Stock Control Quiz
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Questions and Answers

Which of the following is a benefit of stock control?

  • Lack of knowledge about product types
  • Decreased customer demand
  • Increased cost of holding stock
  • Improved customer service (correct)

What is the purpose of administering daily stock control?

  • To meet customer demand
  • To increase profit margins
  • To improve warehouse efficiency (correct)
  • To decrease stock value

What does good stock control involve?

  • Selling stock without managing inventory
  • Having full knowledge of every product type in the warehouse (correct)
  • Ignoring customer demand
  • Proactively managing new stock only

Why is stock control important for businesses?

<p>It provides clear visibility of stock value and profit margins (A)</p> Signup and view all the answers

What does stock control management include?

<p>Proactively managing new stock alongside sold stock (A)</p> Signup and view all the answers

Flashcards

Benefit of Stock Control

Improved customer service by ensuring products are readily available.

Purpose of Daily Stock Control

To increase warehouse effectiveness and productivity.

Good Stock Control

Complete knowledge of all inventory within the warehouse.

Stock Control's Business Value

Provides insights into stock values and profit margins.

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Stock Control Management

Actively managing incoming and outgoing stock to ensure continuous supply.

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Study Notes

Benefits of Stock Control

  • Enabling businesses to reduce stockouts and overstocking, which can lead to lost sales and waste
  • Allowing companies to respond quickly to changes in demand
  • Providing greater control over inventory, reducing the risk of theft and minimizing stock damage

Purpose of Administering Daily Stock Control

  • To ensure accurate stock levels and prevent stockouts or overstocking
  • To monitor and manage stock movement, including receipts, issues, and stock transfers
  • To identify slow-moving or dead stock, enabling informed decisions on stock disposal

Good Stock Control Involves

  • Accurate forecasting of demand to maintain optimal stock levels
  • Effective stock receipt, storage, and issue procedures
  • Regular stock counting and cycle counting to ensure accuracy
  • Implementation of a First-In-First-Out (FIFO) stock system to minimize waste

Importance of Stock Control for Businesses

  • Enables businesses to maintain the right stock levels, reducing waste and minimizing stockouts
  • Helps companies to optimize their inventory, reducing storage costs and improving cash flow
  • Enhances customer satisfaction by ensuring the availability of products when needed

Stock Control Management

  • Includes tasks such as stock forecasting, ordering, and receiving
  • Involves managing stock levels, tracking stock movement, and optimizing inventory
  • Encompasses stock reporting, analysis, and performance measurement to inform business decisions

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Description

Test your knowledge on stock control and learn why it is essential for business success. Discover how an effective stock management system can improve warehouse efficiency, customer service, and profitability.

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