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Retail Fundamentals Review

Total questions: 76

Worksheet time: 38mins

Name
Class
Date
1.

Which item is considered a retail product?

a)

Air Conditioner Repair

b)

New Air Conditioner

c)

Extended Warranty on an Air Conditioner

2.

The period of time an item remains useable, or fit for consumption

a)

Stock

b)

Rotten

c)

Shelf Life

3.

A large facility that manufacturers send large quantities of product to then distributed to stores.

a)

Garage

b)

Storage Warehouse

c)

Distribution Center

4.

When distribution team members use replenishment reports to retrieve quantities of items to be sent to store are.

a)

Stocking

b)

Picking

c)

Sending

5.

Who is responsible for making sure the safety exits aren't blocked and are free to be used in an emergency.

a)

OSHA Officer

b)

Police Officer

c)

Retail Employee

6.

A customer makes a purchase and their transaction total is $21.47. The customer pays with $50.00 in cash. How much change should they receive?

a)

$28.53

b)

$30.52

c)

$19.25

7.

What organization oversees and controls workplace safety regulations?

a)

OSHA

b)

FSLA

c)

SOTP

8.

What does the "R" in SMART Goal Setting stand for?

a)

Retail-Orientated

b)

Results-Oriented

c)

Restart

9.

Which functional area in a retail store usually manages the on-site revenue generation, administration, and reports on the center's expenses?

a)

Warehouse Management

b)

Marketing

c)

Finance

10.

Where are you most likely to find your company's policies and procedures?

a)

In an employee handbook

b)

In the breakroom

c)

In your managers office

11.

Which of the following is a term for physical goods that are bought and sold?

a)

Sales

b)

Products

c)

Services

12.

Which of the following is a standard term that describes the audience of retail stores-the people who will buy things from the stores?

a)

Customers

b)

Buyers

c)

Wholesalers

13.

Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers?

a)

Services

b)

Products

c)

Gifts

14.

Which of the following terms best describes a grower of potatoes?

a)

Manufacturer

b)

Wholesaler

c)

Retailer

15.

The majority of retailers are:

a)

Corportations

b)

Independently Owned

c)

Franchise

16.

Which of the following is the term for the retailing approach that places the focus of creating a seamless shopping experience for customers by integrating multiple channels?

a)

Omnichannel

b)

Multichannel

c)

Seamless Channel

17.

Approximately what percentage of U.S. jobs are retail jobs as of 2019?

a)

5-10%

b)

10-15%

c)

20-25%

18.

What kinds of things does a manufacturer produce?

a)

Finished Products

b)

Services

c)

Raw Materials

19.

Which of the following holds large quantities of product that are later sent either to retail locations or directly to customers?

a)

Manufacturer

b)

Wholesaler

c)

Distribution Center

20.

Which of the following would NOT be a factor that affects which products a retailer chooses to select to offer in a store?

a)

Local customer preferences

b)

Employee preferences

c)

Manufacturer incentives

21.

What is the term that describes distributing merchandise from the manufacturer to a retailer's locations?

a)

Allocation

b)

Alleviation

c)

Innovation

22.

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

a)

Net Profit

b)

Margin

c)

Markdown

23.

Which of the following is the term for the overall impression gathered from information that is seen, heard or experience by customers who encounter a business, its products and services?

a)

Brand Promise

b)

Company Brand

c)

Company Culture

24.

Which of the following best defines quality customer service?

a)

Delivering a positive, memorable experience that is more than what the customer expected.

b)

Doing exactly what company procedures say to do.

c)

Offering free items to customers in order to keep them coming back.

25.

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

a)

Make a Connection

b)

Recite Product Features

c)

Personalize Service

d)

Assess Needs

26.

Which of the following describes a type of question that cannot reasonably be answered with yes or no?

a)

A leading question.

b)

An open-ended question

c)

A close-ended question

27.

Which term best describes hearing and understanding what a speaker is saying out loud and any message suggested behind the words?

a)

Patient listening

b)

Active listening

c)

Passive listening

28.

