NRF STUDY EXAMS SET QUESTIONS AND ANSWERS
SET A+
✔✔number of transactions - ✔✔The total number of customer transactions completed
by a store or department during a specific reporting period.
✔✔referral - ✔✔when a person recommends someone based on his or her experiences
with the person or when someone recommends another person for a task or service
✔✔return percent - ✔✔The percentage of items sold that were returned by customers
during a specific period of time for each department and store. lowering the return
percent increases sales and profit. a high return percent indicates that customers may
not be receiving proper assistance with their purchases or that the products are
unsatisfactory
✔✔sales goals - ✔✔managers set daily, weekly, and monthly sales goals their
salespeople direction. goals should be realistic and should reflect the planned sales for
your department (sales goal=projected sales per hour x number of hours scheduled for
work)
✔✔sales per hour - ✔✔A measure of sales productivity and provides a measure for
comparing sales volume for the store and the staff. (sales per hour= total sales/ total
hours worked)
✔✔sales plan - ✔✔a plan that details all the sales numbers to be achieved in a season
✔✔SMART goals - ✔✔goals that are specific, measurable, achievable, results-oriented,
time-based
✔✔store financial plan - ✔✔a plan that details the planned sales volume by department
and compares those numbers to actual sales this year and last year
, ✔✔unique selling proposition - ✔✔what a company offers that differentiates it from other
retailers who offer the same or similar products or services
✔✔units per transaction - ✔✔the average number of units or items each customer buys
during each transaction and the salesperson's ability to sell multiple items. increasing
the number of units per transaction has a positive impact on sales volume. (units per
transaction= total # of items sold/ total number of transactions)
✔✔80/20 rule - ✔✔80% of sales come from 20% of customers
✔✔employee theft - ✔✔employee stealing of cash, including voids, post voids, and
deposits
✔✔fraud - ✔✔means of stealing by trickery, such as stolen credit/debit cards,
counterfeit money, currency switching, package switching, refund fraud, refund abuse,
stolen or bad checks
✔✔lifestyle merchandising - ✔✔Staging products by how the customer will be using the
product and creating a display around that mental picture [similar to suggestive selling].
✔✔loss - ✔✔when assets of a business are stolen or lost due to error. Categories of
loss are "shortage" or "other". shortage is loss due to shoplifting, employee theft, and
employee inventory. other loss is when assets other than merchandise are missing.
such as cash or equipment. this may be due to credit/debit card fraud (customer
dishonesty), cash over or short, stolen or bad checks, safety issues (causing workman's
comp, lawsuits, medical bills)
✔✔Loss Prevention - ✔✔Preventing the Loss Of inventory or merchandise due to
shoplifting, employee theft, or employee error.
✔✔merchandising - ✔✔The art and science of presenting the products you sell in the
most attractive way possible in order to generate traffic, create Interest and buzz, and
generate sales.
✔✔packing slip - ✔✔A list of the quantity and type of merchandise that the vendor
sends to a store. The vendor or distribution center will normally include the packing slip
with the requested merchandise at the time of shipment.
✔✔physical inventory - ✔✔a physical count of every piece of merchandise in the store,
creating a record of the store's inventory at a specific point in time
✔✔planogram - ✔✔visual map that shows shelf heights, merchandise and signage
placement that maximizes the display space
SET A+
✔✔number of transactions - ✔✔The total number of customer transactions completed
by a store or department during a specific reporting period.
✔✔referral - ✔✔when a person recommends someone based on his or her experiences
with the person or when someone recommends another person for a task or service
✔✔return percent - ✔✔The percentage of items sold that were returned by customers
during a specific period of time for each department and store. lowering the return
percent increases sales and profit. a high return percent indicates that customers may
not be receiving proper assistance with their purchases or that the products are
unsatisfactory
✔✔sales goals - ✔✔managers set daily, weekly, and monthly sales goals their
salespeople direction. goals should be realistic and should reflect the planned sales for
your department (sales goal=projected sales per hour x number of hours scheduled for
work)
✔✔sales per hour - ✔✔A measure of sales productivity and provides a measure for
comparing sales volume for the store and the staff. (sales per hour= total sales/ total
hours worked)
✔✔sales plan - ✔✔a plan that details all the sales numbers to be achieved in a season
✔✔SMART goals - ✔✔goals that are specific, measurable, achievable, results-oriented,
time-based
✔✔store financial plan - ✔✔a plan that details the planned sales volume by department
and compares those numbers to actual sales this year and last year
, ✔✔unique selling proposition - ✔✔what a company offers that differentiates it from other
retailers who offer the same or similar products or services
✔✔units per transaction - ✔✔the average number of units or items each customer buys
during each transaction and the salesperson's ability to sell multiple items. increasing
the number of units per transaction has a positive impact on sales volume. (units per
transaction= total # of items sold/ total number of transactions)
✔✔80/20 rule - ✔✔80% of sales come from 20% of customers
✔✔employee theft - ✔✔employee stealing of cash, including voids, post voids, and
deposits
✔✔fraud - ✔✔means of stealing by trickery, such as stolen credit/debit cards,
counterfeit money, currency switching, package switching, refund fraud, refund abuse,
stolen or bad checks
✔✔lifestyle merchandising - ✔✔Staging products by how the customer will be using the
product and creating a display around that mental picture [similar to suggestive selling].
✔✔loss - ✔✔when assets of a business are stolen or lost due to error. Categories of
loss are "shortage" or "other". shortage is loss due to shoplifting, employee theft, and
employee inventory. other loss is when assets other than merchandise are missing.
such as cash or equipment. this may be due to credit/debit card fraud (customer
dishonesty), cash over or short, stolen or bad checks, safety issues (causing workman's
comp, lawsuits, medical bills)
✔✔Loss Prevention - ✔✔Preventing the Loss Of inventory or merchandise due to
shoplifting, employee theft, or employee error.
✔✔merchandising - ✔✔The art and science of presenting the products you sell in the
most attractive way possible in order to generate traffic, create Interest and buzz, and
generate sales.
✔✔packing slip - ✔✔A list of the quantity and type of merchandise that the vendor
sends to a store. The vendor or distribution center will normally include the packing slip
with the requested merchandise at the time of shipment.
✔✔physical inventory - ✔✔a physical count of every piece of merchandise in the store,
creating a record of the store's inventory at a specific point in time
✔✔planogram - ✔✔visual map that shows shelf heights, merchandise and signage
placement that maximizes the display space
