Inventory Management Quiz

What one skill does a business professional need the most to be successful in inventory management?

What is the term for the process of obtaining goods and services from external sources?

• Inventory management

• Sourcing

• Quality control

• Inventory shrinkage

Henry runs a small bookstore. Which term refers to the stock of books he holds for sale?

• Supplier

• Inventory

• Production process

• Quality control

Ethan manages a retail store and notices a reduction in inventory due to factors like theft or damage. What is this reduction called?

• Quality control

• Inventory shrinkage

• Production process

• Sourcing

Mason runs a small bakery. What is the term for the final products that are ready for sale in his bakery?

• Direct materials inventory

• Finished goods inventory

• Work in process inventory

• Inventory management

Avery is managing a bakery and needs to ensure that all tasks are completed efficiently. What is the purpose of scheduling in this production process?

• To determine the order of tasks

• To buy materials

• To check product quality

• To manage inventory

Avery runs a small bakery and needs to order flour and sugar regularly. What is the term for a company or person that provides these goods?

• Supplier

• Inventory

• Production process

• Quality control

Mason is starting a new project at his company. What is the first step he should take in the production process?

• Purchasing

• Planning

• Scheduling

• Quality control

In a school project, which activity is responsible for setting timelines for tasks like research, presentation preparation, and final submission?

• Quality control

• Purchasing

• Scheduling

• Inventory control

Kai is managing a small manufacturing business. Why is careful scheduling necessary for his operations?

• To increase marketing reach

• For efficient operation, material shortage prevention, and production problems

• To enhance customer satisfaction

• For better financial management