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WorksheetsBusiness of Retail Practice 3
Total questions: 92
Worksheet time: 54mins
Which of the following is a term for physical goods that are bought and sold? (1.1)
Sales
Products
Pricing
Services
Which of the following is a standard term that descries the audience of retail stores - that is, the people who will buy things from the stores? (1.1)
Manufacturers
Wholesalers
Buyers
Customers
Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers? (1.1)
Gifts
Training
Services
Products
What kinds of things does a manufacturer produce? (1.1)
Raw material
Fossil fuels
Services
Finished products
Which of the following describes a grower of strawberries? (1.1)
Manufacturer
Wholesaler
Distribution center
Retailer
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? (1.1)
Multichannel
Omnichannel
Integrated channel
Seamless channel
The majority of retailers are:
(1.1)
Independently owned
Corporations
Franchises
Online only
Which of the following is the standard definition of a retail ecosystem? (1.1)
An interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want
A group of stores that work together collaboratively to serve customers' needs
A team of store employees who help each other
A set of technological systems that work together in order to make sure all products in a retailer's inventory are tracked and accounted for
Approximately what percentage of U.S. jobs are retail jobs, as of 2019? (1.1)
5 - 10%
10 - 15%
20 - 25%
35 - 40%
What term describes delivering a positive, memorable experience that is more than what the customer expected? (1.1)
Customer service
Quality customer service
Service
Sales
Other than in the stockroom where is a store's inventory kept? (1.2)
At the distribution center
On the sales floor
At the manufacturer
In the office
A retailer's total inventory is:
(1.2)
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
A retailer's profit is:
(1.2)
The amount a company spends
The amount the company makes in sales
The amount the company owes
The amount the company gets to keep, after expenses
A customer has $300 to spend on a gift and is considering buying either a product at Best Buy or a product at Brooks Brothers. What type of competitive relationship exists between the two retailers in the situation? (1.2)
Direct competitors
Indirect competitors
Replacement competitors
Rival competitors
A customer is hungry and can't decide whether to get a roast beef sandwich at Arby's or pick up Chinese food at Panda Express. Wha type of competitive relationship exists between the two retailers in this situation? (1.2)
Direct competitors
Indirect competitors
Replacement competitors
Rival competitors
This is extra inventory kept on hand in case customers buy more than the estimated amount before the next shipment arrives. (2.1)
Safety stock
Back stock
Replenishment
Out-of-stock
This is a machine-readable series of parallel lines that combine to create a unique item identifier. (2.1)
RFID
Barcode
PLU
Excess inventory
The process of automatic or manual ordering to meet product demands is called:
(2.1)
Inventory replenishment
RFID
PLU
Excess inventory
The process of placing inventory on sales floor shelves, racks or other displays to be sold is called:
(2.1)
Back stock
Out-of-stock
Stocking
Excess inventory
The term for when a retailer has run our of a particular item is:
(2.1)
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:
(2.1)
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? (2.1)
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
Which devices allow security personnel or managers to watch several areas of the building from a central location? (2.2)
PLUs
SKUs
Fixture locks
Closed-circuit cameras
These devices are specifically intended to be attached to clothing in order to prevent theft. (2.2)
SKUs
PLUs
Non-electronic ink tags
Electronic tags
These devices are used primarily to prevent the theft of high-priced items, particularly small one. (2.2)
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? (2.2)
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? (2.2)
Receipt fraud
Switch fraud
Identity theft
Return fraud
Which of the following is NOT an example of employee fraud or theft? (2.2)
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
Approximately what percentage of shoplifting is due to employee theft? (2.2)
20%
30%
40%
50%
Which agency or law protects employees against hazards in the workplace? (2.3)
ADA
OHSA
FMLA
FDIC
Which agency or law protects employees who report unlawful or unsafe practices? (2.3)
Whistleblower Protection Act
Americans with Disabilities Act
Family and Medical Leave Act
Unsafe Practices Act
