BME1 Inventory Management

Last Name / Given Name / MI

Which inventory system requires physical count of items in stock at certain intervals.

• Periodic System

• Perpetual Inventory System

Which inventory system makes use of universal product code or bar code for continuous monitoring of inventory?

• Periodic System

• Perpetual Inventory System

Which inventory system is commonly used by small and medium businesses?

• Periodic System

• Perpetual Inventory System

Which inventory system allows timely replenishment of stocks?

• Periodic System

• Perpetual Inventory System

Which inventory system is used by most supermarkets and department stores?

• Periodic System

• Perpetual Inventory System

Which of the following classification methods classify the inventory items based on their importance in the business operations?

• ABC Classification

• XYZ Classification

• FSN Classification

Which inventory system uses tags attached to items and transmit data wirelessly?

• Barcode Scanning

• Radio Frequency Identification

• Automated Inventory Counting Systems

Utilize AI, machine learning, and smart sensors for automated inventory counting.

• Barcode Scanning
• Radio Frequency Identification
• Automated Inventory Counting Systems

Method for managing inventory that determines the best amount of inventory to order at a specific period to minimize holding and carrying costs?

• Economic order quantity (EOQ)

• A-B-C Approach

• Just-in-time production