Inventory Management Quiz

Inventory Management Quiz

University

12 Qs

quiz-placeholder

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Inventory Management Quiz

Inventory Management Quiz

Assessment

Quiz

English

University

Practice Problem

Hard

Created by

OSMAN TORRES

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does inventory include in a business context?

Only raw materials

Finished goods only

Raw materials, work-in-process goods, and finished goods

Only work-in-process goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of inventory management?

Reducing production costs

Specifying the shape and percentage of stocked goods

Increasing the number of suppliers

Minimizing employee turnover

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "Just in Time" (JIT) production strategy aim to achieve?

Increase inventory levels to prevent stockouts

Reduce in-process inventory and associated carrying costs

Maximize production output regardless of inventory levels

Maintain a large stock of finished goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key disadvantage of the JIT system?

Increased waste due to excess inventory

Dependence on timely delivery from suppliers

Higher costs associated with bulk purchasing

Complexity in managing supplier relationships

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of Kanban in a JIT system?

To increase production speed regardless of demand

To signal when to manufacture the next part

To eliminate all forms of inventory

To manage supplier relationships

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did Michael Dell's business model operate regarding inventory?

He maintained a large stock of spare parts.

Customers built their computer specifications online, and each computer was built to order without leftover parts.

He produced computers in bulk and stored them for later sale.

He relied on third-party suppliers for all components.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used for running out of the inventory of a Stock Keeping Unit (SKU)?

Overstock

Stockout

Backorder

Inventory depletion

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