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RETAIL INDUSTRY FUNDAMENTALS 2024/
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"Tuning out interruptions is an example of which of the following time management skills? A. Create B. Prioritize C. Organize
D. Focus - CORRECT ANSWER=> D. Focus"
"Planners, checklists, large calendars, and computer applications are used with which time management skill? A. Prioritize B. Organize C. Focus
D. Create - CORRECT ANSWER=> B. Organize"
"Which SMART goal element is missing from the goal? "You must stock 20 boxes of product onto the store shelves." A. T - Time-Based B. A - Achievable C. M - Measurable
D. S - Specific - CORRECT ANSWER=> A. T - Time-Based"
"Which SMART goal element is missing from this goal? "You must sell a lot of items today." A. S - Specific B. A - Achievable C. R - Results-Oriented
D. T - Time-Based - CORRECT ANSWER=> A. S - Specific"
"Which functional area in a retail store usually manages the on-site revenue generation, administration, and reports on the center's expenses? A. Finance B. Human Resources C. Information Technology (IT)
D. Visual Merchandising - CORRECT ANSWER=> A. Finance"
"What information should you expect to enter on a job application? A. Education
B. Hair Color C. Names of Family Members
D. Age - CORRECT ANSWER=> A. Education"
"Choose the example of nonverbal communication from the list below: A. Hand and body movements B. Words in an email C. Words in a phone call
D. Correct spelling in a text message - CORRECT ANSWER=> A. Hand and body movements"
"How a person thinks or feels about something and how its reflected in their behavior is called: A. Will B. Skill C. Knowledge
D. Attitude - CORRECT ANSWER=> D. Attitude"
"A poor reaction to an idea or situation is called a: A. Problem solving B. Positive attitude C. Beneficial skill
D. Negative attitude - CORRECT ANSWER=> D. Negative attitude"
"When you respond to a challenge with optimism, helpfulness, encouragement, and/or excitement, you're demonstrating: A. A negative attitude B. A positive attitude C. Intelligence
D. Discipline - CORRECT ANSWER=> B. A positive attitude"
"Customers of a popular shoe store chain can purchase items in store and online or via their mobile app. The customer also receives texts and emails about current promotions and sales. This is an example of: A. Omnichannel retailing B. Multi-channel retailing C. Plexichannel retailing
D. Alternate channel retailing - CORRECT ANSWER=> A. Omnichannel retailing"
"In the retail product cycle, what step comes after distribution of products? A. Selling B. Selection C. Allocation
D. Distribution - CORRECT ANSWER=> A. Selling"
"The period key term in retail for a period of time that an item remains usable, or fit for consumption, is called:
D. Phase 4 - The customer likes or doesn't like their customer experience - CORRECT ANSWER=> B.
Phase 2 - The customer considers different purchasing options" "What does the "A" in SMART Goal Setting stand for? A. Able B. Accurate C. Achievable
D. Accountable - CORRECT ANSWER=> C. Achievable"
"The customer's current television breaks the week before the Super Bowl. The customer is supposed to have a Super Bowl party and needs a new TV so the guests can watch the big game. Which phase of the customer life cycle does this example best represent? A. Phase 1 - Customer has a want/need B. Phase 2 - Customer loyalty life cycle C. Phase 3 - Customer goes to the store to buy the item
