RIF 1.2 The Retail Product Cycle Knowledge Check

Use the page from the personnel policy below to answer the question that follows: - All employees can use their 20% discount cards for purchases. - Discount cards are non-transferable. - Employees are not allowed to ring up their own purchases. - Employees must pay for food purchases before consuming food. - Under no circumstances should employees leave the store with goods that have not been paid for. A cashier at the Pharmaid decides to buy a candy bar to eat during break. According to the personnel policy shown, how should the cashier pay for the candy?

• Ring up the candy himself before the break begins.
• Use another employee's discount card to buy the candy.
• Ask someone else to ring up the candy after the break begins.
• Pay for the candy after the break is over.

A cashier notices that the line of customers waiting to check out is quickly growing. The cashier should:

• Continue to ring out each customer as quickly as possible.
• Acknowledge the customers in line and call for assistance.
• Tell the manager that more help is needed at the register.
• Go get another associate to help.

The key term in retail for a period that an item remains usable or fit for consumption is called:

• Inventory
• Spoiled
• Shelf Life
• Expiration

In the retail product cycle, what step comes after distribution of products?

• Distrubution
• Selling
• Selection
• Allocation

Which of the following would NOT be a factor that affects which products a retailer chooses to select to offer in a store?

• Local customer preferences
• Manufacturer incentives
• Employee preferences
• The store’s location

What’s the term that describes distributing merchandise from the manufacturer to the retailer’s location?

• Innovation
• Allocation
• Alleviation
• Reimagination

What’s the term for reducing the price of an item in order to encourage sales?

• Net profit
• Margin
• Markup
• Markdown

What item is a retail product?

• Car tire warranty
• Car tire repair
• Car tire installation
• Car tire

Merchandise without an expiration date like electronics, tools and home goods typically have a longer

• End Date
• Conclusion
• Shelf Life
• Run Time

What item is a retail service?

• Jewelry warranty
• Jewelry cleaner
• Silver bracelet
• Gold necklace