This quiz works best with JavaScript enabled. Home > Inventory Production > Inventory And Production Management > Inventory And Production Management – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Inventory And Production Management Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What key aspect of inventory is focused on visibility on where exactly your inventory is as well as additions (purchases) and subtractions (sales), to give as close to a live stock figure as possible. A) Tracking. B) Accounting. C) Analysis. D) Systems and Tools. Show Answer Correct Answer: A) Tracking. 2. Given the following percentage costs of carrying inventory, calculate the annual carrying cost if the average inventory is IDR1 million. Capital costs are 10%, storage costs are 6%, and risk costs are 7%. A) IDR230, 000. B) IDR100, 000. C) IDR200, 000. D) IDR250, 000. Show Answer Correct Answer: A) IDR230, 000. 3. What is the formula for calculating the HPP Ratio? A) (COGS + Sales) x 100%. B) (COGS-Sales) x 100%. C) (COGS:Sales) x 100%. D) HPP x 100%. Show Answer Correct Answer: C) (COGS:Sales) x 100%. 4. Inventory policy information requires understanding the role of inventory in? A) Manufacturing and distribution. B) Distribution and logistics environment. C) Manufacturing and logistics environment. D) Distribution. Show Answer Correct Answer: C) Manufacturing and logistics environment. 5. These are places where goods remain in their original crates, waiting to be broken down into more usable quantities. A) Staging areas. B) Bulk storage areas. C) Packing areas. D) Assembly areas. Show Answer Correct Answer: B) Bulk storage areas. 6. Which one of the statement below is true? Function of Inventory. A) To slow production requirement. B) To take advantages of EOQ. C) To hedge against price hike. D) To fulfill production from supplier. Show Answer Correct Answer: C) To hedge against price hike. 7. The ideal order quantity a company should purchase for its inventory given a cost set of production, demand rate, and other variables is known as: A) Reorder point. B) Economic order quantity. C) Anticipation stock. D) Inventory control. Show Answer Correct Answer: B) Economic order quantity. 8. What is the name of method under discount quantity? A) Holding cost same, Holding cost different. B) Holding cost similar, Holding cost rare. C) Holding cost constant, Holding cost not constant. D) Holding cost flexible, Holding cost permanent. Show Answer Correct Answer: C) Holding cost constant, Holding cost not constant. 9. What type of inventory management is anything you use for packing and protecting goods-either while in storage, or during shipping to customers? A) Raw Materials. B) Packing Materials. C) Construction Materials. D) School Supplies. Show Answer Correct Answer: B) Packing Materials. 10. Just-in-time inventory management is when: A) Customers have a short period of time to order their stock. B) Stock is ordered just in time for when it is required. C) Stock is delivered quickly. D) The business does not have to order any stock. Show Answer Correct Answer: B) Stock is ordered just in time for when it is required. 11. ..... are a form of guaran-teed payment. A) Tax funds. B) Invoices. C) Secured funds. D) Basic funds. Show Answer Correct Answer: C) Secured funds. 12. Which of the following is correct, about your Professor? A) Mr. Reyes is a Theater and Arts Teacher at National University. B) Mr. Reyes is a Recording Artist and Vlogger. C) Mr. Reyes was born December 1997. D) Mr Reyes is known to be the girlfriend of rapper Skusta Clee. Show Answer Correct Answer: C) Mr. Reyes was born December 1997. 13. Which of the following provides a buffer for seasonal demand? A) Lot-size inventory. B) Fluctuation inventory. C) Anticipation inventory. D) Decoupling inventory. Show Answer Correct Answer: C) Anticipation inventory. 14. The following are examples of the costs of holding stock except: A) Storage cost. B) Wastage. C) Purchase cost. D) Opportunity cost. Show Answer Correct Answer: C) Purchase cost. 15. A box of Kellog's Corn Flakes is an example of what type of good? A) Raw material. B) Finished. C) Intermediate. D) None of above. Show Answer Correct Answer: B) Finished. 16. The old standard of replying to chats of patients making purchases online is A) <5 minutes. B) 10 minutes. C) 30 minutes. D) 5 minutes. Show Answer Correct Answer: A) <5 minutes. 17. What type of inventory management is there for retailers that manufacture their own products. These are unfinished items or components currently in-production, but not yet ready for sale? A) Work-in-progress. B) Finished goods. C) Just in Time. D) Raw Materials. Show Answer Correct Answer: A) Work-in-progress. 18. Inventory is another word for: A) Stock. B) Finance. C) Staff. D) Managers. Show Answer Correct Answer: A) Stock. 19. Additional preparations held to protect or take care of the possibility of a shortage of goods / materials are A) Level Stock. B) Saldo Stock. C) Safety Stock. D) Status Stock. Show Answer Correct Answer: C) Safety Stock. 20. When demand is steady, cycle inventory and lot size are related as A) Cycle Inventory = lot size x 2. B) Cycle Inventory = Q*2. C) Cycle Inventory = Q/2. D) Cycle Inventory = lot size = Q. Show Answer Correct Answer: C) Cycle Inventory = Q/2. ← PreviousNext →Related QuizzesInventory Production QuizzesInventory And Production Management Quiz 1Inventory And Production Management Quiz 2Inventory And Production Management Quiz 3Inventory And Production Management Quiz 4Inventory And Production Management Quiz 6Inventory And Production Management Quiz 7Inventory And Production Management Quiz 8Inventory And Production Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books