Inventory Management Quiz

Inventory Management Quiz

12th Grade

10 Qs

quiz-placeholder

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Inventory Management Quiz

Inventory Management Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Ricky Adiputra

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of just-in-time inventory?

Maximize inventory holding costs and reduce efficiency

Minimize customer satisfaction and increase costs

Ignore inventory holding costs and maintain inefficiency

Minimize inventory holding costs and improve efficiency

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name one advantage and one disadvantage of just-in-time inventory.

Advantage: Higher risk of overstock. Disadvantage: Lower risk of stockouts.

Advantage: Longer production lead time. Disadvantage: Reduced storage space.

Advantage: Increased carrying costs. Disadvantage: Reduced lead time.

Advantage: Reduced carrying costs. Disadvantage: Susceptibility to supply chain disruptions.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of just-in-case inventory?

To reduce the risk of overstocking

To speed up the delivery process

To increase the cost of inventory management

To mitigate the risk of stockouts and supply chain disruptions.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of safety stock in just-in-case inventory.

Extra inventory held to reduce the risk of stockouts

Inventory held to maximize the risk of stockouts

Extra inventory held to mitigate the risk of stockouts

Inventory held to increase the risk of stockouts

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main components of inventory control?

Demand forecasting, inventory planning, inventory tracking, and inventory optimization

Sales forecasting, inventory counting, inventory disorganization, and inventory chaos

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the difference between perpetual and periodic inventory control systems.

Perpetual inventory system only works for small businesses, while periodic inventory system is for large businesses.

Perpetual inventory system and periodic inventory system are the same thing.

Perpetual inventory system continuously updates the inventory balance after each transaction, while periodic inventory system updates the inventory balance at specific intervals.

Perpetual inventory system updates the inventory balance at specific intervals, while periodic inventory system continuously updates the inventory balance after each transaction.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is buffer inventory and why is it important in inventory management?

Buffer inventory is the stock that is intentionally damaged to avoid overstocking. It is important in inventory management to improve product quality and customer satisfaction.

Buffer inventory is the stock that is kept in a separate location away from the main inventory. It is important in inventory management to increase transportation costs and storage space.

Buffer inventory is the stock that is expired and no longer usable. It is important in inventory management to reduce waste and save costs.

Buffer inventory is the extra stock held to protect against uncertainties in demand, supply, and lead time. It is important in inventory management to prevent stockouts and ensure smooth production and customer satisfaction.

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