3.1 Retail Operations Basics Knowledge Check

The retailers total inventory is:

• All inventory a retailer has on order

• All inventory available in the retailer's physical stores

• All inventory owned by the retailer, regardless of it's 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

• Out-of-stock

• Stocking

• Excess Inventory

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

• Safety stock

• Out-of-stock

• Back stock

• Excess Inventory

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

• Stocking

• Inventory

• 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. She then continues stocking and moves on with her day. Which of the following would be true?

• The inventory system's numbers would still be accurate

• The number of shampoo bottles in the inventory system 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