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Inventory And Production Management Quiz 1 (25 MCQs)

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1. Which of the following inventory methods is a physical count of inventory performed at specific time intervals and is typically used by small businesses?
2. When demand exceeds supply the organisation will loose sales due to unavailability of the products.
3. The following statement is correct in relation to ABC Inventory classification, EXCEPT:
4. The objectives of inventory management include the following except:
5. What are the parameters that affect the maximum stock level value?
6. What is meant by inventory?
7. A device used to digitally identify items via a unique barcode, then perform inventory and fufillment tasks like booking-in, picking, counts, etc.
8. A quantity of stock planned to be in inventory to protect against fluctuations in demand or supply.
9. Find and removes materials from store
10. Moving materials into the organization from supplier
11. What is the accommodates elapsed time between inventory availability?
12. Information recorded by the business about the goods they receive is known as a:
13. Which one of the example below is not include under types of inventory?
14. Which of the following is NOT a factor to be considered when managing inventory?
15. The number of units of an inventory consumed over a period of time.
16. An inventory strategy where companies keep large amounts of inventory on hand in order to minimize the probability of selling out of a stock of a product.
17. Inventory valuation can be performed based on below method, EXCEPT:
18. Vendors are _____
19. Lubricating oil is one type of inventory that is held in organisations.
20. The expenses incurred to create and process an order to a supplier.
21. Classification by sales volume is one of the oldest methods used to establish selective policies or strategies. Based on the operation above, what it is often called?
22. A primary concern to retail, wholesale, and manufacturing is _____
23. An accounting of a business's entire inventory, e.g. all goods present in the business at a certain time.
24. Planning purchases may include _____
25. A supplier maintains a 21-day lead time for delivery of their products. The customer maintains an inventory with a safety stock of 350 units based on a usage of 425 per week. Calculate the order point (1 week = 7 days).
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