WorksheetsRISE Up Retail Industry Fundamentals Practice Test
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
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
2.
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)
Manufacturer incentives
c)
Employee preferences
d)
The store's location
3.
Which of the following terms best describes a grower of potatoes?
a)
Manufacturer
b)
Wholesaler
c)
Distribution Center
d)
Retailer
4.
Which of the following is a term for intangible things such as providing delivery, that are sold by retailers?
a)
Gifts
b)
Training
c)
Services
d)
Products
5.
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
6.
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
d)
Retailer
7.
Which of the following is NOT a step in the basic selling process?
a)
Making a connection
b)
Recite a product features
c)
Personalize service
d)
Assess needs
8.
Which if 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 me manager is happy with my performance
d)
I will increase my monthly sales volume every month
9.
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.
10.
Which of the following is a standard term that describes the audience of retail stores-that is, the people who will buy things from the stores?
a)
Manufacturers
b)
Wholesalers
c)
Buyers
d)
Customers
11.
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
12.
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
13.
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
14.
Which of the following is a term for physical goods that are bought and sold?
a)
Sales
b)
Products
c)
Pricing
d)
Services
15.
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
16.
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
17.
What percent of shoplifting is due to employee theft?
a)
20%
b)
30%
c)
40%
d)
50%
18.
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
19.
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
d)
Delay
20.
Which of the following is NOT a concept that helps you manage your time effectively?
a)
Organizing
b)
Prioritizing
c)
Procrastinating
d)
Focusing
100 %
