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CLT Chapter 5 Inventory Control Team Competition questions and answers verified 2024
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CLT Chapter 5 Inventory Control Team Competition questions and answers verified 2024
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CLT Chapter 5 Inventory Control TeamCompetition
1. Which of the following order systems is a computer-based method where
the software monitors stock levels and expected production
A. Fixed-order quantity
B. Warehouse Management System
C. Material Requirements Planning
D. Cyclical ordering - correct answer ✔C. Material Requirements Planning
(MRP)
2, Which of the following ordering systems is an order point/quantity based
system where items are re-ordered when inventory levels reach or fall below a
certain point
A. MRP
B. Cyclical
C. Time phased
D. Fixed-order quantity system - correct answer ✔D. Fixed-order quantity
system
3. Which of the following is an ordering system that is time-phased and orders
are based on anticipated usage according to a predetermined schedule
A. Cyclical
B. MRP
C. Fixed order quantity
D. Economic Order Quantity - correct answer ✔A. Cyclical
4. Reverse inventory refers to:
, A. Forward ordering
B. Fixed order quantity
C. A complete supply chain dedicated to the reverse flow of products and
materials and/or recycling
D. Cyclical ordering - correct answer ✔C. A complete supply chain dedicated
to the reverse flow of products and materials and/or recycling
5. Which type of inventory control methods says that the oldest item received
is the first item to be sold or delivered?
A. LIFO Last in, First Out
B. Average Cost
C. FIFO First in, First Out
D. Standard Cost - correct answer ✔C. FIFO First In, First Out
6. Two logistics students, Mark and Sarah, are discussing inventory control
systems. Mark says that the basic concept of just-in-time had its beginnings in
Japan and Sarah notes that JIT can be used for all products and product
manufacturing
A. Sarah is correct
B. Mark is correct
C. Both are correct
D. Neither are correct - correct answer ✔B. Mark is Correct
7. JIT inventory management focuses on having a lot of material for all
products
True
False - correct answer ✔False
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