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Independent Demand Inventory Management Systems MCQ

Independent Demand Inventory Management Systems MCQ

1. The _______ is an extension of the EOQ model when price discounts are allowed

Answer

Correct Answer: Quantity discount model

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2. The _______ is theinventory on-hand needed to satisfy demand during the order lead time period

Answer

Correct Answer: Reorder point

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3. _______ is the actual cost of items bought from suppliers.

Answer

Correct Answer: Purchase cost

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4. _______ are inventories created when a firm purchases a quantity large enough to last until the next purchase period

Answer

Correct Answer: Cycle inventories

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5. ______ are completed products ready for delivery to customers.

Answer

Correct Answer: Finished goods

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6. _______ are items in some intermediate stage of processing.

Answer

Correct Answer: Work-in-process

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7. _______ are purchased items used in manufactured products or services.

Answer

Correct Answer: Raw materials

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8. The _______ requires higher safety stock levels than the reorder point model.

Answer

Correct Answer: Periodic review model

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9. The external demand for a firm’s finished goods is _______.

Answer

Correct Answer: Independent demand

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10. _______ includes the cost of lost sales, lost goodwill, and damage to the firm’s reputation.

Answer

Correct Answer: Stockout cost

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11. _______ are administrative costs associated with purchasing items.

Answer

Correct Answer: Order costs

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12. _______ occur when a company stockpiles inventories to protect against supply shortages.

Answer

Correct Answer: Hedge inventories

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13. _______ are inventories held so demand can be met during periods of expected high deman

Answer

Correct Answer: Anticipation inventories

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14. _______ are inventories held to satisfy demand when production problems occur.

Answer

Correct Answer: Safety stocks

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15. _______ are purchased items consumed in-house to support manufacturing.

Answer

Correct Answer: Maintenance, repair, and operating supplies

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