Which Retail Audit Needs to Be Conducted When the Store

question 63

Multiple Choice

Which retail audit needs to be conducted when the store is open?

• A) efficiency of point-of-sales system in handling markdowns
• B) shortage/overage determination
• C) assessment of the condition of building and grounds
• D) analysis of employee records for completeness

---

Definitions:

Infinitely Inelastic

Describes a situation where the demand for a good does not change regardless of changes in its price.

Economic Rents

Earnings in excess of the minimum amount required to keep a factor of production in its current use.

Aggregate

A total or combined amount, level, or sum of different components, often used in economics to describe collective economic indicators.

Equilibrium

A state in a market where supply equals demand, and there are no external forces prompting change.