1) Which of the following is a term for physical goods that are bought and sold? a) Sales b) Products c) Pricing d) Services 2) Which of the following is a standard term that describes the audience of retail stores - that is, the people who will buy things from the stores? a) Manufacturers b) Wholesalers c) Buyers d) Customers 3) Which of the following is a term for intangible things, such as providing a delivery, that are sold by retailers? a) Gifts b) Training c) Services d) Products 4) What kinds of things does a manufacturer produce? a) Raw materials b) Fossil fuels c) Services d) Finished products 5) Which of the following describes a grower of strawberries? a) Manufacturer b) Wholesaler c) Distribution center d) Retailer 6) Which of the following is the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels? a) Multichannel b) Omnichannel c) Integrated channel d) Seamless channel 7) The majority of retailers are: a) Independently owned b) Corporations c) Franchises d) Online only 8) Which of the following is the standard definition of a retail ecosystem? a) An interconnected system of approaches for meeting the goal of retailing, which is t provide customers with the merchandise and services they want. b) A group of stores that work together collaboratively to serve customers' needs. c) A team of store employees who help each other. d) A set of technological systems that work together in order to make sure all products in a retailer's inventory are tracked and accounted for. 9) Approximately what percentage of U.S. jobs are retail jobs, as of 2019? a) 5-10% b) 10-15% c) 20-25% d) 35-40% 10) What term describes delivering a positive, memorable experience that is more than what the customer expected? a) Customer service b) Quality customer service c) Service d) Sales 11) Other than in the stockroom, where is a store's inventory kept? a) At the distribution center b) On the sales floor c) At the manufacturer d) In the office 12) A retailer's total inventory is: a) All inventory a retailer has on order b) All inventory available in the retailer's physical stores c) All inventory owned by the retailer, regardless of its location d) All inventory sold within the past year 13) A customer has $300 to spend on a gift and is considering buying either a product at Best Buy or a product at Brooks Brothers. What type of competitive relationship exists between the two retailers in this situation? a) Direct competitors b) Indirect competitors c) Replacement competitors d) Rival competitors 14) A retailer's profit is a) The amount the company spends b) The amount the company makes in sales c) The amount the company owes d) The amount the company gets to keep after expenses 15) A customer is hungry and can't decide whether to get a roast beef sandwich at Arby's or pick up Chinese food at Panda Express. What type of competitive relationship exists between the two retailers in this situation? a) Direct competitors b) Indirect competitors c) Replacement competitors d) Rival competitors 16) This is extra inventory kept on hand in case customers buy more than the estimated amount before the next shipment arrives. a) Safety stock b) Back stock c) Replenishment d) Out-of-Stock 17) This is a machine-readable series of parallel lines that combine to create a unique item identifier. a) RFID b) Barcode c) PLU d) Excess Inventory 18) The process of automatic or manual ordering to meet product demands is called: a) Inventory replenishment b) RFID c) PLU d) Excess Inventory 19) The process of placing inventory on sales floor shelves, racks or other displays to be sold is called: a) Back stock b) Out-of-stock c) Stocking d) Excess Inventory 20) The term for when a retailer has run out of a particular item: a) Safety stock b) Out-of-stock c) Back stock d) Excess inventory 21) When products arrive at a physical store, the process used to enter it into the store's on-hand inventory is called: a) Stocking b) Inventory replenishment c) Receiving d) Inventory tracking 22) Juliana is stocking shampoo on the sales floor. She finds a bottle that has a hole and is leaking shampoo, and throws it out. She then continues stocking and moves on with her day. Which of the following would then be true? a) The inventory system's numbers would still be accurate b) The number of shampoo bottles in the inventory system would be too high c) The number of shampoo bottles in the inventory would be too low d) The inventory would need to be counted manually 23) Which devices allow security personnel or managers to watch several areas of the business from a central location? a) PLUs b) SKUs c) Fixture Locks d) Closed-circuit cameras 24) These devices are specifically intended to be attached to clothing in order to prevent theft, and require a special tool to remove. a) SKUs b) PLUs c) Non-electronic ink tags d) Electronic tags 25) These devices are used primarily to prevent the theft of high-priced items, particularly small ones. a) Display or fixture locks b) Non-electronic ink tags c) Electronic tags d) PLUs 26) If a POS system detects credit card or debit card fraud, what will it do? a) Sound an alarm b) Decline the transaction c) Process the transaction d) Place an automated call to security 27) What's the specific term for the situation in which a customer purchases a new item and then returns an old, damaged, similar item using the new item's receipt? a) Receipt fraud b) Switch fraud c) Identity theft d) Return fraud 28) Which of the following is NOT an example of employee fraud or theft? a) Intentionally pricing items incorrectly b) Giving products away to friends or family