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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. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead
Social Responsibility
Direct Marketing
Cost of Goods Sold
Minimum-Price Laws
2. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Never-Out List
Micromerchandising
Opportunities
Extended Decision Making
3. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either
Strategy Mix
Cooperative Buying
Open Credit Account
Point of Difference
4. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Sorting Process
Cooperative Buying
Compensation
5. 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
Retail Information System
Uncontrollable Variables
Revolving Credit Account
6. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Markup Pricing
Generic Brands
Cut Case
Customer Loyalty
7. 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
Routine Decision Making
Pre-Training
Retail Information System
RFID (radio frequency identification)
8. Calls for precise rent increases over a stated period of time
Selective Distribution
Graduated Lease
Target Marketing
Debit Card System
9. An unincorporated retail firm owned by one person
Percentage Lease
Sole Proprietorship
Gap Analysis
Demographics
10. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items
Convenience Store
Target Marketing
Consumer Protection
Term Occupancy
11. Graphically displays its hierarchical relationships created by a retailer
Customer Satisfaction
Predatory Pricing
Organization Chart
Target Marketing
12. Represents how a given retailer is perceived by consumers and others
Point of Difference
Image
Merchandising
Sales-Productivity Ratio
13. Appeals to price-conscious consumers - who must be members to shop there
Public Relations
Membership (Warehouse) Club
Retail Balance
Manufacturer (national) Brands
14. The activity whereby a retailer generates a list of job applicants
Odd Pricing
Customer Satisfaction
Recruitment
World Wide Web
15. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Budgeting
Value (customer)
Compensation
Need-Satisfaction Approach
16. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Retail Method of Accounting
Battle of the Brands
Weeks' Supply Method
Bait-and-Switch Advertising
17. Whereby consumers lease and use goods for specified periods of time
Electronic Point of Sale System
Rented-Goods Services
Category Management
Diversification
18. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip
Attitudes (Opinions)
Efficient Consumer Response (ECR)
Cross-Shopping
Depth of Assortment
19. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business
Class Consciousness
Computerized Checkout
Power Center
Scrambled Merchandising
20. There is more interactive relationship between a franchisor and a franchisee
Traditional Job Description
Class Consciousness
Business Format Franchising
Vertical Retail Audit
21. Short-term selling and administrative costs in running a business
Operating Expenditures
Central Business District
Electronic Point of Sale System
Diversification
22. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying
PMs (Promotional or Push Monies)
Bottom-Up Space Management Approach
Evaluation of Alternatives
Never-Out List
23. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores
Cognitive Dissonance
Straight (Gridiron) Traffic Flow
Chargebacks
Basic Stock List
24. 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
Stimulus
Sales Promotion
Atmosphere (atmospherics)
Cost of Goods Sold
25. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category
Organization Chart
Reilly's Law of Retailing Gravitation
Augmented Customer Service
Assortment
26. Factors having a high relationship with job success are given more weight than others
Employee Empowerment
Flea Market
Organizational Mission
Weighted Application Blank
27. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Job Analysis
Sales Manager
Battle of the Brands
Diversification
28. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)
Supercenter
Demand-Oriented Pricing
Markup Pricing
Want Book (Want Slip)
29. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Assortment Display
Incremental Method
Independent
Consignment Purchase
30. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Experiment
Personal Selling
All-You-Can-Afford Method
World Wide Web
31. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo
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32. A retailer sets its prices in accordance with competitors'
Competition-Oriented Pricing
Assets
Data Warehousing
Training Programs
33. Describes how traditional family moves from bachelorhood to children to solitary retirement
Family Life Cycle
Visual Merchandising
Stimulus
Cost of Goods Sold
34. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Perceived Risk
HRM Process
Competitive Parity Method
RFID (radio frequency identification)
35. Refers to the variety in any one good/service (product line) a retailer carries
Scenario Analysis
Depth of Assortment
Retail Strategy
Ease of Entry
36. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Perceived Risk
Situation Analysis
Non-probability Sample
Cognitive Dissonance
37. Calls for all maintenance costs to be paid by the retailer
Diversified Retailer
Personality
Net Lease
Channel Control
38. The merchandise categories for which data are gathered
Merchandising
Partnership
Fringe Trading Area
Control Units
39. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores
Central Business District
Competition-Oriented Pricing
Membership (Warehouse) Club
Canned Sales Presentation
40. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Personality
Term Occupancy
Customer Loyalty
41. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status
Horizontal Cooperative Advertising Agreement
Prestige Pricing
Generic Brands
Minimum-Price Laws
42. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper
Data-Base Retailing
One-Hundred Percent Location
Consumer Loyalty (Frequent Shopper) Programs
Micromarketing
43. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible
Logistics
Universal Product Code (UPC)
Attitudes (Opinions)
Customer Service
44. Used for products needing special handling
Publicity
Minimum-Price Laws
Automatic Reordering System
Storability Product Groupings
45. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs
Vertical Cooperative Advertising Agreement
Equal Store Organization
Specialog
Supervision
46. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market
Hidden Assets
Niche Retailing
Perceived Risk
Financial Merchandise Management
47. 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
Conventional Supermarket
Simulation
Atmosphere (atmospherics)
Traditional Department Store
48. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties
Product Life Cycle
Model Stock Approach
Retailing Concept
Pre-Training
49. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts
Functional Product Groupings
Inventory Management
Data Mining
Geographical Information System
50. 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
Micromerchandising
Supermarket
Sales Opportunity Grid
Never-Out List