Which of the following is a proper lifting technique? (2.3)
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 think you should do? (2.3)
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? (2.3)
Accidental injury
Negligence
Struck-by-injury
Struck-against-injury
This is extra inventory kept on hand in case customers buy more than the estimated amount before the next shipment arrives. (2.1)
Safety stock
Back stock
Replenishment
Out-of-stock
This is a machine-readable series of parallel lines that combine to create a unique item identifier. (2.1)
RFID
Barcode
PLU
Excess inventory
The process of automatic or manual ordering to meet product demands is called:
(2.1)
Inventory replenishment
RFID
PLU
Excess inventory
The process of placing inventory on sales floor shelves, racks or other displays to be sold is called:
(2.1)
Back stock
Out-of-stock
Stocking
Excess inventory
The term for when a retailer has run our of a particular item is:
(2.1)
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:
(2.1)
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? (2.1)
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
Which devices allow security personnel or managers to watch several areas of the building from a central location? (2.2)
PLUs
SKUs
Fixture locks
Closed-circuit cameras
These devices are specifically intended to be attached to clothing in order to prevent theft. (2.2)
SKUs
PLUs
Non-electronic ink tags
Electronic tags
These devices are used primarily to prevent the theft of high-priced items, particularly small one. (2.2)
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? (2.2)
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? (2.2)
Receipt fraud
Switch fraud
Identity theft
Return fraud
Which of the following is NOT an example of employee fraud or theft? (2.2)
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
Approximately what percentage of shoplifting is due to employee theft? (2.2)
20%
30%
40%
50%
Which agency or law protects employees against hazards in the workplace? (2.3)
ADA
OHSA
FMLA
FDIC
Which agency or law protects employees who report unlawful or unsafe practices? (2.3)
Whistleblower Protection Act
Americans with Disabilities Act
Family and Medical Leave Act
Unsafe Practices Act
Which of the following is a proper lifting technique? (2.3)
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 think you should do? (2.3)
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? (2.3)
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? (4.1)
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? (4.1)
Profit
Revenue
Cost of Goods Sold
Operation costs
Which of the following refers to the difference between revenue and cost of goods sold? (4.1)
Net profit
Gross profit
Profit margin
Profit margin percentage
Which of the following refers to the difference between revenue and all expenses, including the cost of goods sold and operating expenses? (4.1)
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? (4.1)
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? (4.1)
$1884
$516
$416
There's not enough information to calculate this.
If a business' gross profit is $100 and its revenue is $500, what is the business' profit margin percentage? (4.1)
20%
100%
25%
There's not enough information to calculate this.
Carla has a small phone-accessory business. She buys accessories from manufactures and resells them to her customer. Which of the following are NOT operating expenses for Carla? (4.2)
Website hosting fees
Transportation costs
The costs of the phone accessories that she buys and resells
Credit card processing fees
Using the manufacturer's suggested retail price is called:
(4.2)
Bundle pricing
Keystone pricing
Psychological pricing
Vendor pricing
Selling multiple products and services together at a lower retail price than if all items were purchased individually is called:
(4.2)
Bundle pricing
Keystone pricing
Psychological pricing
Vendor pricing
Using prices that end in the numbers 5, 7, or 9 can indicate a fair price to customers. This is called:
(4.2)
Bundle pricing
Keystone pricing
Psychological pricing
Vendor pricing
Offering a promotional markdown with a coupon is called:
(4.2)
Competitive pricing
Discount pricing
Markup pricing
Multiple pricing
Selling multiple items for one price, such as, "buy one, get one free," is an example of:
(4.2)
Competitive pricing
Discount pricing
Markup pricing
Multiple pricing
Applying a present margin rate in the cost of items to determine retail price is called:
(4.2)
Competitive pricing
Discount pricing
Markup pricing
Multiple pricing
Which is not a component of a marketing plan? (3.1)
Planogram
Product
Price
Promotion
