WorksheetsRISE Up Retail Industry Fundamentals Ch. 3 Practice Test
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
A retailer's total inventory is:
a)
All inventory a retailer has on order
b)
All inventory available in the retailer's physical stores
c)
All inventory owned by the retailer, regardless of its location
d)
All inventory sold within the past year
2.
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
d)
In the office
3.
The process of automatic or manual ordering to meet product demands is called:
a)
Inventory replenishment
b)
RFID
c)
PLU
d)
Excess inventory
4.
The process of placing inventory on sales floor shelves, racks or other displays to be sold is called:
a)
Back tock
b)
Out-of-stock
c)
Stocking
d)
Excess inventory
5.
Extra inventory kept on hand in case customers buy more than the company estimated before the next shipment arrives
a)
Safety stock
b)
Out-of-stock
c)
Back stock
d)
Excess inventory
6.
When products arrive at a physical store, the process used to enter it into the store's on-hand inventory is called:
a)
Stocking
b)
Inventory replenishment
c)
Receiving
d)
Inventory tracking
7.
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 move on with her day. Which of the following would then be true?
a)
The inventory system's numbers would still be accurate
b)
The number of shampoo bottles in the inventory system would be too high.
c)
The number of shampoo bottles in the inventory system would be too low.
d)
The inventory would need to be counted manually.
8.
Shoplifting is a chronic, expensive problem in the retail industry. In 2016, shoplifting losses were around:
a)
$50 million
b)
$500 million
c)
$5 billion
d)
$50 billion
9.
These devices are specifically intended to be attached to clothing in order to prevent theft and require a special tool to remove
a)
SKUs
b)
PLUs
c)
Non-electronic ink tags
d)
Electronic tags
10.
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
d)
PLUs
11.
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
d)
Place an automated call to security
12.
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)
Receipt fraud
b)
Switch fraud
c)
Identity theft
d)
Return fraud
13.
Which of the following is NOT an example of employee fraud or theft?
a)
Intentionally pricing items incorrectly.
b)
Giving products away to friends or family.
c)
Chatting with coworkers when there's stocking to be done.
d)
Taking a coffee break.
14.
What percent of shoplifting is due to employee theft?
a)
20%
b)
30%
c)
40%
d)
50%
15.
Which agency or law protects employees against hazards in the workplace?
a)
ADA
b)
OSHA
c)
FMLA
d)
FDIC
16.
Which agency or law protects employees who report unlawful or unsafe practices?
a)
Whistleblower Protection Act
b)
Americans with Disabilities Act
c)
Family and Medical Leave Act
d)
Unsafe Practices Act
17.
Which of the following is a proper lifting technique?
a)
Life close to your body
b)
Keep your feet close together
c)
Lift with your back
d)
If you're straining, bend your knees
18.
If you see a spill of food or liquid on the sales floor, what's the first thing you should do?
a)
Call for a custodian or maintenance person to clean it up
b)
Find a mop or broom and clean it up yourself
c)
Find out who was responsible for causing the spill
d)
Stand near or over the spill to direct traffic away from it until it can be cleaned up
19.
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)
Negligence
c)
Struck-by injury
d)
Struck-against injury
20.
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
d)
Operating costs
21.
Which of the following refers to the amount of money that a retailer makes after accounting for expenses?
a)
Profit
b)
Revenue
c)
Cost of Goods Sols
d)
Operating costs
22.
Which of the following refers to the difference between revenue and cost of good sold?
a)
Net profit
b)
Gross profit
c)
Profit margin
d)
Profit margin percentage
23.
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
d)
Profit margin percentage
24.
What's the term for reducing the price of an item in order to encourage sales?
a)
Net profit
b)
Margin
c)
Markup
d)
Markdown
25.
If a business' revenue is $1,150 and its cost of goods sold (COGS) is $734, what is the business' gross profit?
a)
$1884
b)
$516
c)
$416
d)
There's not enough information to calculate this
26.
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%
d)
There's not enough information to calculate this
100 %
