Question 1

"Just-In-Time" inventory control techniques are most successful in what type of environment?

Accepted Answer

A) Repetitive manufacturing operations where inventory levels are significant at the outset 
B) Where product requirements are customized for each customer 
C) Where a company changes suppliers regularly and those suppliers are independent of the manufacturer 
D) Where inventory levels have been reduced to safety stock levels 
A) Repetitive manufacturing operations where inventory levels are significant at the outset 
B) Where product requirements are customized for each customer 
C) Where a company changes suppliers regularly and those suppliers are independent of the manufacturer 
D) Where inventory levels have been reduced to safety stock levels

Question 2

JIT systems need two significant human elements to be successful: mutual trust and teamwork,and:

Accepted Answer

A) an individual incentive/rewards program. 
B) staff training. 
C) a benefits program. 
D) empowerment. 
A) an individual incentive/rewards program. 
B) staff training. 
C) a benefits program. 
D) empowerment.

Question 3

"A" items should be controlled under a perpetual inventory system with as much detail as necessary.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is a part of the "Just-In-Time" inventory control philosophy?

Accepted Answer

A) Job tasks should be highly specialized. 
B) Machinery must produce a large number of items to justify long set-up times and high costs. 
C) The lower the level of inventory a manufacturer maintains,the more efficient is the production system. 
D) Long production runs of standard items are ideal. 
A) Job tasks should be highly specialized. 
B) Machinery must produce a large number of items to justify long set-up times and high costs. 
C) The lower the level of inventory a manufacturer maintains,the more efficient is the production system. 
D) Long production runs of standard items are ideal.

Question 5

Research shows that the nature of the business contributes to its vulnerability to crime.

Accepted Answer

A) True 
 B)False

Question 6

Briefly explain each of the three primary inventory systems.

Accepted Answer

•Perpetual inventory systems are designe

Question 7

Computerized point-of-sale systems have given small business owners the ability to use perpetual inventory control systems across a larger portion of their inventories.

Accepted Answer

A) True 
 B)False

Question 8

The purpose of classifying items according to their value in ABC analysis is to establish the proper degree of control over each inventory item.

Accepted Answer

A) True 
 B)False

Question 9

What is a perpetual inventory control system? Explain its advantages and disadvantages.

Accepted Answer

Perpetual inventory control systems are

Question 10

An advantage of JIT is that it::

Accepted Answer

A) reduces costly inventories. 
B) maintains minimum inventory. 
C) helps the company's cash flow. 
D) All of the above 
A) reduces costly inventories. 
B) maintains minimum inventory. 
C) helps the company's cash flow. 
D) All of the above

Question 11

Generally speaking,it is not the "workaholic" employee but the one who seems to be hanging around a lot who is a risk factor for employee theft.

Accepted Answer

A) True 
 B)False

Question 12

If an owner or his/her relatives take the product home without properly logging it out,employees will perceive that it is okay and will be more likely to "steal" from the company in this way.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statement is correct?

Accepted Answer

A) Items in the A classification should be controlled under a perpetual inventory system with as much detail as necessary. 
B) Control of B items should rely more on periodic control systems and basic analytical tools such as EOQ and reorder point analysis. 
C) C items typically constitute a minor proportion of the small firm's inventory value and,as a result,require the least effort and expense to control. 
D) All of the above 
A) Items in the A classification should be controlled under a perpetual inventory system with as much detail as necessary. 
B) Control of B items should rely more on periodic control systems and basic analytical tools such as EOQ and reorder point analysis. 
C) C items typically constitute a minor proportion of the small firm's inventory value and,as a result,require the least effort and expense to control. 
D) All of the above

Question 14

Simon counts a few items of his inventory every week,working his way through the entire inventory during the year.Simon is using cycle counting to control his inventory.

Accepted Answer

A) True 
 B)False

Question 15

The best way to deal with shoplifting is to take steps to prevent it rather than stress catching the shoplifter in the act.

Accepted Answer

A) True 
 B)False

Question 16

One force driving the move to JIT inventory management is competition among companies to provide excellent customer service.

Accepted Answer

A) True 
 B)False

Question 17

One variation of traditional shoplifting techniques is the "grab-and-run" in which a shoplifter grabs an armload of merchandise located near an exit and then dashes out the door into a waiting getaway car.

Accepted Answer

A) True 
 B)False

Question 18

The tag system of inventory management is the equivalent of the two-bin system but is used by retail,wholesale,and service businesses.

Accepted Answer

A) True 
 B)False

"Just-In-Time" inventory control techniques are most successful in what type of environment?

JIT systems need two significant human elements to be successful: mutual trust and teamwork,and:

"A" items should be controlled under a perpetual inventory system with as much detail as necessary.

