Quiz 1, Logistical Inventory Control, MGT 417
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Chapters 1-2
Completed Quiz must be posted to the Dropbox no later than 8 p.m. on Tuesday, 29 October.

Each student must complete the Quiz independently with no assistance

This is an open book Quiz; you may use your text book and class PPT presentations

The Quiz consists of Fill in the Blank, Multiple Choice and True and False Questions…
Circle the Letter/True or False corresponding to your answer, fill in the blanks with your answer.

Name: Piyabalo Padaro

1. Stock consists of all the goods and materials that are stored by an organization. It is a store of items that is kept for future use. T or F? Answer: T 2. The sequence of stock replenishment and reduction to meet demand is repeated continuously in a stock cycle. In sequential order, place the corresponding Number next to the item below to indicate the sequential order in which it occurs in the stock cycle: 1, 2, 3, 4, 5, 6
6 - At some point, the stock gets low and it is time for the organization to place another order
1 - An organization buys a number of units of an item from a supplier.
4 - Customers, either internal or external, create demands for the item.
2 - At an arranged time, these units are delivered.
5 - Units are removed from stock to meet these demands.
3- (Unless they are needed immediately, the units are put into storage) replenishing the stock.

3. Finished good is one of three primary types of stock classifications, what are the other two:

Raw materials;
Work in progress. 4. 5. Inventory management is the function responsible for all decisions about stock in an organization.

6. The main purpose of stock is to give a buffer between supply and demand.
T or F? Answer: T