Stock Control and Management

What is the definition of STOCK CONTROL?

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Answer explanation

Stock control is used to show how much stock you have at any one time, and how you keep track of it.

_ _ _ _ _  is the finished product ready to sell into a marketplace.

• Stock

• Inventory

• Goods

• Service

The basic formula of business is Profit = Sales – Expenses. Lean manufacturing aims to ..........

• Reduce expenses

• Increase sales

• Balance sales and expenses

• Increase expenses

The purchase-order LEAD TIME is the ...........

• Time between receiving a customer order and producing the products

• Time between placing an order and its delivery

• Time between receiving a customer order and delivering the items 

• Time required to correct errors in the defective products

_ _ _ _ _ _ _ _ _  is the raw material used for making the product, work in progress goods and finished product.

• Stock

• Inventory

• Goods

• Service

What is a " Minimum Stock Level " ? 

• This is when you re-order stock when it reaches a particular level.

• This is where stock arrives and is sold immediately.

• This is where perishable items get sold first.

• This is where shrinkage occurs

What is BUFFER STOCK ?  

• Stock which is sent just in time

• Stock which gets placed onto the shop floor before it expires

• Stock which does not get sold

• Extra stock which is kept in case of demand

INVENTORY is another word for _ _ _ _ _.   

Which one of the examples below is NOT included under the type of INVENTORY?

• Raw materials

• Maintenance, Repair, Operating

• Work in progress

• Dependent demand

The objective of Stock Management is to minimize holding costs.

• True

• False