INV 1705 QUIZ 7: Inventory and Other Assets Quiz

INV 1705 QUIZ 7: Inventory and Other Assets Quiz

University

8 Qs

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INV 1705 QUIZ 7: Inventory and Other Assets Quiz

INV 1705 QUIZ 7: Inventory and Other Assets Quiz

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

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KODIMALAR A/P JEYABALAN

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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of inventory management?

To increase holding costs

To eliminate all inventory

To ensure the right quantity at the right time

To complicate ordering

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a type of inventory?

Raw materials

Finished goods

Work-in-progress

All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a non-inventory asset would be:

Office furniture

Raw materials

Work-in-progress

Finished goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a stock-keeping unit (SKU)?

A shipping container

A warehouse

A unique identifier for inventory

A type of expense

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document is most important for verifying receipt of inventory?

Sales invoice

Packing slip

Purchase order

Receiving report

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a reason for conducting a physical inventory count?

To update payroll

To verify book records

To promote staff

To plan advertising

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Obsolete inventory refers to:

Inventory in transit

Inventory in high demand

Unsellable or outdated inventory

Recently received inventory

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which department typically manages inventory levels?

Human resources

Finance

Supply chain or operations

Marketing