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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. The profit earned after all costs and taxes have been deducted
Gross Profit (margin)
Unit Pricing
Net Profit After Taxes
Gross Margin
2. Used by both large and small retailers so they can efficiently process transactions and monitor inventory
Computerized Checkout
Cut Case
Operations Blueprint
Rack Display
3. Typically supervises the on-floor selling and operational activities for a specific retail department
Pre-Training
Experiment
Sales Manager
Trading Area
4. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance
Curing (Free-Flowing) Traffic Flow
Cost of Method Accounting
Differentiated Marketing
Revolving Credit Account
5. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods
Secondary Business District (SBD)
Chargebacks
Horizontal Price Fixing
Primary Data
6. The reasons for a consumers behavior
Stock Turnover
Markup Pricing
Motives
Class Consciousness
7. An inexpensive display that leaves merchandise in the original carton
Monthly Sales Index
Rack Display
Item Price Removal
Cut Case
8. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite
Internet
Retail Promotion
Data-Base Retailing
Floor-Ready Merchandise
9. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition
Monthly Sales Index
Product/Trademark Franchising
Ease of Entry
Liabilities
10. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100
One-Price Policy
Threats
Monthly Sales Index
Corporation
11. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals
Hierarchy of Authority
Video Kiosk
Exclusive Distribution
Zero-Based Budgeting
12. Converts shopping from a passive activity into a more interactive one - by better engaging customers
Experiential Merchandising
Channel Control
Fashion Merchandise
Net Profit After Taxes
13. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value
Training Programs
Assets
Straight (Gridiron) Traffic Flow
Full-Line Discount Store
14. Whereby each department is subdivided into further categories for related types of merchandise
Benchmarking
Family Life Cycle
Gap Analysis
Classification Merchandising
15. Determines the floor space necessary to carry and display a proper merchandise assortment
Recruitment
Model Stock Approach
Partnership
Retail Organization
16. A retailer carries more items than expects to sell over a specified period
Americans With Disabilities Act
Sorting Process
Convenience Store
Basic Stock Method
17. A way to collect - store and use relevant information about customers
Order-Getting Salesperson
Scenario Analysis
Data-Base Retailing
Cost-Oriented Pricing
18. A method of storing and remotely retrieving data using devices called RFID tags or trandponders
Combination Store
Problem Awareness
Percentage Lease
RFID (radio frequency identification)
19. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer
Corporation
Perceived Risk
Debit Card System
Culture
20. The merchandise categories for which data are gathered
Control Units
Markup Pricing
Everyday Low Pricing (EDLP)
Retail Promotion
21. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer
Need-Satisfaction Approach
Probability (Random) Sample
Retail Organization
Straight (Gridiron) Traffic Flow
22. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity
Quick Response (QR) Inventory Planning
Competition-Oriented Pricing
Intensive Distribution
Control Units
23. Many retail vendors sell a range of products at discount prices in plain surroundings
Franchising
Gross Profit (margin)
Flea Market
Value (retailer)
24. 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
Threats
Horizontal Retail Audit
Off-Price Chain
Inventory Management
25. The portion of revenues turned over to the federal - state and/or local government
Pre-Training
Operating Expenditures
Taxes
Retail Life Cycle
26. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living
Job Motivation
Consumer Behavior
Economic Base
Direct Product Profitability (DPP)
27. The efficiency with which a retail strategy is carried out
Productivity
Horizontal Retail Audit
Scrambled Merchandising
Micromarketing
28. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees
Intensive Distribution
Limited Decision Making
Loss Leaders
HRM Process
29. When a retailer looks at data that are collected to address the specific issue or problem under study
Primary Data
Perceived Risk
Customer Satisfaction
Markup Pricing
30. 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
Visual Merchandising
Evaluation of Alternatives
Pre-Training
Reference Groups
31. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions
Sales Manager
String
Gross Margin
Experiment
32. A multi-line firm operating under central ownership
Diversified Retailer
Opportunistic Buying
Issue (problem) Definition
Probability (Random) Sample
33. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period
Information Search
Operating Expenses
Retail Method of Accounting
Point-of-Purchase Display
34. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold
Outshopping
Stock Turnover
Prototype Stores
Productivity
35. Involve the combination of separately owned retail firms
Mergers
Semantic Differential
Fad Merchandise
Job Motivation
36. When retailers count on suppliers to participate in their inventory management programs
Economic Base
Assortment Merchandise
Productivity
Vendor-Managed Inventory (VMI)
37. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts
Top-Down Space Management Approach
Hidden Assets
Operations Management
Affinity
38. A candid evaluation of the opportunities and threats facing a prospective or existing retailer
Classification Merchandising
Cost of Goods Sold
Situation Analysis
Demand-Oriented Pricing
39. 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
Selective Distribution
Option Credit Account
Inventory Shrinkage
Feedback
40. Information is systematically gathered from respondents by communicating with them
Cross-Merchandising
Feedback
Planogram
Survey
41. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and
Reach
Retail Life Cycle
Stock-to-Sales Method
Direct Product Profitability (DPP)
42. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase
Power Center
Value (customer)
Social Class
Family Life Cycle
43. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased
Exclusive Distribution
Direct Marketing
RFID (radio frequency identification)
Financial Merchandise Management
44. Consists of all the levels of independently owned businesses along a channel of distribution
Vertical Marketing System
HRM Process
Regional Shopping Center
Human Resource Management
45. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area
Neighborhood Business District
Cooperative Advertising
Basic Stock Method
Atmosphere (atmospherics)
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
Revolving Credit Account
Rack Display
Control Units
47. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited
Performance Measures
Traditional Job Description
Product/Trademark Franchising
Conventional Supermarket
48. Selling goods and services to a broad spectrum of consumers
Reference Groups
Mass Marketing
Objectives
Sorting Process
49. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories
Diversification
Franchising
Customary Pricing
Category Management
50. Represents how a given retailer is perceived by consumers and others
Destination Retailer
Image
Consumer Behavior
Corporation