Fundamentals of Inventory Mgt & Control

Fundamentals of Inventory Mgt & Control

Professional Development

15 Qs

quiz-placeholder

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Fundamentals of Inventory Mgt & Control

Fundamentals of Inventory Mgt & Control

Assessment

Quiz

Other

Professional Development

Medium

Created by

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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