Question: What is the primary goal of store management?
A) Maximizing profits
B) Minimizing expenses
C) Customer satisfaction
D) Employee motivation
Answer: C) Customer satisfaction
Question: What is the purpose of a stock-keeping unit (SKU) in store management?
A) Tracking inventory
B) Employee scheduling
C) Marketing promotions
D) Customer service
Answer: A) Tracking inventory
Question: In the context of store layout, what does the term “planogram” refer to?
A) Employee schedule
B) Merchandise display plan
C) Financial report
D) Customer feedback
Answer: B) Merchandise display plan
Question: Which inventory management method focuses on selling the oldest stock first?
A) FIFO (First In, First Out)
B) LIFO (Last In, First Out)
C) JIT (Just-In-Time)
D) EOQ (Economic Order Quantity)
Answer: A) FIFO (First In, First Out)
Question: What is the purpose of a barcode in store management?
A) Employee identification
B) Pricing and inventory tracking
C) Decorative purposes
D) Customer loyalty programs
Answer: B) Pricing and inventory tracking
Question: Which financial document helps track sales and expenses over a specific period?
A) Balance sheet
B) Income statement
C) Cash flow statement
D) Budget report
Answer: B) Income statement
Question: What does the term “shrinkage” mean in store management?
A) Inventory loss due to theft or damage
B) Expanding store space
C) Employee turnover
D) Increasing profit margins
Answer: A) Inventory loss due to theft or damage
Question: What is the purpose of a loyalty program in store management?
A) Employee recognition
B) Customer retention and rewards
C) Inventory management
D) Financial reporting
Answer: B) Customer retention and rewards
Question: In store management, what is the significance of safety stock?
A) Employee safety training
B) Extra inventory to prevent stockouts
C) Security measures
D) Pricing strategy
Answer: B) Extra inventory to prevent stockouts
Question: Which technology is commonly used for electronic funds transfer at the point of sale (EFTPOS) in stores?
A) RFID (Radio-Frequency Identification)
B) QR codes
C) EMV (Europay Mastercard Visa)
D) NFC (Near Field Communication)
Answer: C) EMV (Europay Mastercard Visa)
Question: What role does the store manager play in employee training and development?
A) Setting prices
B) Handling customer complaints
C) Motivating staff and providing training
D) Creating advertising campaigns
Answer: C) Motivating staff and providing training
Question: How does effective store layout contribute to a positive customer experience?
A) By minimizing inventory
B) By creating an organized and easy-to-navigate space
C) By reducing employee turnover
D) By implementing strict return policies
Answer: B) By creating an organized and easy-to-navigate space
Question: What is the purpose of a perpetual inventory system?
A) Counting physical inventory periodically
B) Tracking real-time changes in inventory
C) Conducting annual audits
D) Determining employee productivity
Answer: B) Tracking real-time changes in inventory
Question: In the context of merchandising, what is the role of a product display?
A) Employee training
B) Attracting customer attention and promoting sales
C) Financial forecasting
D) Handling customer complaints
Answer: B) Attracting customer attention and promoting sales
Question: What does the term “SWOT analysis” refer to in store management?
A) A pricing strategy
B) An employee performance review
C) An assessment of Strengths, Weaknesses, Opportunities, and Threats
D) A customer loyalty program
Answer: C) An assessment of Strengths, Weaknesses, Opportunities, and Threats
Question: How does effective inventory turnover contribute to a store’s profitability?
A) By reducing customer satisfaction
B) By increasing holding costs
C) By minimizing stockouts and overstock situations
D) By eliminating employee theft
Answer: C) By minimizing stockouts and overstock situations
Question: What is the purpose of a cash register in store management?
A) Employee timekeeping
B) Tracking employee sales performance
C) Recording sales transactions and providing receipts
D) Managing employee schedules
Answer: C) Recording sales transactions and providing receipts.
FAQs
What is store management and why is it important in an organization?
Store management refers to the process of planning, organizing, controlling, and supervising the storage and distribution of materials or goods in a store or warehouse. It ensures that items are properly received, recorded, stored safely, and issued when needed. Store management is important because it prevents loss or damage of goods, helps maintain accurate records, ensures efficient use of resources, and allows organizations to meet production or sales needs without unnecessary delays.
What are the major duties of a storekeeper?
A storekeeper is responsible for managing the day-to-day activities of the store. This includes receiving goods, checking them for quality and quantity, recording them in the store ledger, arranging items properly on shelves, and issuing materials when authorized. The storekeeper also ensures that goods are protected from damage, theft, or spoilage. In addition, the storekeeper keeps accurate records of stock levels and reports when items need to be replenished.
What is stock taking and why is it carried out in store management?
Stock taking is the process of physically counting the goods available in a store and comparing them with the records in the store ledger or stock book. It is carried out to ensure that the actual quantity of goods in the store matches the recorded quantity. Stock taking helps detect errors, losses, theft, or damages. It also helps organizations maintain accurate inventory records and plan for future purchases.
What are the common documents used in store management?
Several documents are used in store management to keep proper records of goods. One common document is the goods received note, which confirms that items delivered to the store have been received. Another is the stores requisition form, which authorizes the release of materials from the store. The bin card is also used to record the quantity of goods stored on each shelf or bin. These documents help maintain transparency, accountability, and efficient control of materials in the store.
Also Read: WAEC Civic Education Past Questions and Answers (Objective and Theory)