Bill is creating and selling homemade cookies. Which of the following factors does NOT directly affect how much Bill will sell his cookies for? (3.1)
The price of sugar
The prices that Bill's competitors charge for similar cookies
The oven temperature Bill uses when he bakes the cookies
The amount of money that Bill wants to make on each sale
Which of the following is NOT considered a promotional strategy? (3.1)
Advertising
Publicity
Personal selling
Pricing
The promotional approach aimed at specific customers with the goal of getting the customer to take action is called:
(3.1)
Direct marketing
Cold calling
Sales
Advertising
The most influential form of advertising is:
(3.1)
Newspaper
Cold calling
Social media
TV
Visual merchandising does the following:
(3.2)
Promotes products using magazine advertisements
Creates advertising billboards
Allows customers to make a connection with products
Organizes merchandise in the stockroom
When doing a store walkthrough, you notice a light fixture in the stockroom that's covered with dust and dead insects, and one light bulb is flickering. What do you do? (3.2)
Fix it yourself
Tell your manager
Ignore the issue - maintenance will take care of it
Call the electrician
When doing a store walkthrough, you see spilled soda on the floor. What do you do first? (3.2)
Get a cone or marker and put it near the spill so that no one will walk on it
Tell your manager
Ignore the issue - maintenance will take care of it
Clean it up
What's the term for a schematic diagram that visually represents the way in which merchandise should be displayed on the sales floor? (3.2)
Visual merchandising
Planogram
PLU
Inventory system
The FIFO method makes sure that which of the following occurs:
(3.2)
Items with the nearest-term expiration dates are in the front
Items with the nearest-term expiration dates are in the back
Top-selling items are in the front
Top-selling items are in the back
A job description typically contains:
(5.1)
The name of the supervisor
A description of the job's responsibilities
The specific career path for an individual starting with the company in this position
The exact hours that a person in this job works each week
Which agency is responsible for implementing laws and regulations to protect employees? (5.1)
The EEOC
The ADA
The FDIC
The FLSA
What's the term for a very brief speech that you can use to sell yourself to people you meet? (5.1)
A job post
A keynote speech
An elevator pitch
A sales presentation
When describing your skills and experience, it's important to:
(5.2)
Begin sentences with "I did..."
Use action verbs
Use sentences directly from the job description
List the names of your coworkers
If you have a job interview scheduled for 1:00 PM, when's the best time to arrive at the store where you're being interviewed? (5.2)
1:00 PM
12:30 PM
12:45 PM
12:59 PM
What's the standard method used to thank an interviewer after the interview? (5.2)
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? (5.2)
"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 not typically counted as "compensation" that an employee received? (5.2)
Hourly pay
Free coffee in the break room
Bonus pay
Sales commissions
Which of the following phrases is an example of positive feedback given to an employee? (5.3)
"Julie, your productivity scores are very low and need to improve."
"Max, you need to start showing up on time."
"Phil, you've really improved your stocking speed."
"Emily, you have so much potential."
The term for someone who is considered to be supportive, reliable part of a group is:
(5.3)
Team player
Team member
Teammate
Team leader
KPI stands for:
(5.3)
Key Performance indicator
Key Personnel initiative
Key People initiative
Key Planogram item
If a manager assigns the right tasks to the right people, the manager:
(5.4)
Delegates effectively
Manages discipline and addresses conflict
Motivates people
Understands team dynamics
If a manager recognizes that the team is in the forming phases and clarifies member roles and responsibilities, the manger:
(5.4)
Delegates effectively
Manages discipline and addresses conflict
Motivates people
Understands team dynamics
A manager spends time getting to know each employee's career goals and invests time and coaching with those who demonstrate interest in career advancement and high potential. The manager:
(5.4)
Delegates effectively
Manages discipline and addresses conflict
Selects and develops the right people
Understands team dynamics
If a manger addresses performance issues quickly, respectfully and fairly, the manager:
(5.4)
Delegates effectively
Manages discipline and addresses conflict
Selects and develops the right people
Understands team dynamics