D. Phase 4 - The customer likes or doesn't like their customer experience - CORRECT ANSWER=> A.
Phase 1 - Customer has a want/need" "Which of the following is a good tip for connecting with customers in a retail store? A. Leave them to shop on their own B. Answer the phone and tell them you will be right with them C. Greet within 30 seconds of their arrival
D. Encourage the customer to shop more quickly - CORRECT ANSWER=> C. Greet within 30 seconds of
their arrival" "Companies measure whether they're reaching sales goals using KPIs, also called: A. Key Performance Indicators B. Key Professional Indices C. Key Partnering Indicators
D. Key Performance Initials - CORRECT ANSWER=> A. Key Performance Indicators"
"Which of the following key performance indicators can be used to measure whether all employees in the company are reaching their sales goals? A. Number of sales per employee B. Number of sales per day C. Profit made per sale
D. Overall company growth - CORRECT ANSWER=> A. Number of sales per employee"
"The unique way that employees interact with each other and their customers. Also, the personality of the company: A. Brand Promise B. Company Culture C. Distribution Mentality
D. Shopper Expectations - CORRECT ANSWER=> B. Company Culture"
"The measurement of how happy the customer is with their shopping experience with a retailer is called: A. Brand Knowledge B. Product Knowledge C. Product Solutions
D. Customer Satisfaction - CORRECT ANSWER=> D. Customer Satisfaction"
"In the customer loyalty life cycle, the customer has a want or need, then considers different purchasing options. What step comes next? A. Customer keeps shopping different places B. Customer likes or does not like the buying experience C. Customer chooses a buying option
D. Customer purchases from the retailer again - CORRECT ANSWER=> C. Customer chooses a buying
option" "What does the "T" in SMART Goal Setting stand for? A. Talent-Based B. Temporary C. Timid
D. Time-Based - CORRECT ANSWER=> D. Time-Based"
"Retailers use technology in stores and online to: A. Limit product selection B. Monitor all the places they are shopping C. Prevent customers from shopping
D. Make tasks easier and faster to complete for employees and customers - CORRECT ANSWER=> D.
Make tasks easier and faster to complete for employees and customers" "During the selling process, you assess the needs of the customer by asking questions that get the customer to provide details about what they want or need. These questions are typically not answered with a "yes" or "no". A. Fast Questions B. Short Questions C. Easy Questions
D. Open-Ended Questions - CORRECT ANSWER=> D. Open-Ended Questions"
"Marketing programs that track purchase history, personal information and preferences and provide incentives to loyal, repeat customers are called: A. Customer Apps B. Loyalty Programs C. Marketing Tricks
D. Tracking Systems - CORRECT ANSWER=> B. Loyalty Programs"
A. More demand than supply B. More supply than demand C. Supply that meets or equals demand
D. Demand the meets or equals supply - CORRECT ANSWER=> A. More demand than supply"
"What common events could result in inventory shrinkage? A. Customers bought more inventory than the retailer planned B. Retailer forgot to order products C. Retail ordered too many products
D. Product was stolen from the store - CORRECT ANSWER=> D. Product was stolen from the store"
"Which of the following is not a part of the retailer's role in inventory management? A. Ordering Product B. Delivering Product C. Receiving Product
D. Stocking Product - CORRECT ANSWER=> B. Delivering Product"
"The inventory term that describes the ability to scan large volumes of inventory or tagged items at a time: A. Radio Frequency Identification Device B. Retail Federation ID C. Retail Frequency ID
D. Retail Federal ID - CORRECT ANSWER=> C. Retail Frequency ID"
"In the problem solving process, which step comes after Define the Problem? A. Finish your shift B. Choose a solution C. Take action
D. Come up with solutions - CORRECT ANSWER=> D. Come up with solutions"
"The repetitive cycle that occurs with retailers in regard to product assortment is called: A. Customer Service B. The retail product cycle C. Clearance
D. Telemarketing - CORRECT ANSWER=> B. The retail product cycle"
"In the customer service process, it's always important to greet the customer within: A. 30 seconds B. 5 minutes or so C. It's okay not to greet
D. Whenever you see them - CORRECT ANSWER=> A. 30 seconds"
"Recommending additional items that complement a customer's purchase, such as shoe cleaner to go with new leather shoes, is called:
A. Mixed Selling B. Up Selling C. Cross Selling
