This quiz works best with JavaScript enabled. Home > Inventory Production > Inventory And Production Management > Inventory And Production Management – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Inventory And Production Management Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The following factors affect HPP, except: A) Sale. B) Purchase. C) Stick Recording. D) Purchase return. Show Answer Correct Answer: D) Purchase return. 2. Subset of the larger Supply Chain Management A) Logistics. B) Supply Chain Management. C) Logistics Management. D) Warehousing. Show Answer Correct Answer: C) Logistics Management. 3. ..... is not a counting system that can be utilised when counting inventory. A) Periodic counting system. B) Perpetual counting system. C) Demand forecasting. D) None of above. Show Answer Correct Answer: C) Demand forecasting. 4. The point at which a business orders more of a product before inventory gets too low is: A) Stockout. B) Buffer stock. C) Anticipation stock. D) Reorder point. Show Answer Correct Answer: D) Reorder point. 5. What is the other name for inventory? A) Stock keeping unit. B) Stock on hand. C) Stock in place. D) Stock to buy. Show Answer Correct Answer: B) Stock on hand. 6. Take material from departure area A) Outward transport. B) Outward logistics. C) Material handling. D) Material management. Show Answer Correct Answer: A) Outward transport. 7. Advantages of cycle counting A) Improves a firm's profitability. B) Eliminates shutdowns and interruptions. C) Ease the producton process. D) None of above. Show Answer Correct Answer: B) Eliminates shutdowns and interruptions. 8. A span of time required to perform a process ( or series of operations.The time between the recognition of the need for an order and the receipt of goods. A) Lead Time. B) Inventory Planning. C) Usage. D) Work In Process. Show Answer Correct Answer: A) Lead Time. 9. An order for a product that is currently out of stock, and so cannot yet be fulfilled for the customer. A) Back Order. B) Sales Order. C) Lead Order. D) Order Form. Show Answer Correct Answer: A) Back Order. 10. Inventory management systems can help with ..... A) Organization. B) Stress. C) Saving money. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. Inventory models for the replenishment of inventory. A) Inventory Order System. B) Inventory Shrinkage. C) Inventory Policies. D) Reorder Point. Show Answer Correct Answer: A) Inventory Order System. 12. Given the following information about a firm's stock levels, what is the reorder level of stocks? -Buffer stock is 100-Lead time is 3 weeks-Stock is used at the rate of 80 units per week-Stock deliveries are 500 units a time A) 180. B) 340. C) 500. D) 580. Show Answer Correct Answer: B) 340. 13. Definition of setup costs is: A) The demand for item is indipendent of the demand for any other item in inventory. B) Cost to prepare a machine or process for manufacturing an order. C) The costs of holding or carrying inventory over time. D) None of above. Show Answer Correct Answer: B) Cost to prepare a machine or process for manufacturing an order. 14. The cost of paying for electricity, included in what cost component? A) Maintenance. B) Indirect. C) Various. D) General. Show Answer Correct Answer: B) Indirect. 15. What should you NOT look for in a vendor A) How large their company is. B) Number of vendors you may need. C) What color the vendors headquarters is. D) Quality of products offered. Show Answer Correct Answer: C) What color the vendors headquarters is. 16. The higher the turnover rate, the ..... the sales. A) Lower. B) Same. C) Higher. D) None of above. Show Answer Correct Answer: C) Higher. 17. A ststement of a company's goals and approach to the management of inventories. A) Inventory Management. B) Inventory Policies. C) Inventory Shrinkage. D) Mean Absolute Deviation. Show Answer Correct Answer: B) Inventory Policies. 18. How many cost of inventories that you know? A) 6. B) 3. C) 2. D) 4. Show Answer Correct Answer: D) 4. 19. Which of the following statements is a Component contained in redata? A) Sales, COGS, Margin, Cost, Profit. B) Sales, Fees, COGS, Margins, Number of Visits. C) AP, Cost, Hpp Margin. D) AP, Sales, Cost, Operating Profit/Loss. Show Answer Correct Answer: A) Sales, COGS, Margin, Cost, Profit. 20. Given EOQ is 250 units, because of customer need to choose the best Total Cost, what is the new EOQ for this formula if the 1st range is ( 1-100 ). Choose your answer below. A) 250. B) 50. C) 100. D) 1. Show Answer Correct Answer: C) 100. ← 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 5Inventory And Production Management Quiz 6Inventory And Production Management Quiz 8Inventory And Production Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books