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

a)

Restate and summarize their needs

b)

Ask the customer to repeat what they said

c)

Restate the customer's exact words

29.

Which of the following is an example of upselling?

a)

"I also have this laptop that has most of the same features as the one you're looking at, but at a lower price."

b)

"I'm sure you'll love those basketball sneakers. Do you also need any t-shirts or shorts?"

c)

"Would you like that as a meal? You can get fries, plus a medium drink, for an extra $2.00"

30.

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)

A basketball

b)

Soccer shorts

c)

A baseball bat

31.

When inventory is ordered to replace products that have sold, this is called_______.

a)

Inventory Replenishment

b)

Barcode

c)

Excess Inventory

32.

If inventory has been sold and there is none in the stockroom to fill the shelf, the item is_________

a)

Out of Stock

b)

Shrink

c)

Sell

33.

If a stockroom area is overflowing with inventory that will not fit on the sales floor, the product may be referred to as___________.

a)

Inventory Replenishment

b)

Excess Inventory

c)

Shrink

34.

On hand inventory is the number of units of a specific item that are available to_______.

a)

Receive

b)

Sell

c)

Markdown

35.

A machine readable series of parallel lines that combine to create a unique product identifier is a__________.

a)

Barcode

b)

Scan

c)

Shrink

36.

________is the process of matching the invoiced quantity to actual products delivered.

a)

Point of Sale

b)

Receiving

c)

Shrinkage

37.

When there are fewer items in stock than the expected total inventory, this is called______.

a)

Shrinkage

b)

Receiving

c)

Markdown

38.

Cash registers, scanners, and card readers are a part of the __________system.

a)

Point of Sale

b)

Markdown

c)

Scan

39.

A retailer's total inventory is________.

a)

All inventory a retailer has on order.

b)

All inventory available in the retailer's physical store.

c)

All inventory owned by the retailer, regardless of its location.

40.

Other than in the stockroom, where is a store's inventory kept?

a)

At the distribution center

b)

On the sales floor

c)

At the manufacturer

41.

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

a)

Inventory Replenishment

b)

RFID

c)

Excess Inventory

42.

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

a)

Stocking

b)

Out of Stock

c)

Back Stock

43.

Extra inventory kept on hand in case customers buy more than the company estimated before the next shipment arrives?

a)

Excess Inventory

b)

Back Stock

c)

Out of Stock

44.

When products arrive at a physical store, the process used to enter into the store's on hand inventory is called_____.

a)

Stocking

b)

Inventory Tracking

c)

Receiving

45.

Julia is stocking shampoo on the sales floor and finds a bottle that is leaking. She throws it out and continues to stock on move on with her day. Which of the following would then be true?

a)

The inventory system's numbers will be accurate.

b)

The number of shampoo bottles in the inventory system would be too high.

c)

The inventory would need to be counted manually.

46.

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

a)

50 Billion

b)

500 Million

c)

5 Billion

47.

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

a)

SKU's

b)

Electronic Tags

c)

Non Electric Ink Tags

48.

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

a)

Display or fixture locks

b)

Non electronic ink tags

c)

Electronic tags

49.

If a POS system detects credit card or debit card fraud, what will it do?

a)

Sound an alarm

b)

Decline the transaction

c)

Process the transaction

50.

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?

a)

Switch Fraud

b)

Identity Theft

c)

Receipt Fraud

51.

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

a)

Taking a coffee break

b)

Chatting with coworkers when there's stocking to be done

c)

Giving products away to friends

52.

What percent of shoplifting is due to employee theft?

a)

20%

b)

40%

c)

30%

53.

What is the first thing you should do if someone spills a cup of coffee on the sales floor?

a)

Stand near or over the spill to direct traffic away from it until it can be cleaned up

b)

Call for a custodian or maintenance person to clean it up

c)

Find a mop and clean it up yourself

54.

