Does rip-off mean stealing?

English as a Second Language English Teacher Explanations (ESL Tests)
1

English Language Tests, Intermediate level

ESL/EFL Test #197 [color=blue]“Phrasal Verbs (P to R)”, question 9

That store is really expensive. It’s a ….

(a) rip-down
(b) rip-off
(c) rip-over

English Language Tests, Intermediate level

ESL/EFL Test #197 [color=blue]“Phrasal Verbs (P to R)”, answer 9

That store is really expensive. It’s a rip-off.

Correct answer: (b) rip-off

Your answer was: [color=green]correct
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Does rip-off mean stealing?

2

Yes, it does mean to steal.
“Rip off: to steal; to cheat/exploit”
But, it’s also commonly used to describe something that is overpriced.
It can be used as a phrasal verb and as an adjective (rip-off).
In this question, it’s used as an adjective.