Inventory and Documentation Quiz

What do checklists help with?

• Ensuring consistency

• Ignoring tasks

• Making mistakes

• Creating confusion

What is finished goods?

• Just started

• Only for storage

• Ready for sale

• Not ready to sell

What does work-in-progress mean?

• Not started

• Stored away

• Being made

• Ready to sell

What are raw materials used for?

• To sell directly

• To produce finished goods

• To waste

• To store

What is perpetual inventory?

• Weekly count

• Monthly count

• Daily count

• Yearly count

What is shrinkage?

• Extra inventory

• Missing items

• More sales

• Less storage

What does just-in-time inventory help with?

• Less sales

• More products

• Less storage costs

• More storage

What is a risk of excess inventory?

• More customers

• Less profit margins

• More profit

• Less storage

What can happen with insufficient inventory?

• More sales

• Customer dissatisfaction

• Customer satisfaction

• More products

What is a consequence of lost sales?

• Missed revenue

• More customers

• More products

• Less storage