WorksheetsBusiness of Retail Practice Exam
Total questions: 25
Worksheet time: 25mins
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 is not a component of a marketing plan?
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?
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
This form of marketing is also called keyword advertising or pay-per-click.
Online video
Search Engine Marketing (SEM)
Social media
Retargeting ads
The promotional approach aimed at specific customers with the goal of getting the customer to take action is called:
Direct marketing
Cold calling
Sales
Advertising
Visual merchandising does the following:
Promotes products using magazine advertisements
Creates advertising billboards
Allows customers to make a connection with products
Organizers 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?
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?
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?
Visual merchandising
Planogram
PLU
Inventory system
The FIFO method makes sure that which of the following occurs:
Items with the nearest-term expiration dates are in the front of the shelf
Items with the nearest-term expiration dates are in the back of the shelf
Top-selling items are in the front of the shelf
Top-selling items are in the back of the shelf
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 cost of goods sold?
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?
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 (GOGS) is $734, what is the business' gross profit?
$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?
20%
100%
25%
There's not enough information to calculate this.
Carla has a small phone-accessory business. She buys accessories from manufacturers and resells them to her customers. Which of the following are NOT operating expenses for Carla?
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:
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:
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:
Bundle pricing
Keystone pricing
Psychological pricing
Vendor pricing
Offering a promotional markdown with a coupon is called:
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:
Competitive pricing
Discount pricing
Markup pricing
Multiple pricing
Applying a preset margin rate to the cost of items to determine retail price is called:
Competitive pricing
Discount pricing
Markup pricing
Multiple pricing
