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Inventory Management Quiz

Authored by Mariam Mariam

Business

12th Grade

Inventory Management Quiz
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6 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______________ involves counting, weighing, or measuring each kind of inventory on hand.

Taking physical inventory

Classifying

Reporting inventory

Ending inventory

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Merchandising companies have _________ inventory classification.

one

two

three

four

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does inventory refer to in a business?

Employee records

Accounting software

Customer feedback

Goods, raw materials, or finished products

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the context of inventory, what does 'goods in transit' refer to?

Goods not yet delivered

Goods in production

Goods in the manufacturing process

Goods on the shelves

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where is all inventory reported on the balance sheet, regardless of classification?

Long-term assets

Current assets

Current liabilities

Owner’s equity

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the inventory classifications in a manufacturing company?

Raw materials

Finished goods

Work in process

All of the above

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