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Retail Management
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. The portion of revenues turned over to the federal - state and/or local government
Business Format Franchising
Taxes
FIFO (first-in-first-out) Method
Intensive Distribution
2. Stores - product - or customers are chosen by the researcher - based on judgement or convenience
Economic Base
Non-probability Sample
Additional Markup
Secondary Data
3. Used by retailers that promote throughout the year
Goal-Oriented Job Description
Atmosphere (atmospherics)
Distributed Promotion Effort
Merchandising Philosophy
4. 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
Impulse Purchases
Want Book (Want Slip)
Curing (Free-Flowing) Traffic Flow
Price Lining
5. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers
Floor-Ready Merchandise
Logistics
Secondary Data
Channel of Distribution
6. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"
Trading Area
Yield Management Pricing
Opportunities
Box (Limited-Line) Store
7. Used by retailers that promote seasonally
Massed Promotion Effort
Bottom-Up Space Management Approach
Extended Decision Making
Channel Control
8. Out-of-hometown shopping - is important for both local and surrounding retailers
Traditional Job Description
Order-Getting Salesperson
Operations Blueprint
Outshopping
9. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Nonstore Retailing
Case Display
Retail Organization
Channel Control
10. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
Goods/Service Category
Traditional Department Store
Monthly Sales Index
Top-Down Space Management Approach
11. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Leader Pricing
Rationalized Retailing
Experiential Merchandising
Organization Chart
12. When manufacturers and wholesales seek to control the retail prices of their goods and services
Vertical Price Fixing
Retail Life Cycle
Lifestyles
Organization Chart
13. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period
Retailing
Food-Based Superstore
Frequency
Control
14. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows
Geographical Information System
Target Marketing
Dead Areas
Goal-Oriented Job Description
15. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Debit Card System
Retail Balance
Fashion Merchandise
Automatic Reordering System
16. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them
Constrained Decision Making
Nongoods Services
Diversified Retailer
Generic Brands
17. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit
Franchising
Gross Profit (margin)
Depth of Assortment
Manufacturer (national) Brands
18. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control
Hidden Assets
Affinity
Goods/Service Category
Mazur Plan
19. The mix of stores within a district or shopping center
Training Programs
Demand-Oriented Pricing
Retail Balance
Fashion Merchandise
20. A retailer offers discounts to customers who buy in quantity or who buy a product bundle
Debit Card System
Financial Merchandise Management
Multiple-Unit Pricing
Personality
21. A retailer adjusts shelf-space allocations to respond to customer and other differences among local markets
Job Analysis
Micromerchandising
World Wide Web
Vendor-Managed Inventory (VMI)
22. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth
Book (Perpetual) Inventory System
Retail Audit
Bait-and-Switch Advertising
Hidden Assets
23. 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
Retail Life Cycle
Horizontal Retail Audit
Social Class
Off-Price Chain
24. A memorized - repetitive speech given to all customers interested in a particular item
Goods/Service Category
Canned Sales Presentation
Geographical Information System
Memorandum Purchase
25. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock
Electronic Point of Sale System
Control Units
Concentrated Marketing
Reorder Point
26. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement
Planogram
Business Format Franchising
Financial Merchandise Management
Economic Base
27. Exhibits heavier - bulkier items than a rack holds
Primary Trading Area
Wheel of Retailing
Case Display
Rented-Goods Services
28. Entails the collection and analysis of information relating to specific issues or problems facing a retailer
Perceived Risk
Selective Distribution
Job Analysis
Marketing Research In Retailing
29. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers
Data Mining
Sorting Process
Discretionary income
Public Relations
30. Where a consumer must pay the bill in full when it is due
Mergers
Open Credit Account
Supercenter
Specialog
31. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace
Private (dealer) Brands
Odd Pricing
Downsizing
Electronic Article Surveillance
32. Graphically displays its hierarchical relationships created by a retailer
Positioning
Organization Chart
Class Consciousness
Order-Taking Salesperson
33. Retailers price selected items below cost to lure more customer traffic for those retailers
Motives
Owned-Goods Services
Fashion Merchandise
Loss Leaders
34. 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
Rack Display
Data Mining
Organization Chart
Everyday Low Pricing (EDLP)
35. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Variable Pricing
Electronic Data Interchange (EDI)
Net Lease
Perceived Risk
36. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands
Market Segment Product Groupings
Box (Limited-Line) Store
Scrambled Merchandising
Data Warehousing
37. A retailers has no risk because title is not taken; the supplier owns the goods until sold
Expected Customer Service
Customer Satisfaction
Frequency
Consignment Purchase
38. Available within the company - sometimes from the data bank of a retail information system
Publicity
Internal Secondary Data
Primary Data
Zero-Based Budgeting
39. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls
Assortment Display
Mystery Shoppers
Household Life Cycle
FIFO (first-in-first-out) Method
40. Information is systematically gathered from respondents by communicating with them
Diversification
Graduated Lease
Survey
Variety Store
41. Refers to the variety in any one good/service (product line) a retailer carries
Depth of Assortment
Post-Purchase Behavior
Micromarketing
Minimum-Price Laws
42. Competition between manufacturers and retailers for shelf space and profits
Data-Base Management
Battle of the Brands
Personal Selling
Storability Product Groupings
43. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time
Quick Response (QR) Inventory Planning
Flexible Pricing
Book (Perpetual) Inventory System
External Secondary Data
44. A way to collect - store and use relevant information about customers
Stock Turnover
Data-Base Retailing
Cost-Oriented Pricing
Destination Retailer
45. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies
Training Programs
Ethics
Flexible Pricing
Class Consciousness
46. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks
Regional Shopping Center
Quick Response (QR) Inventory Planning
Value (customer)
Traditional Job Description
47. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection
Vertical Retail Audit
Electronic Article Surveillance
Product/Trademark Franchising
Assortment Merchandise
48. Whereby franchisors limit franchisee involvement in the strategic planning process
Non-probability Sample
Outshopping
Horizontal Cooperative Advertising Agreement
Constrained Decision Making
49. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers
Straight (Gridiron) Traffic Flow
Open Credit Account
Class Consciousness
Supply Chain
50. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers
Downsizing
Horizontal Price Fixing
Manufacturer (national) Brands
Consumer Protection
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