c) Chatting with coworkers when there's stocking to be done d) Taking a coffee break 29) Approximately what percentage of shoplifting is due to employee theft? a) 20% b) 30% c) 40% d) 50% 30) Which agency or law protects employees against hazards in the workplace? a) ADA b) OHSA c) FMLA d) FDIC 31) Which agency or law protects employees who report unlawful or unsafe practices? a) Whistleblower Protection Act b) Americans with Disabilities Act c) Family and Medical Leave Act d) Unsafe Practices Act 32) Which of the following is a proper lifting technique? a) Lift close to your body b) Keep your feet close together c) Lift with your back d) If you're straining, bend your knees 33) If you see a spill of food or liquid on the sales floor, what's the first thing you should do? a) Call for a custodian or maintenance person to clean it up b) Find a mop or broom and clean it up yourself c) Find out who was responsible for causing the spill d) Stand near or over the spill to direct traffic away from it until it can be cleaned up 34) Which of the following is the specific term that describes an injury caused by an item falling off a shelf and hitting a person? a) Accidental injury b) Negligence c) Struck-by injury d) Struck-against injury 35) Which is not a component of a marketing plan? a) Planogram b) Product c) Price d) Promotion 36) Bill is creating and selling homemade cookies. Which of the following factors does NOT directly affect how much Bill will sell his cookies for? a) The price of sugar b) The prices of Bill's competitors charge for similar cookies c) The oven temperature Bill uses when he bakes the cookies d) The amount of money that Bill wants to make on each sale 37) Which of the following is NOT considered a promotional strategy? a) Advertising b) Publicity c) Personal selling d) Pricing 38) The promotional approach aimed at specific customers with the goal of getting the customer to take action is called: a) Direct marketing b) Cold calling c) Sales d) Advertising 39) The most influential form of advertising is: a) Newspaper b) Cold calling c) Social media d) TV 40) Visual Merchandising does the following: a) Promotes products using magazine advertisements b) Creates advertising billboards c) Allows customers to make a connection with products d) Organizes merchandise in the stockroom 41) When doing a store walkthrough, you notice a light fixture in the stockroom that's covered with dust and dead insects, and one light bulb is flickering. What do you do? a) Fix it yourself b) Tell your manager c) Ignore the issue - maintenance will take care of it d) Clean it up 42) When doing a store walkthrough, you see spilled soda on the floor. What do you do first. a) Get a cone or marker and put it near the spill so that no one will walk on it b) Tell your manager c) Ignore the issue - maintenance will take care of it d) Clean it up 43) What's the term for a schematic diagram that visually represents the way in which merchandise should be displayed on the sales floor? a) Visual merchandising b) Planogram c) PLU d) Inventory system 44) The FIFO method makes sure that which of the following occurs: a) Items with the nearest-term expiration dates are in the front b) Items with the nearest-term expiration date are in the back c) Top-selling items are in the front d) Top-sell items are in the back 45) Which of the following refers to the total amount of money that a retailer brings in? a) Profit b) Revenue c) Cost of Goods Sold d) Operating Costs 46) Which of the following refers to the amount of money that a retailer makes after accounting for expenses? a) Profit b) Revenue c) Cost of Goods Sold d) Operating costs 47) Which of the following refers to the difference between revenue and cost of goods sold? a) Net profit b) Gross profit c) Profit margin d) Profit margin percentage 48) Which of the following refers to the difference between revenue and all expenses, including the cost of goods sold and operating expenses? a) Net profit b) Gross profit c) Profit margin d) Profit margin percentage 49) What's the term for reducing the price of an item in order to encourage sales? a) Net profit b) Margin c) Markup d) Markdown 50) Carla has a small phone=accessory business. She buys accessories from manufacturers and resells them to her customer. Which of the following are NOT operating expenses for Carla? a) Website hosting fees b) Transportation costs c) The costs of the phone accessories that she buys and resells d) Credit card processing fees 51) Using the manufacturer's suggested retail price is called: a) Bundle pricing b) Keystone pricing c) Psychological pricing d) Vendor pricing 52) Selling multiple products and services together at a lower retail price than if all items were purchased individually is called: a) Bundle pricing b) Keystone pricing c) Psychological pricing d) Vendor pricing 53) Using prices that end in the numbers 5, 7, or 9 can indicate a fair price to customers. This is called: a) Bundle pricing b) Keystone pricing c) Psychological pricing d) Vendor pricing 54) Offering a promotional markdown with a coupon is called: a) Competitive pricing b) Discount pricing c) Markup pricing d) Multiple pricing 55) Selling multiple items for one price, such as, "buy one, get one free," is an example of: a) Competitive pricing b) Discount pricing c) Markup pricing d) Multiple pricing 56) Applying a preset margin rate to the cost of items to determine retail price is called: a) Competitive pricing b) Discount pricing c) Markup pricing d) Multiple paricing

Retail Sample Test Questions

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