Retail of Business Chapter 2.1 Vocab

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.

• Excess Inventory

• Inventory Tracking System

• Inventory Shrinkage

• Stocking

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?

• Excess Inventory

• Inventory Tracking System

• Inventory Shrinkage

• Stocking

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.

• Excess Inventory

• Inventory Tracking System

• Inventory Shrinkage

• Point-of-Sale (POS) System

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?

• Excess Inventory

• Inventory Tracking System

• Inventory Shrinkage

• Point-of-Sale (POS) System

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?

• Excess Inventory

• Out-of-Stock

• Inventory Shrinkage

• Point-of-Sale (POS) System

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

• Stocking

• Out-of-Stock

• Inventory Shrinkage

• Point-of-Sale (POS) System

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

• Stocking

• Out-of-Stock

• Inventory Shrinkage

• Safety Stock

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?

• Stocking

• Out-of-Stock

• Stockroom

• Safety Stock

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

• PLU (Price Look-Up)

• RFID (Radio Frequency Identification)

• Barcode

• Safety Stock

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?

• PLU (Price Look-Up)

• RFID (Radio Frequency Identification)

• Barcode

• Safety Stock