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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. Based on the original retail value assigned to merchandise less the costs of the merchandise
Initial Markup
Trading Area
Prestige Pricing
Job Analysis
2. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Percentage Variation Method
Situation Analysis
Incremental Budgeting
Advertising
3. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales
HRM Process
Leased Department
Order-Taking Salesperson
Extended Decision Making
4. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location
Discretionary income
Loss Leaders
Regression Model
Value Delivery System
5. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative
Logistics
Compensation
Information Search
Manufacturer (national) Brands
6. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Percentage Variation Method
Leader Pricing
Ease of Entry
Relationship Retailing
7. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Destination Retailer
Combination Store
Consignment Purchase
Merchandising Philosophy
8. An unincorporated retail firm owned by two or more persons - each with a financial interest
Community Shopping Center
Partnership
Never-Out List
Logistics
9. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check
Canned Sales Presentation
RFID (radio frequency identification)
Reorder Point
Inventory Management
10. Occurs when one consumer talks to others; can build a chain of customers
Retail Life Cycle
Publicity
Customer Service
Word of Mouth (WOM)
11. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Cost-Oriented Pricing
Mass Marketing
Chargebacks
Chain
12. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)
Cost of Goods Sold
Public Relations
Frequency
Equal Store Organization
13. 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
Objectives
Cost of Goods Sold
Concentrated Marketing
Consignment Purchase
14. 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
Huff's Law of Shopper Attraction
Experiential Merchandising
Conventional Supermarket
Employee Empowerment
15. The profit earned after all costs and taxes have been deducted
Bifurcated Retailing
Net Profit After Taxes
Household Life Cycle
Cost of Goods Sold
16. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point
Strategy Mix
Value Delivery System
Maintenance-Increase-Recoupment Lease
Customary Pricing
17. Assigns floor space on the basis of sales or profit per foot
Sales-Productivity Ratio
Target Marketing
Direct Store Distribution (DSD)
Value (customer)
18. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Combination Store
Direct Selling
Zero-Based Budgeting
Yield Management Pricing
19. Laws whereby some retailers must express both the total price of an item and its price per unit of measure
Unit Pricing
Value (retailer)
Retail Organization
Multiple-Unit Pricing
20. Consists of all the levels of independently owned businesses along a channel of distribution
Stock-to-Sales Method
Vertical Marketing System
Demand-Oriented Pricing
Loss Leaders
21. 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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22. Money left after paying taxes and buying necessities
Hierarchy of Effects
Feedback
Sole Proprietorship
Discretionary income
23. 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
Job Motivation
Vertical Cooperative Advertising Agreement
Total Retail Experience
Community Shopping Center
24. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Net Sales
Perceived Risk
Quick Response (QR) Inventory Planning
25. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment
Generic Brands
Off-Price Chain
Sole Proprietorship
Huff's Law of Shopper Attraction
26. Products are marked with a series of thick and thin vertical lines - representing each item's identification code
Universal Product Code (UPC)
Neighborhood Shopping Center
Demand-Oriented Pricing
Economic Base
27. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Owned-Goods Services
Nongoods Services
Simulation
Leased Department
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
Percentage Variation Method
Owned-Goods Services
Micromarketing
Retail Information System
29. Where a consumer must pay the bill in full when it is due
Budgeting
Conventional Supermarket
Sales Promotion
Open Credit Account
30. Two or more retailers share an ad
Total Retail Experience
Horizontal Cooperative Advertising Agreement
Franchising
Neighborhood Business District
31. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Minimum-Price Laws
Quick Response (QR) Inventory Planning
Assortment
Routine Decision Making
32. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation
Simulation
Cost of Goods Sold
Dead Areas
Purchase Motivation Product Groupings
33. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Reilly's Law of Retailing Gravitation
Cognitive Dissonance
Economic Base
Class Consciousness
34. 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
Merchandising
Vertical Retail Audit
Physical Inventory System
Visual Merchandising
35. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c
Open-to-Buy
Bait-and-Switch Advertising
Consumer Cooperative
PMs (Promotional or Push Monies)
36. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Concentrated Marketing
Retail Audit
Tactics
All-You-Can-Afford Method
37. The aspects of business that a firm can directly affect
Compensation
Impulse Purchases
Controllable Variables
Price Elasticity of Demand
38. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed
Secondary Trading Area
Business Format Franchising
Total Retail Experience
Retail Information System
39. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes
FIFO (first-in-first-out) Method
Atmosphere (atmospherics)
LIFO (last-in-first-out) Method
Reverse Logistics
40. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Pre-Training
Revolving Credit Account
Retailing
PMs (Promotional or Push Monies)
41. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Central Business District
Price-Quality Association
Video Kiosk
Internet
42. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and
Post-Purchase Behavior
Electronic Point of Sale System
Supercenter
Issue (problem) Definition
43. 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
Micromarketing
Experiential Merchandising
Open-to-Buy
44. A manufacturer and a retailer or a wholesales and a retailer share an ad
Staple Merchandise
Vertical Cooperative Advertising Agreement
Chain
Curing (Free-Flowing) Traffic Flow
45. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards
Prototype Stores
Product/Trademark Franchising
Order-Taking Salesperson
Performance Measures
46. A retail firm that is formally incorporated under state law
Corporation
Assortment Display
Fashion Merchandise
Operations Management
47. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Demographics
Ethics
Consumer Loyalty (Frequent Shopper) Programs
Evaluation of Alternatives
48. Whereby a retailers sells to consumers through multiple retail formats
Weeks' Supply Method
Multi-Channel Retailing
Sorting Process
Pre-Training
49. Every store - product - or customer has an equal or known chance of being chosen for a study
Probability (Random) Sample
Fad Merchandise
Membership (Warehouse) Club
Internet
50. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million
Retailing Concept
Visual Merchandising
Variable Markup Policy
Supermarket