Inventory Management Flashcard

Front

What is the term for the process of obtaining goods and services from external sources?

Back

Sourcing

Front

Which term refers to the stock of books Henry holds for sale?

Back

Inventory

Front

Ethan manages a retail store and notices a reduction in inventory due to factors like theft or damage. What is this reduction called?

Back

Inventory shrinkage

Front

Mason runs a small bakery. What is the term for the final products that are ready for sale in his bakery?

Back

Finished goods inventory

Front

What is the purpose of scheduling in the production process of a bakery?

Back

To determine the order of tasks

Front

What is the term for a company or person that provides goods like flour and sugar?

Back

Supplier

Front

Mason is starting a new project at his company. What is the first step he should take in the production process?

Back

Planning

Front

In a school project, which activity is responsible for setting timelines for tasks like research, presentation preparation, and final submission?

Back

Scheduling

Front

Kai is managing a small manufacturing business. Why is careful scheduling necessary for his operations?

Back

For efficient operation, material shortage prevention, and production problems

Front

Liam is responsible for inventory management at his store. What does his job involve?

Back

Ordering goods, receiving them into stock on arrival, and paying vendors