Question 1

What percent of retail transactions are by either credit or debit card?

Accepted Answer

According to a survey by the National Retail Federation, in 2020, 50.4% of retail transactions were made by either credit or debit card. This is the highest percentage among all payment methods including cash, check, and mobile payment. Therefore, the best choice is D.

Question 2

In a debit card system,the _____.

Accepted Answer

In a debit card system, the purchase price is automatically deducted from a consumer's bank account and then entered into the retailer's account through a computer terminal, making option D the correct choice. Option A is incorrect because a debit card requires immediate payment, not the option to defer. Option B is incorrect because the customer is usually notified of the purchase amount and it is immediately deducted from their account. Option C is incorrect because the retailer is guaranteed payment as long as there are sufficient funds in the customer's account, so there is no risk of nonpayment.

Question 3

What type of insurance protects retailers from claims due to customers falling due to a wet floor or loose carpeting?

Accepted Answer

Public liability insurance protects retailers from claims made by customers who have suffered injuries or damage to their property while on the retailer's premises. This includes slips and falls due to wet floors or loose carpeting. Directors' liability insurance protects company directors from legal action, workers' compensation insurance covers employee injuries, and product liability insurance covers claims related to defective products.

Question 4

A major difficulty with the use of prototype stores is the _____.

Accepted Answer

Prototype stores are designed to be replicated in multiple locations with similar characteristics. However, this inflexibility makes it difficult to adapt to different site characteristics. For example, the prototype store may not fit into a smaller or irregularly shaped site, which can cause operational and logistical challenges. The other options listed (A, B, and D) are not necessarily inherent difficulties with the use of prototype stores.

Question 5

Wireless scanners,radio frequency identification tags,and speech recognition are among the recent technological developments related to _____.

Accepted Answer

The answer of Wireless scanners,radio frequency identification tags,and speech recognition...

Question 6

Retailers seek to improve their productivity by having an outside party undertake one or more of its operating functions.This illustrates _____.

Accepted Answer

The scenario described in the question is an example of outsourcing, where a retailer delegates one or more of its functions to an external party to improve efficiency and productivity. Option A, crisis management, refers to the process of handling emergencies or unexpected events. Option B, self-scanning, pertains to the practice of consumers scanning and bagging their own items at checkout. Option C, contingency planning, involves preparing for and addressing potential risks and disruptions to business operations.

Question 7

Computerized checkouts are generally used in conjunction with _____.

Accepted Answer

Computerized checkouts commonly use UPC (Universal Product Code) based systems, which allow for the scanning of product barcodes to quickly retrieve pricing and inventory information. Electronic article surveillance, quick response inventory management, and logistics systems can be used in conjunction with computerized checkouts, but they are not the primary technology used for checkout scanning.

Question 8

Planning for contingencies such as strikes,earthquakes,and lack of electricity is part of _____.

Accepted Answer

Planning for contingencies such as strikes, earthquakes, and lack of electricity falls under crisis management, which involves developing strategies and processes to deal with unexpected events that may disrupt business operations. Insurance coverage and reinsurance are financial strategies for managing risks, while productivity management focuses on maximizing efficiency and output in normal business operations.

Question 9

Credit-card fees paid by retailers average from _____ percent to _____ percent of sales.

Accepted Answer

Credit-card fees paid by retailers typically range from 1.5 percent to 5 percent of sales, varying by the type of card, transaction, and the agreement between the retailer and the credit card processing company.

Question 10

Based upon an analysis of selected retail tasks that need to be performed in a given time period,a retailer decided to rely on self-service.This illustrates the effective use of a(n)_____.

Accepted Answer

The answer of Based upon an analysis of selected retail...

Question 11

The use of a third-party logistics provider illustrates _____.

Accepted Answer

The use of a third-party logistics provider is a form of outsourcing where a company contracts with an external organization to handle various logistics functions such as transportation, warehousing, and distribution.

