Retail of Business Chapter 2.1 Vocab

Front

This is when there are fewer items in stock than in the total inventory record due to expired products, damage, theft and/or paperwork errors.

Back

Inventory Shrinkage

Front

A retailer system that specifies the amount of inventory in a store or distribution center, identifies how much inventory was sold, tracks the price that each item was sold for, passes information to ordering systems, records product price reductions, and more is called?

Back

Inventory Tracking System

Front

A part of the inventory tracking system that includes barcode scanners, registers, card readers, receipt printers, tablet devices, online and in-app checkouts and may include self-service kiosks in stores—all assist in tracking the reduction of on-hand inventory as it is sold.

Back

Point-of-Sale (POS) System

Front

The term for when customers did not buy as much inventory as the company estimated and there is too much inventory in stock is called?

Back

Excess Inventory

Front

The term for when customers have purchased more products than the company estimated and inventory is sold out. It may or may not be available again in the future, depending on the type of merchandise is called?

Back

Out-of-Stock

Front

The process of placing inventory on sales floor shelves, racks or other displays to be sold is called?

Back

Stocking

Front

Extra inventory kept on hand in case customers buy more than the company estimated before the next shipment arrives is called?

Back

Safety Stock

Front

The behind-the-scenes area where inventory is kept that does not fit on the sales floor or is awaiting a specific release date to be sold is called?

Back

Stockroom

Front

A machine-readable series of parallel lines that combine to create a unique item identifier is called?

Back

Barcode

Front

Tags containing electronically stored information that identifies objects using a radio-wave reader; the system can recognize either individual items or objects containing many products, such as pallets is called?

Back

RFID (Radio Frequency Identification)