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Inventory Management Quiz

Authored by DENIS TAVARES DOS SANTOS JUNIOR

English

12th Grade

CCSS covered

Used 1+ times

Inventory Management Quiz
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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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