What is the first thing you should do if you find broken glass on the sales floor?

a)

Use your foot to move the glass underneath a fixture

b)

Carefully pick up the pieces of glass and throw them away

c)

Stand near or over the glass to direct traffic away from it until it can be cleaned up

55.

What should you do if a shopper topples a display into the aisle?

a)

Call for a custodian or merchandising person to clean it up

b)

Pick up the merchandise and recreate the display yourself

c)

Check on the shopper to be sure she is unharmed, then direct traffic away from the scene until it can be cleaned up

56.

What should you do if you discover an electrical hazard?

a)

Make temporary repairs as best you can; use maintenance guidelines

b)

Secure the area and report the situation to management for repair by an electrician or qualified custodian

c)

Nothing. Maintenance is surely aware of the problem

57.

Which agency or law protects employees against hazards in the workplace

a)

ADA

b)

OSHA

c)

FMLA

58.

Which agency or law protects employees who report unlawful or unsafe practices?

a)

Whistleblower Protection Act

b)

Family & Medical Leave Act

c)

Unsafe Practices Act

59.

Which of the following is a proper lifting technique?

a)

Bend at the knees

b)

Lift with your back

c)

Keep your feet close together

60.

If you see a spill of food or liquid on the sales floor, what’s the first thing you should do?

a)

Stand near or over the spill to direct traffic away from it until it can be cleaned up

b)

Find out who was responsible for causing the spill

c)

Call for a custodian or maintenance person to clean it up

61.

Which of the following is the specific term that describes an injury caused by an item falling off a shelf and hitting a person?

a)

Accidental Injury

b)

Stuck by Injury

c)

Struck against Injury

62.

Which of the following refers to the TOTAL AMOUNT of money that a retailer brings in?

a)

Profit

b)

Revenue

c)

Cost of Goods Sold

63.

 Which of the following refers to the amount of money that a retailer makes after accounting for expenses?

a)

Profit

b)

Revenue

c)

Operating Costs

64.

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

a)

Gross Profit

b)

Net Profit

c)

Profit Margin

65.

Which of the following refers to the difference between revenue and all expenses, including the cost of goods sold and operating expenses?

a)

Net Profit

b)

Gross Profit

c)

Profit Margin

66.

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

a)

Markdown

b)

Margin

c)

Net Profit

67.

If a business’ revenue is $1,150 and its cost of goods sold is $734, what is the business’ gross profit?

a)

$416

b)

$516

c)

$1,884

68.

If a business’ gross profit is $100 and its revenue is $500, what is the business’ profit margin percentage?

a)

20%

b)

100%

c)

25%

69.

Which of the following is NOT a concept that helps you manage your time effectively?

a)

Organizing

b)

Procrastinating

c)

Focusing

70.

Part of effective time management is prioritizing tasks. Which of the following is NOT a code that you would use when setting priorities?

a)

Do

b)

Delegate

c)

Designate

71.

Suppose that Bill & Joanne are sales associates at a retailer. Bill says to Joanne: “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?

a)

He doesn’t like the times when he works

b)

He isn’t getting assigned enough hours and worries about the financial consequences of having a lighter schedule than he expected

c)

He wants to work in a different part of the store

72.

Which of the following is a SMART goal?

a)

I will improve my sales

b)

I will increase my monthly sales volume by 20% by the end of March

c)

I  will increase my sales volume until my manager is happy with my performance

73.

What’s the term for a very brief speech that you can use to sell yourself to people you meet?

a)

A job post

b)

An elevator pitch

c)

A keynote speech

74.

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?

a)

12:45 P.M.

b)

12:30 P.M.

c)

1:00 P.M.

75.

What’s the standard method to use to thank an interviewer after the interview?

a)

Via Email

b)

Via text message

c)

Via phone call

76.

Which of the following comments would be inappropriate in a social media post?

a)

Retail friends: I’m looking for a sales associate position, so if you know anyone feel free to mention me

b)

Joe, send me your demo reel and I’ll talk to my producer friend about you.

c)

Quit my job today! No more being exploited and unappreciated!