Managing Inventory

Quiz
•
Education
•
University
•
Medium
Ratna Juwita
Used 15+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A major challenge in inventory management is to maintain a balance between inventory investment and customer service.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
▶Work-in-process inventory is devoted to maintenance, repair, and operating materials
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
▶ABC analysis classifies inventoried items into three groups, usually based on annual units or quantities used
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the four main types of inventory?
raw material inventory
work-in-process inventory
maintenance/repair/operating supply inventory
safety stock inventory
finished-goods inventory
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
▶Which of the following statements about ABC analysis is FALSE?
ABC analysis is based on the presumption that controlling the few most important items produces the vast majority of inventory savings.
In ABC analysis, "A" items should have tighter physical inventory control than "B" or "C" items have.
In ABC analysis, forecasting methods for "C" items may be less sophisticated than for "A" items.
ABC analysis is based on the presumption that all items must be tightly controlled to produce important cost savings.
Criteria other than annual dollar volume, such as high holding cost or delivery problems, can determine item classification in ABC analysis.
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A product has a demand of 4000 units per year. Ordering cost is $20, and holding cost is $4 per unit per year. The EOQ model is appropriate. The cost-minimizing solution for this product will cost ________ per year in total annual inventory (holding and setup) costs.
$400
$800
$1200
Zero; this is a class C item.
Cannot be determined because the unit price is not known.
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A product has a demand of 4000 units per year. Ordering cost is $20, and holding cost is $4 per unit per year. The cost-minimizing solution for this product is to order:
all 4000 units at one time
200 units per order
every 20 days.
10 times per year
none of the above
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