Stock Control and Management

What is the definition of STOCK CONTROL?

Answer explanation

Stock control is used to show how much stock you have at any one time, and how you keep track of it.

_ _ _ _ _  is the finished product ready to sell into a marketplace.

• Stock

• Inventory

• Goods

• Service

The basic formula of business is Profit = Sales – Expenses. Lean manufacturing aims to ..........

• Reduce expenses

• Increase sales

• Balance sales and expenses

• Increase expenses

The purchase-order LEAD TIME is the ...........

• Time between receiving a customer order and producing the products

• Time between placing an order and its delivery

• Time between receiving a customer order and delivering the items 

• Time required to correct errors in the defective products

_ _ _ _ _ _ _ _ _  is the raw material used for making the product, work in progress goods and finished product.

• Stock

• Inventory

• Goods

• Service

What is a " Minimum Stock Level " ? 

• This is when you re-order stock when it reaches a particular level.

• This is where stock arrives and is sold immediately.

• This is where perishable items get sold first.

• This is where shrinkage occurs

What is BUFFER STOCK ?  

• Stock which is sent just in time

• Stock which gets placed onto the shop floor before it expires

• Stock which does not get sold

• Extra stock which is kept in case of demand

INVENTORY is another word for _ _ _ _ _.   

Which one of the examples below is NOT included under the type of INVENTORY?

• Raw materials

• Maintenance, Repair, Operating

• Work in progress

• Dependent demand

The objective of Stock Management is to minimize holding costs.

• True

• False