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WorksheetsBusiness of Retail - Post Test Review - Practice B
Total questions: 35
Worksheet time: 18mins
Name
Class
Date
1.
Which of the following would be considered a cost of goods?
a)
Electricity bill
b)
Employee wages
c)
Wholesale purchase price
d)
Insurance premium
2.
What pricing strategy uses a price like $9.99 instead of $10.00 to make it more appealing?
a)
Vendor pricing
b)
Psychological pricing
c)
Bundle pricing
d)
Skimming
3.
Which pricing method involves doubling the wholesale price of a product?
a)
Keystone pricing
b)
Competitive pricing
c)
Discount pricing
d)
Economy pricing
4.
James runs a boutique and buys scarves at $12 each. If he uses a 50% markup strategy, what will the selling price be?
a)
$16
b)
$18
c)
$20
d)
$24
5.
Jalen owns a store that buys backpacks at $20 each. He decides to use keystone pricing. What price will he likely list them at?
a)
$25
b)
$30
c)
$35
d)
$40
6.
Nolan is helping his manager mark down snow boots in March. Which reason best explains this markdown?
a)
New competitors opened
b)
They are out of season
c)
The boots are too expensive
d)
The supplier raised prices
7.
If a retailer wants to attract budget-conscious customers and keep all expenses low, which strategy should they use?
a)
Price skimming
b)
Bundle pricing
c)
Psychological pricing
d)
Economy pricing
8.
Why might a retailer accept a lower profit on one item in their store?
a)
To pay less in taxes
b)
To meet legal price limits
c)
To sell more of another item
d)
To reduce vendor costs
9.
Kevin notices his video game store has too many copies of an old game. He suggests bundling it with a new controller. What strategy is he using?
a)
Multiple pricing
b)
Bundle pricing
c)
Psychological pricing
d)
Vendor pricing
10.
Savannah is starting a skincare brand and wants to target early adopters. What pricing method should she choose?
a)
Competitive pricing
b)
Price skimming
c)
Keystone pricing
d)
Economy pricing
11.
Kayla's store has high-end clothing. She decides to follow MSRP. What pricing strategy is she using?
a)
Vendor pricing (MSRP)
b)
Psychological pricing
c)
Keystone pricing
d)
Competitive pricing
12.
Gabby argues that markdowns can attract traffic and clear space. Do you agree?
a)
No, markdowns hurt sales
b)
Yes, they can attract traffic
c)
No, only expensive items should be marked down
d)
Yes, because required
13.
Aideen enters a number at checkout to identify apples. What is this code called?
a)
Upselling
b)
Cross selling
c)
Price look up (PLU)
d)
Barcode
14.
Callie is offered a points program at a jewelry store. What is this called?
a)
Targeting advertisement
b)
Digital signage
c)
Social Media program
d)
Loyalty program
15.
Retailer buys apples at $1.25 and sells for $4.99. Has 30 bags. What is total revenue?
a)
$37.50
b)
$112.20
c)
$149.70
d)
$37.5
16.
Danna sells 40 scarves at $39.99. Cost is $3.75. What is revenue?
a)
$36.24
b)
$1,449.60
c)
$1,599.60
d)
$150
17.
Jax sells 20 shirts for $21 each. Cost is $7.25 per shirt. What is gross profit?
a)
$145
b)
$420
c)
65%
d)
$275
18.
James sells 20 shirts for $21 each. Cost is $7.25. What is markup?
a)
$145
b)
$420
c)
$13.75
d)
$21
19.
Makaylah sells 15 bracelets for $10. Cost is $1.35. Operating cost is $17.89. Net profit?
a)
$111.86
b)
$136.50
c)
$118.61
d)
$95.35
20.
Aunt asks for out-of-stock ring. What is most appropriate response?
a)
Offer discount on other item
b)
Suggest website
c)
Call niece
d)
Locate ring in other store or website
21.
Cupid has $200 to spend. Macy’s vs Nordstrom. What kind of competition?
a)
Indirect
b)
Replacement
c)
Rival
d)
Direct
22.
First thing to do when glass is found on floor?
a)
Find broom
b)
Tell manager
c)
Put up barrier
d)
Call custodian
23.
Customer wants Red Lobster, boyfriend wants Olive Garden. What kind of competition?
a)
Indirect
b)
Replacement
c)
Rival
d)
Direct
24.
Pineapples cost $6, sell for $10. What is margin?
a)
$6
b)
$4
c)
$3
d)
$5
25.
What helps get most positive customer feedback?
a)
Maintain inventory of popular items
b)
Wide low-mid quality products
c)
Large selection of all
d)
Stock high quality
26.
Out of polo shirts and need special order. What to do first?
a)
Find who deals with vendors
b)
Post sign
c)
Check product book
d)
Find order forms
27.
Spilled milk on floor. First action?
a)
Find mop
b)
Tell manager
c)
Put up barrier
d)
Call custodian
28.
What do retailers use to predict what will sell?
a)
POS system
b)
RFID
c)
Historical data
d)
Stocking
29.
Pricing an item at $19.97 is example of?
a)
Keystone
b)
Discounted
c)
Competitive
d)
Psychological
30.
What does 'S' in MSRP stand for?
a)
Solution
b)
Standard
c)
Store
d)
Suggested
31.
Most common type of preventable loss?
a)
Vendor fraud
b)
Operational errors
c)
Shoplifting
d)
Employee theft
32.
How to calculate gross profit margin %?
a)
Revenue - gross profit
b)
Revenue ÷ gross profit
c)
Gross profit - revenue
d)
Gross profit ÷ revenue
33.
Robber with knife demands cash. What should associate do?
a)
Fight
b)
Stay calm, comply
c)
Reason
d)
Escape
34.
Customer fell but got up. Should associate write incident report?
a)
Only if complain
b)
Only if called
c)
Only if manager asks
d)
Yes, always
35.
Backpack cost $13, sell $20. Want $3 profit. What is lowest markdown %?
a)
10%
b)
15%
c)
20%
d)
25%
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