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Under which method is it assumed that old stock is sold first and that new stock
remains on the shelves?
a. FIFO
b. retail method of accounting
c. LIFO
d. cost method of accounting
A firm's markdown strategy has the greatest impact on which ratio?
a. collection period
b. current ratio
c. quick ratio
d. overall gross profit
Which type of general merchandise retailer is most prone to have limited customer
services and an austere store environment?
a. specialty store
b. department store
c. off-price chain
d. conventional supermarket
Those aspects of business that a retailer can directly affect are referred to as _____.
a. controllable variables
b. strategy
c. uncontrollable variables
d. tactics
Which retail assortment strategy is utilized by a convenience store?
a. wide and deep
b. deep and shallow
c. narrow and shallow
d. narrow and deep
Which consumer lifestyle grouping includes family and nonfamily household
members?
a. component lifestyle
b. family life cycle
c. reference group influence
d. household life cycle
The element of perceived risk that relates to product safety is _____ risk.
a. performance
b. social
c. economic
d. physical
The use of a control group is a common aspect of which data collection technique?
a. a survey
b. an experiment
c. observation
d. simulation
What dollar amount in U.S. retail sales is lost each year due to employee theft,
customer shoplifting, and vendor theft?
a. $15 billion
b. $45 billion
c. $75 billion
d. $100 billion
A retailer determines the value of a downtown retail site through monitoring pedestrian
traffic counts. This illustrates which data collection technique?
a. survey
b. observation
c. experimentation
d. simulation
Informal buying organizations are generally found in _____.
a. chains
b. department stores
c. independents
d. variety stores
Outside auditors _____.
a. have a complete understanding of departmental operations
b. have prime responsibility to another job position
c. have limited independence
d. require time lags while gaining familiarity
Ease of entry into direct marketing is facilitated by _____.
a. low capital requirements due to no need for stores
b. the use of dual distribution channels
c. the need for technological skills
d. low paper and postage costs
The largest shopping area in a city that is synonymous with the term "downtown" is the
_____.
a. string
b. central business district
c. secondary business district
d. regional shopping center
The adjusted ending retail book value of inventory adjusts the ending retail book value
of inventory to reflect _____.
a. markdowns
b. sales
c. stock shortages and stock overages
d. employee discounts
The distinction of whether a customer service is considered expected or augmented is
based upon the _____.
a. degree of computerization
b. retailer size
c. cost of the service offered
d. target market served
The only distinction between advertising and publicity is that public relations is more
credible.
Only large firms can successfully adjust their retail strategies in response to consumer
preferences.
Job analysis is used as input in retail personnel selection, the establishment of
performance standards, and salary administration.
Traditional retailers can use flea markets as part of a differentiated marketing strategy.
A manufacturer can limit price competition in a retail area through use of intensive
distribution.
"Sleepers" in the category management matrix are cash cows.
The description of a trading area is the first stage in an analysis of a retail store location.
A retailer can increase employee productivity through cross-training.
Buyers are able to effectively control sales personnel in the Mazur plan since they are
constantly on the selling floor.
Generally, there are few differences in human resource management procedures and
strategies in unionized versus nonunionized retailers.
