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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 form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance
Tactics
Option Credit Account
Need-Satisfaction Approach
Budgeting
2. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Generic Brands
RFID (radio frequency identification)
Retail Audit
Motives
3. The extent to which a person desires and pursues social status
Organizational Mission
Class Consciousness
Electronic Point of Sale System
Primary Trading Area
4. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Box (Limited-Line) Store
Storability Product Groupings
Huff's Law of Shopper Attraction
RFID (radio frequency identification)
5. Determines the floor space necessary to carry and display a proper merchandise assortment
Micromarketing
Rented-Goods Services
Model Stock Approach
Dead Areas
6. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Secondary Trading Area
Flea Market
Minimum-Price Laws
7. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
Evaluation of Alternatives
Demographics
Taxes
Unit Pricing
8. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs
Odd Pricing
Culture
Target Marketing
Factory Outlet
9. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Odd Pricing
Quick Response (QR) Inventory Planning
Automatic Reordering System
Social Responsibility
10. Whereby goods owned by consumers are repaired - improved - or maintained
Owned-Goods Services
Corporation
Point of Difference
Value (customer)
11. The merchandise categories for which data are gathered
Wheel of Retailing
Mergers
Control Units
Supercenter
12. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Gross Profit (margin)
Seasonal Merchandise
Robinson-Patman Act
Data-Base Retailing
13. Whereby franchisors limit franchisee involvement in the strategic planning process
Canned Sales Presentation
Hierarchy of Authority
Quick Response (QR) Inventory Planning
Constrained Decision Making
14. A cash or card operated retailing format that dispenses goods and services
Variety Store
Assortment Display
Vending Machine
Straight (Gridiron) Traffic Flow
15. The portion of revenues turned over to the federal - state and/or local government
Taxes
Lifestyles
Data Mining
Food-Based Superstore
16. Mandates that persons with disabilities be given appropriate access to retailing facilities
Width of Assortment
Americans With Disabilities Act
Application Blank
Category Killer
17. Places together various items that appeal to a given target market
Pre-Training
Electronic Banking
Market Segment Product Groupings
Open-to-Buy
18. A retailer sets its prices in accordance with competitors'
Supercenter
Competition-Oriented Pricing
Regional Shopping Center
Job Motivation
19. Consumers feel high prices connote high quality and low prices connote low quality
Price-Quality Association
Outsourcing
Vertical Retail Audit
One-Price Policy
20. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix
Human Resource Management
Productivity
Storability Product Groupings
Outsourcing
21. 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
Selective Distribution
Open Credit Account
Merchandise Available for Sale
22. A formal way to record consumer requests for unstocked for out-of-stock merchandise
Canned Sales Presentation
Net Lease
Want Book (Want Slip)
Semantic Differential
23. The difference between net sales and the total cost of goods sold
Seasonal Merchandise
Flexible Pricing
Relationship Retailing
Gross Margin
24. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal
Community Shopping Center
Retail Strategy
Cost-Oriented Pricing
Micromarketing
25. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales
Neighborhood Business District
Secondary Trading Area
Reverse Logistics
Combination Store
26. A company compares its actual performance against its potential performance and then determines the areas in which it must improve
RFID (radio frequency identification)
Gap Analysis
Zero-Based Budgeting
Inventory Shrinkage
27. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Scrambled Merchandising
Vertical Retail Audit
Productivity
Sorting Process
28. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management
Operations Management
Supervision
Situation Analysis
Customer Satisfaction
29. 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
All-You-Can-Afford Method
Prestige Pricing
Household Life Cycle
30. Environmental and marketplace factors that can adversely affect retailers if they do not react to them
Social Class
Threats
Open Credit Account
Customer Loyalty
31. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management
Cooperative Advertising
Secondary Business District (SBD)
Retail Organization
Private (dealer) Brands
32. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer
Direct Selling
Cross-Shopping
Problem Awareness
Frequency
33. Actively involved with informing and persuading customers in closing sales
Dollar Control
Nongoods Services
Order-Getting Salesperson
Classification Merchandising
34. Information is systematically gathered from respondents by communicating with them
Universal Product Code (UPC)
Concentrated Marketing
Survey
Cut Case
35. The criteria used to assess effectiveness
Total Retail Experience
Graduated Lease
Performance Measures
Lifestyles
36. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Case Display
Data Mining
Computerized Checkout
Flexible Pricing
37. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Net Lease
Mystery Shoppers
Floor-Ready Merchandise
Hierarchy of Effects
38. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container
Sales-Productivity Ratio
Intensive Distribution
Cost of Method Accounting
Department Store
39. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Maintenance-Increase-Recoupment Lease
Marketing Research In Retailing
Retail Promotion
Bottom-Up Space Management Approach
40. The business activities involved in selling goods and services to consumers for their personal - family - or household use
Customer Satisfaction
Multi-Channel Retailing
Retailing
Augmented Customer Service
41. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Ease of Entry
Chargebacks
Direct Product Profitability (DPP)
Minimum-Price Laws
42. Sets the guiding principles for all the merchandise decisions a retailers makes
Neighborhood Shopping Center
Goods/Service Category
Retail Organization
Merchandising Philosophy
43. 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
Maintained Markup
Reilly's Law of Retailing Gravitation
Markdown
Retail Life Cycle
44. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Ethics
Top-Down Space Management Approach
Traditional Department Store
Retail Information System
45. The optimum site for a particular store
One-Hundred Percent Location
Mystery Shoppers
Category Management
Assets
46. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time
Cost-Oriented Pricing
Mergers
Consumer Behavior
Infomercial
47. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Channel of Distribution
Data-Base Management
Bottom-Up Space Management Approach
Mass Merchandising
48. The overall plan or framework of action that guides a retailer
Concentrated Marketing
Department Store
Total Retail Experience
Retail Strategy
49. Retailers price selected items below cost to lure more customer traffic for those retailers
Trading Area Overlap
Loss Leaders
Strategy Mix
Electronic Data Interchange (EDI)
50. Includes all the remaining customers - and they are the most widely dispersed
Secondary Data
Job Motivation
Resident Buying Office
Fringe Trading Area