Inventory Management Quiz

What does inventory management primarily involve?

• Sales forecasting

• Controlling stock levels

• Customer service

• Marketing strategies

Which of the following is a consequence of having too much inventory?

• Increased sales

• Money tied up in stock

• Improved cash flow

• Enhanced customer satisfaction

JIT inventory management aims to:

• Reduce the number of products in stock

• Store large quantities of goods

• Increase production time

• Automate stock counting

Pilferage refers to:

• The process of ordering stock

• The theft of inventory

• The sale of goods

• The storage of products

A stock requisition form is used to:

• Request new inventory

• Sell products

• Track sales

• Manage finances

Match the term with its definition:

Inventory management is only necessary for retail businesses.

• True

• False

JIT inventory allows for excess stock to be stored.

• True

• False

Regular stock-taking is important for accurate accounting.

• True

• False

Pilferage can be reduced through effective stock control.

• True

• False