Which of the following is a part of the "Just-In-Time" inventory control philosophy?

Research shows that the nature of the business contributes to its vulnerability to crime.

Briefly explain each of the three primary inventory systems.

Computerized point-of-sale systems have given small business owners the ability to use perpetual inventory control systems across a larger portion of their inventories.

The purpose of classifying items according to their value in ABC analysis is to establish the proper degree of control over each inventory item.

What is a perpetual inventory control system? Explain its advantages and disadvantages.

An advantage of JIT is that it::

Generally speaking,it is not the "workaholic" employee but the one who seems to be hanging around a lot who is a risk factor for employee theft.

If an owner or his/her relatives take the product home without properly logging it out,employees will perceive that it is okay and will be more likely to "steal" from the company in this way.

Which of the following statement is correct?

Simon counts a few items of his inventory every week,working his way through the entire inventory during the year.Simon is using cycle counting to control his inventory.

The best way to deal with shoplifting is to take steps to prevent it rather than stress catching the shoplifter in the act.

One force driving the move to JIT inventory management is competition among companies to provide excellent customer service.

One variation of traditional shoplifting techniques is the "grab-and-run" in which a shoplifter grabs an armload of merchandise located near an exit and then dashes out the door into a waiting getaway car.

The tag system of inventory management is the equivalent of the two-bin system but is used by retail,wholesale,and service businesses.

Entrepreneurs: the Driving Force Behind Small Business

Strategic Management and the Entrepreneur

Choosing a Form of Ownership

Franchising and the Entrepreneur

Buying an Existing Business

Conducting a Feasibility Analysis and Crafting a Winning Business Plan

Creating a Solid Financial Plan

Managing Cash Flow

Building a Guerrilla Marketing Plan

Creative Use of Advertising and Promotion

Pricing and Credit Strategies

Global Marketing Strategies

E-Commerce and Entrepreneurship

Sources of Equity Financing

Sources of Debt Financing

Location,layout,and Physical Facilities

Supply Chain Management

Staffing and Leading a Growing Company

Management Succession and Risk Management Strategies in the Family Business

Ethics and Social Responsibility: Doing the Right Thing

The Legal Environment: Business Law and Government Regulation

Filters

Exam 18: Managing Inventory

"Just-In-Time" inventory control techniques are most successful in what type of environment?

JIT systems need two significant human elements to be successful: mutual trust and teamwork,and:

"A" items should be controlled under a perpetual inventory system with as much detail as necessary.

Which of the following is a part of the "Just-In-Time" inventory control philosophy?

Research shows that the nature of the business contributes to its vulnerability to crime.

Briefly explain each of the three primary inventory systems.

Computerized point-of-sale systems have given small business owners the ability to use perpetual inventory control systems across a larger portion of their inventories.

The purpose of classifying items according to their value in ABC analysis is to establish the proper degree of control over each inventory item.

What is a perpetual inventory control system? Explain its advantages and disadvantages.

An advantage of JIT is that it::

Generally speaking,it is not the "workaholic" employee but the one who seems to be hanging around a lot who is a risk factor for employee theft.

If an owner or his/her relatives take the product home without properly logging it out,employees will perceive that it is okay and will be more likely to "steal" from the company in this way.

Which of the following statement is correct?

Simon counts a few items of his inventory every week,working his way through the entire inventory during the year.Simon is using cycle counting to control his inventory.

The best way to deal with shoplifting is to take steps to prevent it rather than stress catching the shoplifter in the act.

One force driving the move to JIT inventory management is competition among companies to provide excellent customer service.

One variation of traditional shoplifting techniques is the "grab-and-run" in which a shoplifter grabs an armload of merchandise located near an exit and then dashes out the door into a waiting getaway car.

The tag system of inventory management is the equivalent of the two-bin system but is used by retail,wholesale,and service businesses.

Entrepreneurs: the Driving Force Behind Small Business

Strategic Management and the Entrepreneur

Choosing a Form of Ownership

Franchising and the Entrepreneur

Buying an Existing Business

Conducting a Feasibility Analysis and Crafting a Winning Business Plan

Creating a Solid Financial Plan

Managing Cash Flow

Building a Guerrilla Marketing Plan

Creative Use of Advertising and Promotion

Pricing and Credit Strategies

Global Marketing Strategies

E-Commerce and Entrepreneurship

Sources of Equity Financing

Sources of Debt Financing

Location,layout,and Physical Facilities

Supply Chain Management

Staffing and Leading a Growing Company

Management Succession and Risk Management Strategies in the Family Business

Ethics and Social Responsibility: Doing the Right Thing

The Legal Environment: Business Law and Government Regulation

Filters