Question 12

Which system increases employee productivity for supermarkets?

Accepted Answer

Self-scanning systems allow employees to focus on other tasks while customers scan and bag their own items, increasing overall productivity. Debit card systems and outsourcing may help with financial management or reduce labor costs, but they do not directly increase productivity. Database management is important for organizing information, but it also does not directly impact employee productivity.

Question 13

Which aspect of retail computerization has had the greatest impact on retailing?

Accepted Answer

The computerized checkout has had the greatest impact on retailing as it has greatly streamlined the payment process for both the retailer and the customer. It allows for faster transactions, increased accuracy, and better inventory management. Debit card systems and self-service have also had significant impacts, but not to the extent of computerized checkout. Videoconferencing, while helpful in certain situations, is not a primary aspect of retail computerization.

Question 14

Contingency planning is an important part of _____.

Accepted Answer

Contingency planning is primarily focused on managing crises or unexpected events. It involves identifying potential risks or disruptions, developing plans to mitigate or respond to those risks, and establishing procedures to ensure business continuity in the event of an emergency. While personnel management, outsourcing, and productivity planning are important aspects of business operations, they are not directly related to contingency planning.

Question 15

An advantage of the use of a wireless scanner in conjunction with a radio frequency identification tag (RFID)over a Universal Product Code (UPC)is its _____.

Accepted Answer

One advantage of using a wireless scanner with an RFID tag is that it allows for non-contact scanning, meaning the package does not need to be lifted or manipulated in any way. This can save time and effort in a warehouse or retail environment. The other options - tie-in to speech recognition, lower hardware costs, and lower software costs - are not necessarily advantages of using a wireless scanner with an RFID tag over a UPC.

Question 16

The standardization of retail operations is often associated with the use of _____.

Accepted Answer

The use of prototype stores is commonly associated with the standardization of retail operations. Prototype stores refer to a standardized format or design that is replicated across multiple store locations to ensure consistency in retail operations. Participatory management, decentralized decision making, and unionization by employees are not typically associated with the standardization of retail operations.

Question 17

A significant advantage to a consumer of a credit card system in comparison to a debit card system is _____.

Accepted Answer

The delayed payment benefit of a credit card system allows consumers to make purchases and delay payment until the end of the billing cycle. This can help with cash flow management and give consumers more time to pay for their purchases. Debit cards, on the other hand, immediately withdraw funds from the consumer's account, meaning they must have the funds available at the time of purchase.

Question 18

A listing and sequencing of interrelated tasks that must be performed by several retail personnel to assure that a retail service is efficiently and effectively performed is an important part of a(n)_____.

Accepted Answer

An operations blueprint involves outlining the specific tasks and processes involved in running a business or providing a service. In the case of retail, this would include the specific tasks that retail personnel need to perform in order to provide an efficient and effective service to customers. A job standardization analysis focuses on standardizing job roles and responsibilities, which may or may not include specific task sequencing. A workload forecast involves predicting the workload of a business or team in order to allocate resources more effectively. A cross-training analysis involves identifying skills gaps and training employees to perform a wider range of tasks. While all of these concepts may be important in a retail context, the most relevant for outlining interrelated tasks is an operations blueprint.

Question 19

The use of prototype stores is commonly associated with _____.

Accepted Answer

Prototype stores are commonly used by fast-food outlets to maintain consistency and efficiency across multiple locations.

Question 20

Which system performs all of the tasks of a computerized checkout and also verifies check and charge transactions and monitors and changes prices?

Accepted Answer

An electronic point-of-sale system performs all the tasks of a computerized checkout, including verifying check and charge transactions and monitoring and changing prices. It is commonly used in retail stores and supermarkets to process transactions quickly and efficiently. Logistics systems are used for managing the flow of goods and inventory, self-scanning is a way for customers to scan and bag their own purchases, and debit card systems are used for electronic payment processing.

Quiz 13: Operations Management: Operational Dimensions