MKMS2-RetailCert- Final Exam Review

Which of the following is the best way to demonstrate that you have understood a customer?

• Restate and summarize their needs

• Ask the customer to repeat what they said

• Restate the customer's exact words

• Ask the customer a follow-up question

Which of the following is NOT an example of employee fraud or theft?

• Intentionally pricing items incorrectly

• Giving products away to friends or family

• Chatting with co-workers when there's stocking to be done

• Taking a coffee break

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

Which agency or law protects employees against hazards in the workplace?

• ADA

• OSHA

• FMLA

• FDIC

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

• Stocking

• Inventory replenishment

• Receiving

• Inventory tracking

Which of the following is NOT a step in the basic selling process?

• Make a connection

• Recite product features

• Personalize service

• Assess needs

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

• $50 million

• $500 million

• $5 billion

• $50 billion

Which of the following refers to the total amount of money that a retailer brings in?

• Profit

• Revenue

• Cost of Goods Sold

• Operating costs

Which of the following refers to the difference between revenue and cost of goods sold?

• Net profit

• Gross profit

• Profit margin

• Profit margin percentage

What's the term for reducing the price of an item in order to encourage sales?

• Net profit

• Margin

• Markup

• Markdown