reviewer

hich term refers to the total value of goods and materials a business holds for the purpose of resale or production?

• stock
• assets
• supplies
• inventory

What are the three main types of inventory?

• assembled products
• raw materials, work-in-progress, finished goods
• unused materials
• partially finished goods

What is the term used to describe the management of the flow of goods and services, including all processes that transform raw materials into final products?

• Production Planning
• Supply Chain Management
• Inventory Control
• Logistics Management

What is the term used to describe the overall expenses associated with keeping inventory in stock?

• Holding costs
• Storage costs
• Maintenance fees
• Inventory cost

1. Which term describes the system a business uses to track and manage its inventory levels and stock?

• Stock Management System
• Inventory Tracking Software
• Inventory Management System
• Supply Chain Management System

What inventory management model is primarily used when businesses anticipate demand for a single selling season or a short-term period?

• Vendor-Managed Inventory (VMI)
• Batch Production
• Economic Order Quantity (EOQ)
• single period inventory model

What is the term used to describe a method of inventory management where a fixed quantity of items is ordered whenever inventory reaches a specific reorder point?

• Dynamic Order Quantity
• Variable Order Quantity
• Flexible Order Quantity
• Fixed Order Quantity

What are the main types of business entities?

• service merchandising manufacturing

• franchise, nonprofit, conglomerate, and joint venture
• nonprofit, cooperative, conglomerate, and joint venture
• cooperative, franchise, conglomerate, and joint venture

Which inventory costing method assumes that the last items purchased are the first items sold?

• Specific Identification
• FIFO
• Weighted Average Cost
• LIFO

Which inventory costing method assumes that the last items purchased are the first items sold?

• FIFO
• Weighted Average
• Specific Identification
• LIFO