
Inventory Management Quiz
Authored by Rachel Wildhaber
Business
10th Grade
Used 8+ times

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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is inventory management?
The process of developing new products
The process of ordering, storing, using, and selling a company's inventory
The process of hiring and training new employees
The process of marketing and advertising products
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a method of inventory management?
Just-in-Time Management (JIT)
Total Quality Management (TQM)
Materials Requirement Planning (MRP)
Economic Order Quantity (EOQ)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential risk of having a large inventory?
Increased sales
Reduced storage costs
Spoilage, theft, or damage
Improved customer satisfaction
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Economic Order Quantity (EOQ) model aim to minimize?
Marketing expenses
Employee turnover
Total inventory costs
Production time
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main focus of Just-in-Time (JIT) inventory management?
To have a large stock of inventory at all times
To increase the number of suppliers
To receive goods as close as possible to when they are needed
To forecast sales for the next year
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which inventory management method relies on sales forecasts?
Just-in-Time Management (JIT)
Days Sales of Inventory (DSI)
Economic Order Quantity (EOQ)
Materials Requirement Planning (MRP)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a lower Days Sales of Inventory (DSI) indicate?
Lower sales volume
Higher inventory costs
Longer duration to clear off inventory
Shorter duration to clear off inventory
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