Retail Fundamentals Knowledge Check 2.3

A retailer's total inventory is defined as:

• all inventory a retailer has on order

• all inventory available in the retailer's physical stores

• all inventory owned by the retailer, regardless of location

• all inventory sold within the past year

Other than in the stockroom, where is a store's inventory kept?

• at the distribution center

• on the sales floor

• at the manufacturer

• in the office

The process of automatic or manual ordering to meet product demands is called

• inventory replenishment

• RFID

• PLU

• excess inventory

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

• back stock

• picking

• stocking

• excess inventory

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

• safety stock

• replenishing

• back stock

• excess inventory

When products arrive at a physical store, the process used to enter it into the store's on-hand inventory is called:

• stocking

• inventory replenishment

• receiving

• inventory tracking

Juliana is stocking shampoo on the sales floor. She finds a bottle that has a hole and is leaking shampoo and throws it out. Then she continues stocking and moves on with her day. Which of the following would then be true?

• The inventory system's numbers would still be accurate.

• The number of shampoo bottles in the inventory systems would be too high.

• The number of shampoo bottles in the inventory system would be too low.

• The inventory would need to be counted manually.

Cash registers, scanners, and card readers are part of the _______ system.

• inventory

• point of sale

• merchandising

• advertising

What is the second step in the inventory life cycle?

• products are received, tagged, and/or priced

• inventory arrives at the store

• inventory is moved to the sales floor

• inventory is purchased

Janice is taking items from the stockroom and placing them on display in the shop. What part of the inventory life cycle is this an example of?

• Stage 1: inventory arrives

• Stage 2: inventory is received, tagged, and/or priced

• Stage 3: inventory is moved to the sales floor

• Stage 5: inventory is purchased