Inventory Management and Supplies Quiz
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Questions and Answers

What type of items are considered as 'supplies' in the context of inventory?

  • Raw materials used in production
  • Finished products ready for sale
  • Office supplies, cleaning supplies, computer supplies, and supplies used for specific purposes (correct)
  • Obsolete items awaiting disposal

    • Which of the following best defines inventory management?

  • Managing the supply chain of a company's products
  • Keeping track of a company’s stocked goods and monitoring their weight, dimensions, amounts, and location (correct)
  • Calculating the financial value of a company's assets
  • Organizing the layout of a warehouse for efficient storage

    • What does product inventory encompass?

  • Only finished goods ready for sale
  • Products purchased at wholesale for retail sale and component parts/raw materials used for production (correct)
  • Obsolete items awaiting disposal
  • Goods in transit to the business location

    • What is the purpose of an inventory report?

    <p>To have a record of the true account of all the products in the business</p> Signup and view all the answers

    What is the purpose of daily inventory reporting?

    <p>To display or document the inventory status on a daily basis</p> Signup and view all the answers

    Inventory management only involves monitoring the weight and dimensions of stocked goods.

    <p>False</p> Signup and view all the answers

    The purpose of having an inventory report is to display the true account of all the products in the business.

    <p>True</p> Signup and view all the answers

    Product inventory can only be products purchased at wholesale to sell to consumers at retail.

    <p>False</p> Signup and view all the answers

    Daily inventory reports are suitable for all types of business organizations.

    <p>False</p> Signup and view all the answers

    Supplies include items used as part of the sales process.

    <p>False</p> Signup and view all the answers

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