RISE Up Retail Industry Fundamentals Ch. 3 Practice Test

A retailer's 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 its 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 tock
• 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 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. She then continues stocking and move 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 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.

Shoplifting is a chronic, expensive problem in the retail industry. In 2016, shoplifting losses were around:

• $50 million
• $500 million
• $5 billion
• $50 billion

These devices are specifically intended to be attached to clothing in order to prevent theft and require a special tool to remove

• SKUs
• PLUs
• Non-electronic ink tags
• Electronic tags

These devices are used primarily to prevent the theft of high-priced items, particularly small ones.

• Display or fixture locks
• Non-electronic ink tags
• Electronic tags
• PLUs