Inventory Management Quiz
Authored by DENIS TAVARES DOS SANTOS JUNIOR
English
12th Grade
CCSS covered
Used 1+ times
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41 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inventory turnover measures how quickly inventory is used or sold.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
FIFO stands for First In, First Out.
True
False
Tags
CCSS.L.11-12.4
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
LIFO is a method where the oldest inventory items are sold first.
True
False
Tags
CCSS.L.11-12.4
CCSS.RI.11-12.4
CCSS.RI.11-12.1
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A stock keeping unit (SKU) is used to uniquely identify each product in inventory.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shrinkage refers to the increase in inventory due to restocking errors.
True
False
Tags
CCSS.L.11-12.4
CCSS.RI.11-12.4
CCSS.RI.11-12.1
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A periodic inventory system updates inventory records in real time.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The reorder point is the inventory level at which new stock should be ordered.
True
False
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