Walmart Asessment Inventory and Store Operations 1 — Questions and Answers
Question 1: What does 'FIFO' stand for in inventory management?
- First In, First Out (Correct answer)
- Fast Items, First Out
- First Inventory, Final Order
- Frequently In, Frequently Out
Correct answer: First In, First Out
FIFO stands for First In First Out meaning older stock is sold or used before newer stock to prevent spoilage.
Question 2: What is the purpose of cycle counting in a retail store?
- Counting all inventory at once during closing hours
- Periodically counting portions of inventory to maintain accurate records (Correct answer)
- Tracking which items cycle through promotions
- Counting customer transactions per cycle
Correct answer: Periodically counting portions of inventory to maintain accurate records
Cycle counting involves regularly counting portions of inventory to keep records accurate without full shutdowns.
Question 3: What does 'out-of-stock' mean in retail operations?
- Items that have been discontinued
- Items that are currently unavailable on the shelf and cannot be purchased (Correct answer)
- Items that are in the warehouse but not yet priced
- Items with expired sell-by dates
Correct answer: Items that are currently unavailable on the shelf and cannot be purchased
Out-of-stock means a product is not currently available on the shelf for customers to purchase.
Question 4: Which system does Walmart primarily use to track inventory and sales data?
- Manual ledger logs
- Point-of-Sale systems integrated with inventory management (Correct answer)
- Customer feedback forms
- Spreadsheet-based manual entry
Correct answer: Point-of-Sale systems integrated with inventory management
Walmart uses POS systems integrated with inventory management to track real-time sales and stock levels.
Question 5: What should you do if you find products on the floor that have no shelf location?
- Leave them in the aisle for customers
- Check the item's UPC to locate or create a proper shelf location through management (Correct answer)
- Place them anywhere on the nearest shelf
- Return them to the supplier
Correct answer: Check the item's UPC to locate or create a proper shelf location through management
Finding the correct shelf location via UPC ensures products are properly organized and findable for customers.
Question 6: What is a planogram in retail?
- A scheduling tool for employees
- A visual diagram showing how products should be arranged on a shelf (Correct answer)
- A customer floor map
- A delivery tracking system
Correct answer: A visual diagram showing how products should be arranged on a shelf
A planogram is a schematic showing exactly how and where products should be placed on shelves.
Walmart Asessment Inventory and Store Operations 1
What does 'FIFO' stand for in inventory management?