CRT CRT Retail Operations & Inventory Management

Question 1

What does FIFO stand for in retail inventory management?

Accepted Answer

First In, First Out

Answer

First Invoice, Final Order

Answer

Freight In, Freight Out

Answer

Full Inventory, Final Output

Question 2

When conducting a physical inventory count, what is the primary reason for comparing physical counts to system records?

Accepted Answer

To identify shrinkage, theft, and data entry errors

Answer

To calculate sales tax owed for the period

Answer

To determine employee performance bonuses

Answer

To automatically set new retail prices

Question 3

What is a planogram in retail operations?

Accepted Answer

A visual diagram showing where products should be placed on shelves

Answer

A customer loyalty program design document

Answer

A financial planning spreadsheet template

Answer

An employee shift scheduling system

Question 4

What is the purpose of a reorder point (minimum stock level) in inventory management?

Accepted Answer

To trigger a purchase order before stock runs out

Answer

To set the maximum allowable retail selling price

Answer

To calculate employee sales commissions

Answer

To determine the store's optimal operating hours

Question 5

In tobacco retail, what is the term for premium cigars sold individually rather than in full boxes?

Accepted Answer

Singles

Answer

Splits

Answer

Detached

Answer

Loose units

Question 6

What is the gross margin formula used in retail pricing?

Accepted Answer

(Selling Price − Cost of Goods) ÷ Selling Price × 100

Answer

(Cost of Goods − Selling Price) ÷ Cost × 100

Answer

Selling Price × Cost of Goods × 100

Answer

Selling Price ÷ Cost of Goods − 100