers
Data-Base Retailing
Order-Taking Salesperson
Net Profit After Taxes
Cost of Goods Sold
11. Involves an informal ranking of people based on income - occupation - education and other factors
Bottom-Up Space Management Approach
Warehouse Store
Training Programs
Social Class
12. A retail firm that is formally incorporated under state law
Chargebacks
Memorandum Purchase
Mazur Plan
Corporation
13. A retailer carries more items than expects to sell over a specified period
Retail Audit
Total Retail Experience
Marquee
Basic Stock Method
14. Appeals to price-conscious consumers - who must be members to shop there
Membership (Warehouse) Club
Retailing Concept
Traditional Department Store
Efficient Consumer Response (ECR)
15. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)
Consumer Protection
Objective-and-Task Method
Affinity
World Wide Web
16. Influence people's thought and behavior such as families - aspirational groups and membership groups
Gross Margin
Cognitive Dissonance
Reference Groups
Yield Management Pricing
17. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Case Display
External Secondary Data
Flea Market
Convenience Store
18. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel
Objective-and-Task Method
Quick Response (QR) Inventory Planning
Reverse Logistics
Mass Merchandising
19. Occurs when one consumer talks to others; can build a chain of customers
Experiment
Relationship Retailing
Net Worth
Word of Mouth (WOM)
20. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Rented-Goods Services
Regression Model
Sorting Process
Vending Machine
21. There is more interactive relationship between a franchisor and a franchisee
Business Format Franchising
Food-Based Superstore
Ease of Entry
Scrambled Merchandising
22. Concentrates on selling one goods or service line - such as young women's apparel
Specialty Store
Scenario Analysis
Traditional Job Description
Order-Getting Salesperson
23. Exhibits heavier - bulkier items than a rack holds
Membership (Warehouse) Club
Case Display
FIFO (first-in-first-out) Method
Tactics
24. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Factory Outlet
Primary Trading Area
Specialog
Universal Product Code (UPC)
25. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer
Competitive Parity Method
Basic Stock List
Geographical Information System
Multiple-Unit Pricing
26. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Want Book (Want Slip)
Leased Department
Application Blank
Competition-Oriented Pricing
27. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself
Operations Blueprint
Category Management
Benchmarking
Video Kiosk
28. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord
Trading Area Overlap
Franchising
Advertising
Product Life Cycle
29. A large - planned shopping facility appealing to a geographically dispersed market
Regional Shopping Center
Depth of Assortment
Direct Marketing
Chargebacks
30. The portion of revenues turned over to the federal - state and/or local government
Food-Based Superstore
Benchmarking
Term Occupancy
Taxes
31. A multi-line firm operating under central ownership
Advertising
Diversified Retailer
Gap Analysis
Markup Pricing
32. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic
Initial Markup
Markdown
Culture
Never-Out List
33. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Planogram
Multiple-Unit Pricing
Price Lining
Horizontal Cooperative Advertising Agreement
34. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Opportunities
Ensemble Display
Logistics
35. Short-term selling and administrative costs in running a business
Automatic Reordering System
Order-Getting Salesperson
Operating Expenditures
Purchase Act
36. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves
Never-Out List
Training Programs
Geographical Information System
Demographics
37. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Memorandum Purchase
Cost of Goods Sold
Additional Markup
Human Resource Management
38. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale
Outsourcing
Data Warehousing
Functional Product Groupings
Selective Distribution
39. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Operations Blueprint
RFID (radio frequency identification)
Perceived Risk
Situation Analysis
40. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's
Everyday Low Pricing (EDLP)
Operations Management
Conventional Supermarket
Incremental Method
41. The customer group sought by a retailer
Maintenance-Increase-Recoupment Lease
Target Marketing
Quick Response (QR) Inventory Planning
Markup Pricing
42. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Vending Machine
Warehouse Store
Situation Analysis
Problem Awareness
43. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Vertical Price Fixing
Mystery Shoppers
Purchase Act
Secondary Trading Area
44. Describes how traditional family moves from bachelorhood to children to solitary retirement
Reference Groups
Net Lease
Secondary Trading Area
Family Life Cycle
45. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Diversification
Direct Product Profitability (DPP)
LIFO (last-in-first-out) Method
Classification Merchandising
46. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations
Motives
Retail Balance
Net Worth
Observation
47. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Strategy Mix
Limited Decision Making
Experiment
Unit Pricing
48. When two or more retailers or a manufacturers/wholesalers share the advertising costs
Hidden Assets
Demand-Oriented Pricing
Cooperative Advertising
Canned Sales Presentation
49. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Specialog
Electronic Article Surveillance
Floor-Ready Merchandise
Customer Satisfaction
50. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs
Horizontal Price Fixing
Basic Stock Method
Balanced Tenancy
Threats