NRF RETAIL INDUSTRY FUNDAMENTALS
2026 WORKPLACE READINESS AND
PROFESSIONALISM REVIEW QUESTIONS
SOLUTIONS GUIDE
◉ invoice
Answer: A form describing the goods or services sold, the quantity,
and the price
◉ KPI (Key Performance Indicator)
Answer: a measure of achievement that can be attributed to an
individual, team, or department
◉ Keystone Price
Answer: when a retailer simply doubles the cost of an item
◉ loss leader
Answer: An item priced at or below cost to draw customers into a
store.
◉ Loss Prevention
, Answer: A risk control technique that reduces the frequency of a
particular loss.
◉ Marketing Mix
Answer: Product, Price, Place, Promotion
◉ Markdowns
Answer: reductions retailers take on the initial selling price of the
product or service
◉ multichannel retailing
Answer: providing multiple distribution channels for consumers to
buy a product
◉ NFC (Near Field Communication)
Answer: Mobile technology that enables short-range wireless
communication between mobile devices. Now used for mobile
payment technology such as Apple Pay and Google Wallet
◉ net profit
Answer: The amount left after operating expenses are subtracted
from the gross profit
2026 WORKPLACE READINESS AND
PROFESSIONALISM REVIEW QUESTIONS
SOLUTIONS GUIDE
◉ invoice
Answer: A form describing the goods or services sold, the quantity,
and the price
◉ KPI (Key Performance Indicator)
Answer: a measure of achievement that can be attributed to an
individual, team, or department
◉ Keystone Price
Answer: when a retailer simply doubles the cost of an item
◉ loss leader
Answer: An item priced at or below cost to draw customers into a
store.
◉ Loss Prevention
, Answer: A risk control technique that reduces the frequency of a
particular loss.
◉ Marketing Mix
Answer: Product, Price, Place, Promotion
◉ Markdowns
Answer: reductions retailers take on the initial selling price of the
product or service
◉ multichannel retailing
Answer: providing multiple distribution channels for consumers to
buy a product
◉ NFC (Near Field Communication)
Answer: Mobile technology that enables short-range wireless
communication between mobile devices. Now used for mobile
payment technology such as Apple Pay and Google Wallet
◉ net profit
Answer: The amount left after operating expenses are subtracted
from the gross profit