D. Under Selling - CORRECT ANSWER=> C. Cross Selling"
"Preventing injury and illness to customers and employees is called: A. Workplace safety B. Workplace policies C. Workplace procedures
D. Safe workers - CORRECT ANSWER=> A. Workplace safety"
"Which of the following does the Occupational Safety and Health Administration (OSHA) require companies to do to help keep employees safe? A. Provide accident insurance in case employees get hurt while working B. Train employees how to respond when an accident occurs C. Hire "safety hazard officers" to help protect employees
D. Call the police whenever an accident occurs - CORRECT ANSWER=> B. Train employees how to
respond when an accident occurs" "When working on a ladder, what's one thing you need to avoid in order to prevent falling? A. Using the top ladder as a step B. Facing the ladder as you climb up and down C. Having a peer hold the ladder while you're climbing to make sure it's stable
D. Making sure the ladder is in its locked position before use - CORRECT ANSWER=> A. Using the top
ladder as a step" "A retailer completes a physical audit of the store's inventory. The total inventory was $100,000. Accounting books say there should be $110,000 in inventory. What's the amount of the inventory variation? A. $100,000 shortage B. $10,000 overage C. $10,000 shortage
D. $100,000 overage - CORRECT ANSWER=> C. $10,000 shortage"
"Every day you take the morning train to get to work 15 minutes before your shift begins. Today the train broke down and they think it will take an hour to get it fixed. Define the problem for the situation above by selecting the best answer. A. You'll be an hour late for your shift B. You take the morning train to work C. You need to be at work 15 minutes before your shift begins
D. The train broke down - CORRECT ANSWER=> A. You'll be an hour late for your shift"
"Which functional area in a retail store ensures compliance with labor laws, recruits, and trains new employees, keeps records, processes payroll, and manages benefits and employee relations?
"Planners, checklists, large calendars, and computer applications are used with which time management skill? A. Prioritize B. Organize C. Focus
D. Create - CORRECT ANSWER=> B. Organize"
"Which functional area in a retail store usually collects, stores, and processes data and information used in the checkout process as well as in inventory management, and data collection? A. Finance B. Information Technology (IT) C. Human Resources
D. Visual Merchandising - CORRECT ANSWER=> B. Information Technology (IT)"
"Responsible for the production of finished products: A. Driver B. Distributor C. Seller
D. Manufacturer - CORRECT ANSWER=> D. Manufacturer"
"What can decrease customer satisfaction? A. Value for the dollar B. A clean, safe, and easy to shop location C. Long wait times at checkout
D. A good assortment of products and services - CORRECT ANSWER=> C. Long wait times at checkout"
"A broad, general, and written statement of a specific job is called a: A. Job title B. Job analysis C. Job description
D. Job objective - CORRECT ANSWER=> C. Job description"
"A group of people that work together towards a shared purpose or common goal is called: A. A meeting B. A group C. A team
D. A huddle - CORRECT ANSWER=> C. A team"
"The selling of goods and/or services to a customer is called A. retail B. service industry C. food service
D. purchasing - CORRECT ANSWER=> A. retail"
"A retail business, owned by share holders and having centralized decision making for their multiple store locations is called: A. Private Company B. Franchise C. Corporation
D. Independent - CORRECT ANSWER=> C. Corporation"
“Which of the following is most likely to be a role in a retail career? A. Buyer B. Mechanic C. Babysitter
D. Therapist - CORRECT ANSWER=> A. Buyer"
"From the list below, select the business in the retail industry. A. Doctor's office B. Department store C. Car Repair Shop
D. City Park - CORRECT ANSWER=> B. Department Store"
"A Person or a company that sells goods and/or services to a customer is called a A. seller B. customer C. consumer
D. retailer - CORRECT ANSWER=> D. retailer"
"What's considered a retail service? A. Car wash B. New car C. Car engine repair
D. New car tires - CORRECT ANSWER=> A. Car wash"
"What item is a retail product? A. Car tire warranty B. Car tire repair C. Car tire
D. Car tire installation - CORRECT ANSWER=> C. Car tire"
"Which of the following skills are most helpful for a salesperson? A. Active listening and communication B. Quickness and accuracy C. Addition and subtraction
D. Creativity and judgement - CORRECT ANSWER=> A. Active listening and communication"
"The physical goods (that can be touched) that can be bought and sold:
