Purchasing Inventory Quiz Review

Items that should appear on an inventory tracking system include:

• Capital Assets, Consumable Supplies, Employee Schedules

• Capital Assets, Consumable Supplies, Items for Resale

• Capital Assets, Employee Schedules, Items for Resale

• Consumable Supplies, Employee Schedules, Items for Resale

Which factor is not the highest priority when considering a vendor to do a supply inventory with?

• Price/Quality

• Shipping Timeline

• Quality of Facility

• Supplier's Reputation

Describe safety stock

• Inventory needed while you wait for a next shipment

• Retained products to help against shortages/fluctuation in demand

• Tools that help employees stock without injury

• Regular production consumption of materials based on need

What type of inventory tracking tool is this?

• Work Order

• Sales Order

• Bill of Materials

• Receipt

What type of inventory tracking tool is this?

• Work Order

• Sales Order

• Bill of Materials

• Receipt

What type of inventory tracking tool is this?

• Work Order

• Sales Order

• Bill of Materials

• Receipt

Use this equation to calculate inventory to sales ratio. Inventory Balance: $2,390 -- Monthly Sales: $54,210

• 0.04

• 22.68

• 2.27

• 0.44

Use this equation to calculate inventory to sales ratio. Inventory Balance: $4,444 -- Monthly Sales: $14,956

• 0.29

• 3.65

• 2.97

• 0.33

High-value, low volume items are typically transported using:

• Airplanes/Aviation

• Maritime (Boats)

• Over the Road Trucks

• Trains/Rail

Low value, high volume items long-distances over the land

• Airplanes/Aviation

• Maritime (Boats)

• Over the Road Trucks

• Trains/Rail