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Inventory and Inventory Control Quiz

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Professional Development

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Inventory and Inventory Control Quiz
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14 questions

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1.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

What is inventory?

A production technique

A type of machinery

A financial statement

A detailed list of movable goods

2.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Which of the following is NOT a type of inventory classification according to function?

Work in process Inventory

Production Inventory

Raw Material Inventory

Operating and Maintenance Inventory

3.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

What does EOQ stand for?

Effective Order Quantity

Economic Order Quantity

Essential Order Quantity

Estimated Order Quantity

4.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

What is the purpose of inventory control?

To maximize stock levels

To eliminate all inventory

To minimize production costs

To find out how much stock should be maintained

5.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Which of the following is a characteristic of A-Class items in ABC analysis?

They are always in high quantity

They are low valued items

They require minimal control

They constitute 10% of items and account for 70% of total inventory cost

6.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

What is the maximum stock?

The lowest quantity of stock allowed

The maximum quantity of material allowed in stores

The average stock level

The quantity of stock that is always sold

7.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

What is the reorder point?

The minimum stock level

The average consumption rate

The level of stock at which new orders are placed

The maximum stock level

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