Chapter 2 BoR Vocabulary

What is a barcode?

• A) A type of food

• B) A machine-readable series of parallel lines, used in retail to create a unique item identifier.

• C) A musical instrument

• D) A type of clothing

What is RFID (Radio Frequency Identification)?

• A technology for wireless communication

• A tag containing electronically-stored information that identifies objects using a radio wave reader

• A method for data encryption

• A type of barcode system

What does PLU (Price Look Up) stand for?

• A) A system of numbers used to identify bulk produce items

• B) A pricing strategy for retail items

• C) A method for calculating discounts

• D) A barcode scanning technique

What is the definition of Inventory Replenishment?

• The process of automatic or manual ordering to meet product demands.

• The process of selling products to customers.

• The process of manufacturing goods.

• The process of marketing products.

Fill in the blank: Receiving is the process of matching the _______ quantity to the actual products delivered.

• invoiced

• ordered

• shipped

• expected

What is a stockroom?

• A) A place where customers shop

• B) A behind-the-scenes area where inventory is kept either because it does not fit on the sales floor or is awaiting a specific release date to be sold.

• C) A display area for new products

• D) A checkout counter

What is the definition of Safety Stock?

• Safety Stock is extra inventory kept on hand in case customers buy more than the amount estimated before the next shipment arrives.

• Safety Stock is the main inventory used to fulfill regular customer orders.

• Safety Stock is the inventory that is returned by customers.

• Safety Stock is the inventory used for promotional sales.

What is the definition of 'Stocking'?

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

• The process of removing inventory from shelves.

• The process of manufacturing goods.

• The process of delivering goods to customers.

What does the term 'Out of stock' mean?

• The term used when there is not enough merchandise to satisfy a product demand.

• The term used when there is excess merchandise.

• The term used when a product is discontinued.

• The term used when a product is on sale.

Fill in the blank: Excess Inventory is when a retailer has too much merchandise in stock as a result of inaccurately estimating _________.

• product demand.

• supply chain.

• market trends.

• inventory costs.