Inventory Management Quiz

Inventory Management Quiz

12th Grade

13 Qs

quiz-placeholder

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Inventory Management Quiz

Inventory Management Quiz

Assessment

Quiz

Financial Education

12th Grade

Hard

Created by

Miras Sanat

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the steps involved in determining inventory quantities?

Counting, weighing, or measuring each kind of inventory on hand

Estimating the value of inventory based on sales

Ignoring the inventory counts completely

Guessing the quantity of inventory without any physical verification

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which costing methods can be applied to quantities on hand?

Alphabetical order, Numerical order, Date of purchase

High to low, Low to high, Random order

Random selection, Most expensive first, Least expensive first

Specific Identification, First-in, first-out (FIFO), Last-in, first-out (LIFO)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When should goods in transit be included in the inventory?

When the goods are in the process of being manufactured

When the company has legal title to the goods

When the goods are in the warehouse

When the goods are still with the seller

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which cost flow method often parallels the actual physical flow of merchandise?

Last-In-First-Out (LIFO)

First-In-First-Out (FIFO)

Gross profit method

Average-Cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the lower-of-cost-or-market basis of accounting for inventories?

To write down the inventory to its market value when it is lower than cost

To ignore market fluctuations in inventory valuation

To overstate the inventory value

To increase the inventory value artificially

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do inventory errors affect the financial statements?

Only affect the balance sheet

Affect both the income statement and balance sheet

Have no impact on financial statements

Only affect the income statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the inventory turnover ratio measure?

Number of times on average the inventory is sold during the period

Total value of inventory at a given point in time

Profit margin on inventory sales

Number of days inventory is held

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