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Retail Management
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Purchase Act
Full-Line Discount Store
Retail Audit
Cost of Goods Sold
2. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Option Credit Account
Situation Analysis
Video Kiosk
Unit Control
3. The form of research in which present behavior or the results of past behavior are noted and recorded
Word of Mouth (WOM)
Open Credit Account
Observation
Horizontal Retail Audit
4. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer
Human Resource Management
Supercenter
Term Occupancy
Direct Marketing
5. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control
Demographics
Retail Strategy
Video Kiosk
Department Store
6. There is more interactive relationship between a franchisor and a franchisee
Business Format Franchising
Electronic Banking
One-Hundred Percent Location
Survey
7. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods
Direct Store Distribution (DSD)
Loss Leaders
Strategy Mix
Primary Trading Area
8. Includes all the remaining customers - and they are the most widely dispersed
Huff's Law of Shopper Attraction
One-Price Policy
Fringe Trading Area
Debit Card System
9. Equals the cost of merchandise available for sale minus the cost value of ending inventory
Visual Merchandising
Conventional Supermarket
Cost of Goods Sold
Mass Marketing
10. An unincorporated retail firm owned by one person
Sole Proprietorship
FIFO (first-in-first-out) Method
Value Chain
Dead Areas
11. 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
Point of Difference
Retail Organization
Target Marketing
Revolving Credit Account
12. 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
Theme-Setting Display
Cost of Goods Sold
Lifestyles
Controllable Variables
13. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Uncontrollable Variables
Sales Manager
Dollar Control
14. Refers to the number of distinct goods/services categories (product lines) a retailer carries
Width of Assortment
Expected Customer Service
Need-Satisfaction Approach
Everyday Low Pricing (EDLP)
15. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions
Food-Based Superstore
Nonstore Retailing
Merchandise Available for Sale
Purchase Motivation Product Groupings
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
Family Life Cycle
Consumer Decision Process
Perceived Risk
17. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references
Application Blank
Job Motivation
Competitive Parity Method
Core Customers
18. Occurs when one consumer talks to others; can build a chain of customers
Vertical Cooperative Advertising Agreement
Reverse Logistics
Word of Mouth (WOM)
Net Worth
19. Reward a retailers best customers - those with whom it wants long-lasting relationships with
Destination Retailer
Consumer Loyalty (Frequent Shopper) Programs
Assortment Display
Class Consciousness
20. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning
Consumer Loyalty (Frequent Shopper) Programs
Depth of Assortment
Efficient Consumer Response (ECR)
Experiment
21. Takes a customer-centered approach and presents "solutions" rather than "products"
Primary Trading Area
Solution Selling
Retailing
Semantic Differential
22. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise
Evaluation of Alternatives
Factory Outlet
Assortment Merchandise
Personal Selling
23. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it
Point-of-Purchase Display
Assortment Merchandise
Specialog
Retail Audit
24. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality
Automatic Reordering System
Social Class
Price Lining
Model Stock Approach
25. Any item a retailer owns with monetary value
Assets
Variety Store
Open Credit Account
Lifestyle Center
26. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Perceived Risk
Data-Base Management
Open-to-Buy
Combination Store
27. Out-of-hometown shopping - is important for both local and surrounding retailers
Situation Analysis
Horizontal Retail Audit
Full-Line Discount Store
Outshopping
28. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels
Application Blank
Option Credit Account
Bottom-Up Space Management Approach
Social Responsibility
29. A type of retail institution that is a department in a retail store that is rented to an outside party
Threats
Cooperative Advertising
Leased Department
Forecasts
30. The sum total of an individuals traits - which make that individual unique
Retailing
Affinity
Personality
Experiential Merchandising
31. Feature products' generic names as brands; they are no-frills goods stocked by some retailers
Purchase Act
Resident Buying Office
Generic Brands
Data Warehousing
32. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition
Direct Store Distribution (DSD)
External Secondary Data
Robinson-Patman Act
Motives
33. When a retailers acts in a trustworthy - fair - honest and respectful manner with each of its constituencies
Product/Trademark Franchising
Box (Limited-Line) Store
Economic Base
Ethics
34. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks
Gap Analysis
Positioning
Multiple-Unit Pricing
Job Analysis
35. Consists of products that may have cyclical sales due to changing tastes and lifestyles
Household Life Cycle
Customer Satisfaction
Data Mining
Fashion Merchandise
36. 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
Term Occupancy
Floor-Ready Merchandise
Balanced Tenancy
Option Credit Account
37. An inexpensive display that leaves merchandise in the original carton
Motives
Concentrated Marketing
Cut Case
Objective-and-Task Method
38. A retailer alters its prices to coincide with fluctuations in costs or consumer demand
Staple Merchandise
Specialty Store
Variable Pricing
Operations Blueprint
39. 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
Opportunity Costs
Assortment Display
Markdown
40. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business
Weeks' Supply Method
Rationalized Retailing
Fringe Trading Area
Predatory Pricing
41. Consists of all the levels of independently owned businesses along a channel of distribution
Cognitive Dissonance
Vertical Marketing System
Bifurcated Retailing
Cost-Oriented Pricing
42. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria
Geographical Information System
Sales Opportunity Grid
Partnership
Consignment Purchase
43. The number of distinct people exposed to a retailers promotion efforts in a specific period
String
Data Warehousing
Reach
Wheel of Retailing
44. Used by retailers that promote throughout the year
Cost of Method Accounting
Distributed Promotion Effort
Customer Service
Traditional Department Store
45. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality
Incremental Budgeting
Tactics
Manufacturer (national) Brands
Outshopping
46. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]
Percentage Variation Method
Classification Merchandising
Retail Promotion
Monthly Sales Index
47. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them
Storefront
Regression Model
Mass Marketing
Limited Decision Making
48. The portion of revenues turned over to the federal - state and/or local government
Taxes
Controllable Variables
Application Blank
Electronic Point of Sale System
49. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Rack Display
Downsizing
Zero-Based Budgeting
Problem Awareness
50. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase
Hierarchy of Authority
Extended Decision Making
Ethics
Hierarchy of Effects
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