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WorksheetsExam Review/Retail Industry Fundamentals
Total questions: 56
Worksheet time: 28mins
Which of the following is a standard term that describes the audience of retail stores-that is, the people who will buy things from a store?
Manufacturers
Wholesalers
Buyers
Customers
Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers?
Gifts
Training
Services
Products
Which of the following terms best describes a grower of potatoes?
Manufacturer
Wholesaler
Distribution center
Retailer
The majority of retailers are:
Independently owned
Corporations
Franchises
Online only
Which of the following is the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels?
Multichannel
Omnichannel
Integrated Channel
Seamless Channel
Approximately what percentage of U.S. jobs are retail jobs, as of 2019?
5-10%
10-15%
20-25%
35-40%
What kinds of things does a manufacturer produce?
Raw materials
Fossil fuels
Services
Finished products
Which of the following holds large quantities of product that are later sent either to retail locations or directly to customers?
Manufacturer
Wholesaler
Distribution center
Retailer
Which of the following would NOT be a factor that affects which products a retailer chooses to select to offer in a store?
Local customer preferences
Manufacturer incentives
Employee preferences
The store's location
What's the term that describes distributing merchandise from the manufacturer to a retailer's locations?
Innovation
Allocation
Alleviation
Reimagination
What's the term for reducing the price of an item in order to encourage sales?
Net profit
Margin
Markup
Markdown
Which of the following is a term for the overall impression gathered from information that is seen, heard, and experienced by customers who encounter a business, its products and services?
Brand promise
Positive feeling
Company culture
Company brand
Which of the following best defines quality customer service?
Delivering a positive, memorable experience that is more than what the customer expected.
Adhering to company policies when processing returns.
Doing exactly what company procedures say to do.
Offering free items to customers in order to keep them coming back.
After one negative experience, approximately what percentage of people say they will never do business with that company again?
10%
20%
50%
75%
Which of the following is NOT a step in the basic selling process?
Make a connection
Recite product features
Personalize service
Assess needs
Which of the following describes a type of question that cannot reasonably be answered with "yes" or "no"?
A leading question
An open question
An open-ended question
A closed-ended question
Which of the following describes a type of question that is designed to elicit a "yes" or "no" answer?
A leading question
An open question
An open-ended question
A closed-ended question
Which term best describes hearing and understanding what a speaker is saying out loud and any messages suggested behind the words?
Patient listening
Foundational listening
Active listening
Passive listening
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 an example of upselling?
"I also have this other laptop that has most of the same features as the one you're looking at, but at a lower price-it's on sale!"
"I'm sure you'll love those basketball sneakers. Do you also need any T-shirts or shorts?"
"I love the TV model you're looking at; let me show you a different model with similar features, for the same price, so you an see another brand."
"Would you like that as a meal? You can get fries, plus a medium drink, for an extra $2.00."
If a customer was about to purchase a soccer ball, which of the following would be the best item to try to cross-sell?
A basketball
Soccer shorts
A soccer goal frame and net
A baseball bat
Shoplifting is a chronic, expensive problem in the retail industry. In 2016, shoplifting losses were around:
$50 million
$500 million
$5 billion
$50 billion
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 stock
Out-of-stock
Stocking
Excess inventory
Extra inventory kept on hand in case of 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 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 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
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
If a POS system detects credit card or debit card fraud, what will it do?
Sound an alarm
Decline the transaction
Process the transaction
Place an automated call to security
What's the specific term for the situation in which a customer purchases a new item and then returns an old, damaged, similar item using the new item's receipt?
Receipt fraud
Switch fraud
Identity theft
Return fraud
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 coworkers when there's stocking to be done.
Taking a coffee break.
What percent of shoplifting is due to employee theft?
20%
30%
40%
50%
Which agency or law protects employees against hazards in the workplace?
ADA
OSHA
FMLA
FDIC
Which agency or law protects employees who report unlawful or unsafe practices?
Whistleblower Protection Act
Americans with Disabilities Act
Family and Medical Leave Act
Unsafe Practices Act
Which of the following is a proper lifting technique?
Lift close to your body
Keep your feet close together
Lift with your back
If you're straining, bend your knees
If you see a spill of food or liquid on the sales floor, what's the first thing you should do?
Call for a custodian or maintenance person to clean it up
Find a mop or broom and clean it up yourself
Find out who was responsible for causing the spill
Stand near or over the spill to direct traffic away from it until it can be cleaned up
Which of the following is the specific term that describes an injury caused by an item falling off a shelf and hitting a person?
Accidental injury
Negligence
Struck-by injury
Struck-against injury
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 amount of money that a retailer makes after accounting for expenses?
Profit
Revenue
Cost of Goods Sold
Operating costs
Which of the following refers to the difference between revenue and all expenses, including the cost of goods sold and operating expenses?
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
If a business' revenue is $1,150 and its cost of goods sold (COGS) is $734, what is the business' gross profit?
$1884
$516
$416
There's not enough information to calculate this
If a business's gross profit is $100 and its revenue is $500, what is the business' profit margin percentage?
20%
100%
25%
There's not enough information to calculate this
Which of the following is NOT a concept that helps you manage your time effectively?
Organizing
Prioritizing
Procrastinating
Focusing
Part of effective time management is prioritizing tasks. Which of the following is NOT a code that you would use when setting priorities?
Do
Delegate
Designate
Delay
Suppose that Bill and JoAnne are sales associates at a retailer. Bill says to JoAnn: "I'm not getting to work the shifts I want-I can't believe that Alexis only gave me 6 hours this week. I don't even think I can make my rent this month if this doesn't change." What's the problem that Bill is facing?
He doesn't like the times when he works
He isn't getting assigned enough hours and worries about the financial consequences of having a lighter schedule than he expected
He doesn't like his manager
He wants to work in a different part of the store
Which of the following is a SMART goal?
I will improve my sales.
I will increase my monthly sales volume by 20% by the end of March.
I will increase my sales volume until my manager is happy with my performance.
I will increase my monthly sales volume every month.
What's the term for a very brief speech that you can use to sell yourself to people you meet?
A job post
A keynote speech
An elevator pitch
A sales presentation
If you have a job interview scheduled for 1:00PM, when's the best time to arrive at the store where you're being interviewed?
1:00 PM
12:30 PM
12:45 PM
12:59 PM
What's the standard method to use to thank an interviewer after the interview?
Via email
Via text message
Via phone call
By sending a card in the mail
Which of the following comments would be inappropriate in a social media post?
Retail friends: I'm looking for a sales associate position, so if you know anyone, feel free to mention me!
Joe, send me your demo reel and I'll talk to my producer friend about you.
Quit my job today! No more being exploited and unappreciated!
Thanks to Walgreens for filling my prescription so quickly!
Which of the following is a term for physical goods that are bought and sold?
Sales
Products
Pricing
Services
