
Fundamentals of Inventory Mgt & Control

Quiz
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Other
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Professional Development
•
Medium
Howell Garcia
Used 5+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary objective of inventory management?
To increase the amount of stock available
To minimize costs while meeting customer demand
To eliminate the need for warehouses
To purchase as many products as possible
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of inventory?
Raw materials
Work-in-progress (WIP)
Finished goods
Capital investments
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does SKU stand for in inventory management?
Stock Keeping Unit
Storage Quantity Unit
Sales Key Unit
Supply Keeping Unit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an advantage of keeping high inventory levels?
Reduced carrying costs
Lower risk of obsolescence
Increased ability to meet customer demand
Less warehouse space required
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Just-in-Time (JIT) inventory system is designed to:
Keep large amounts of stock on hand at all times
Reduce inventory levels by receiving goods only as needed
Increase lead times for production
Store excess inventory for future demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
ABC analysis in inventory management is based on:
The physical size of items
The value and usage frequency of items
The weight of inventory items
The alphabetical listing of products
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the main purpose of cycle counting?
To conduct a full physical inventory count once a year
To continuously count small portions of inventory to improve accuracy
To increase the overall amount of inventory
To determine supplier reliability
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