This quiz works best with JavaScript enabled. Home > Inventory Production > Inventory And Production Management > Inventory And Production Management – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Inventory And Production Management Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Damage and shrinkage would most likely be found in which of these costs? A) Capital. B) Risk. C) Storage. D) Service. Show Answer Correct Answer: B) Risk. 2. What key aspect of inventory is focused on when and how to create purchase orders to re-order new stock? A) Storage. B) Systems and Tools. C) Accounting. D) Tracking. Show Answer Correct Answer: A) Storage. 3. Planning purchases may also include ..... A) Never changing your inventory. B) Not planning purchases. C) Making changes to inventory based on needs for upcoming events or other things. D) Keeping inventory the same because it's easier to manage it that way. Show Answer Correct Answer: C) Making changes to inventory based on needs for upcoming events or other things. 4. Benefit from safety Stock, EXCEPT A) Protect against uncertainty in the supply of goods and customer needs. B) Closing the waiting time or delay in delivery from the supplier. C) Increase the amount of inventory stock. D) Need Variation. Show Answer Correct Answer: D) Need Variation. 5. What is the standard of service attitude of pharmacy employees towards patients? A) Empathy. B) Tolerance. C) Optimistic. D) Solutive. Show Answer Correct Answer: A) Empathy. 6. What is an itemized statement of money owed for goods shipped or services rendered. A) Money laundering. B) Credit. C) Invoice. D) Tax. Show Answer Correct Answer: C) Invoice. 7. A set inventory level where, if the total stock on hand plus on order falls to, or below that point, action is taken to replenish the stock. A) Safety Stock. B) Reorder Quantity. C) Reorder Point. D) Stock Keeping Unit. Show Answer Correct Answer: C) Reorder Point. 8. The problem of Over Stock is because, except? A) Order in retail, come in a box. B) Double orders between CITO and BPBA. C) Typing error. D) POS Error. Show Answer Correct Answer: D) POS Error. 9. What is one thing you need to keep in mind when purchasing inventory? A) Developing a model inventory. B) Having absolutely no system. C) Doing nothing. D) Keeping a very messy inventory. Show Answer Correct Answer: A) Developing a model inventory. 10. ..... is used to find and maintain inventory levels that are neither too small nor too large. A) Planning purchases. B) Inventory management. C) Inventory control. D) Managing purchases. Show Answer Correct Answer: B) Inventory management. 11. ..... is a discount from the list price of an item allowed by a manufacturer to wholesalers and merchants. A) Trade discount. B) Quality discount. C) Cash discount. D) Sells discount. Show Answer Correct Answer: A) Trade discount. 12. What do they call an order that is not yet finished or still in process? A) Finished good. B) Back order. C) Pre-order. D) Post-order. Show Answer Correct Answer: B) Back order. 13. The total time it takes from placing an order until it is received is known as: A) Stockout. B) Lead time. C) Turnover rate. D) Inventory shrinkage. Show Answer Correct Answer: B) Lead time. 14. Among different types of costs associated with inventory, the opportunity cost of the investment tied up in inventory is a(n) ..... A) Purchasing cost. B) Ordering cost. C) Stockout cost. D) Holding cost. Show Answer Correct Answer: D) Holding cost. 15. General term for the activities that deliver finished goods to customers A) Physical Distribution Management. B) Logistics Mangement. C) Supply Chain Management. D) Material Management. Show Answer Correct Answer: A) Physical Distribution Management. 16. A blending of interactive digital elements like dazzling visual overlays or other sensory projections is accomplished through: A) QR Codes. B) Augmented Reality. C) UPC. D) RFID. Show Answer Correct Answer: B) Augmented Reality. 17. Calculate how much is the pharmacy's margin if using a selling factor of 1.25? A) 25 %. B) 20 %. C) 15 %. D) 4%. Show Answer Correct Answer: B) 20 %. 18. Keeping a minimal amount of production materials or sales inventory on hand at all times is known as: A) Perpetual inventory. B) Periodic inventory. C) JIT inventory. D) Inventory control. Show Answer Correct Answer: C) JIT inventory. 19. The average distance between each data value and the mean.A way to describe the variation in a data set. A) Mean Absolute Deviation. B) Economic Order Quantity. C) Work in Process. D) Reorder Quantity. Show Answer Correct Answer: A) Mean Absolute Deviation. 20. Dependent demand is A) The demand for item is dependent upon the demand for some other item. B) Used when intervory builds up over a period of time after an order is placed. C) The costs of placing an order and receiving goods. D) None of above. Show Answer Correct Answer: A) The demand for item is dependent upon the demand for some other item. ← 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 7Inventory And Production Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books