1) A system of numbers that uniquely identifies bulk produce items or other items on which it may be difficult to apply a) receiving b) PLU (Price Look-Up) c) Safety stock d) inventory replenishment e) stockroom 2) The behind-the-scenes area in a store where inventory is kept that does not fit on the sales floor or is awaiting a specific release date to be sold. a) receiving b) PLU (Price Look-Up) c) Safety stock d) inventory replenishment e) stockroom 3) The process of matching the invoiced quantity to the actual products delivered. a) receiving b) PLU (Price Look-Up) c) Safety stock d) inventory replenishment e) stockroom 4) The process of automatic or manual arodering to meet product demands. a) receiving b) PLU (Price Look-Up) c) Safety stock d) inventory replenishment e) stockroom 5) Extra inventory kept on hand in case customers buy more than the estimated amount before the next shipment arrives. a) receiving b) PLU (Price Look-Up) c) Safety stock d) inventory replenishment e) stockroom 6) When there are fewer items in stock than in the total inventory record indicates there are. a) stocking b) out-of-state c) excess inventory d) inventory shrinkage or shrink e) inventory tracking systems f) point-of-sale (POS) system 7) The process of placing inventory on sales floor shelves, racks. or other displays to be sold. a) stocking b) out-of-state c) excess inventory d) inventory shrinkage or shrink e) inventory tracking systems f) point-of-sale (POS) system 8) The system used when a customer purchases an item, typically at a checkout lane. a) stocking b) out-of-state c) excess inventory d) inventory shrinkage or shrink e) inventory tracking systems f) point-of-sale (POS) system 9) The situation that occurs when Customs did not buy as much of a product as estimated, so there is too much of that product in stock. a) stocking b) out-of-state c) excess inventory d) inventory shrinkage or shrink e) inventory tracking systems f) point-of-sale (POS) system 10) Retailer systems that speicfy the amount of inventory in a store or distribbution center, indentify how much inventory was sold, track the price that each item was sold for, pass information to ordering systems, record product price reductions, and more. a) stocking b) out-of-state c) excess inventory d) inventory shrinkage or shrink e) inventory tracking systems f) point-of-sale (POS) system 11) The situation that occurs when customers have purchased more of a product than the company estimated and an item is sold out. a) stocking b) out-of-state c) excess inventory d) inventory shrinkage or shrink e) inventory tracking systems f) point-of-sale (POS) system 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) 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 14) The process of automatic or manual ordering to meet product demands in called: a) inventory replenishment b) RFID c) PLU d) excess inventory 15) 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 16) Extra inventory kept on hand in case customers buy more than the company estimated before the next shipment arrives a) safety stock b) out-of-stock c) back stock d) excess inventory 17) 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 18) Shoplifting is a chronic, expensive problem in the retail industry. In 2016, shoplifting losses were around: a) $50 million b) $500 million c) $5 billion d) $50 billion 19) These devides are specifically intended to be attached to clothing in order to prevent theft, and require a special tool to remove a) SKOs b) PLUs c) Non-electronic ink tags d) Electronic tags 20) 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 21) 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 22) 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 23) 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 socking to be done d) taking a coffee break 24) What percent of shoplifting is due to employee theft? a) 20% b) 30% c) 40% d) 50% 25) Which agency or law protects employees against hazards in the workplace? a) ADA b) OSHA c) FMLA d) FDIC 26) 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 27) 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 staining, bend your knees 28) If you see a spill or 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) fint out who was responsiblle for causing the spill d) stand near or over the spill to direct traffic away from it until it can be cleaned up 29) 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 30) Which of the following refers to the total amount of money that a retailer brings in? a) Profit b) Revenue c) Cost of Good Sold d) Operating costs 31) Which of the following refers to the total amount of money that a retailer makes after accounting for expenses? a) Profit b) Revenue c) Cost of Good Sold d) Operating costs 32) Which of the following refers to the difference between revenue and cost of goods sold? a) Net profit b) gross profit c) profit of margin d) profit margin percentage 33) 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 of margin d) profit margin percentage 34) What's the term for reducing the price of an item in order to encourage sales? a) Net rpofit b) Margin c) Markup d) Markdown 35) If a business' gross profit is $100 and its revenue is $500, what is the business' profit margin percentage? a) 20% b) 100% c) 25% d) There's not enough information to calculate this

Retail Operations 3.1 - 3.4

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