Inventory Management

Inventory Management

3rd Grade

25 Qs

quiz-placeholder

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Inventory Management

Inventory Management

Assessment

Quiz

Business

3rd Grade

Hard

Created by

Anne Jamaluddin

Used 8+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The overall objective of inventory management is to achieve satisfactory levels of customer service while keeping inventory costs reasonable.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The objective of inventory management is to minimize holding costs

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When using EOQ ordering, the order quantity must be computed in every order cycle

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The purchase-order lead time is the ________.

time between placing an order and its delivery

time between receiving a customer order and producing the products

time between receiving a customer order and delivering the items

time required to correct errors in the defective products

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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:

Reorder point

Economic order quantity

Anticipation stock

Inventory control

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under  economic-order-quantity decision model, it is assumed that ________.

the quantity ordered can vary at each reorder point 
demand, ordering costs, and carrying costs are uncertain
the purchasing cost per unit is affected by the order quantity
no inventory stockouts occur

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Buffer stock:

Goods kept in store to cover seasonal
demand e.g. Christmas sale
b Goods kept in store to cover unforeseen
shortages or fluctuations in demand

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