3.4.5 Managing Inventory

3.4.5 Managing Inventory

Professional Development

10 Qs

quiz-placeholder

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3.4.5 Managing Inventory

3.4.5 Managing Inventory

Assessment

Quiz

Social Studies

Professional Development

Practice Problem

Hard

Created by

James Hannaford

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a cost associated with holding stock?

Storage costs

Wastage costs

Opportunity costs

Marketing costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used for the minimum level of stock that a business needs to ensure it won't run out of raw materials or finished goods?

Maximum stock

Buffer stock

Re-order level

Lead time

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the lead time in inventory control?

The time it takes for goods to arrive after ordering

The amount of stock needed to avoid running out

The cost of holding stock

The amount of stock ordered from the supplier

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of production requires a large stock of raw materials and no stock of finished goods?

Flow production

Batch production

Job production

Mass production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula to calculate the re-order level?

Lead time (in days) × average daily usage

Lead time (in days) × average daily usage + buffer stock level

Lead time (in days) + average daily usage × buffer stock level

Lead time (in days) + buffer stock level

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the re-order quantity?

The amount of stock a business needs to avoid running out

The amount of stock ordered from the supplier

The time it takes for goods to arrive after ordering

The cost of holding stock

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe the minimum stock level that must be maintained to ensure production is not interrupted?

Maximum stock

Re-order level

Buffer stock

Lead time

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