Duplicate of Chapter 24 Quiz

Question 1

Using this check method, merchandise is checked against the invoice.

Accepted Answer

Direct

Question 2

Who generally performs the quality check method?

Accepted Answer

Purchaser

Question 3

Select one of these that is used when receiving goods.

Accepted Answer

receiving record, invoice

Question 4

All of these terms except this one relate to dollar control of inventory.

Accepted Answer

Unit control

Question 5

Which of the following would you choose NOT to include on a receiving record?

Accepted Answer

Price

Question 6

This is a list of the best-selling products that make up a large percentage of volume

Accepted Answer

Never Out List

Question 7

What system allows plants to keep only small stocks on hand to avoid tying up money and space?

Accepted Answer

Just-in-time-inventory

Question 8

This type of inventory system tracks inventory on a continual basis.

Accepted Answer

Perpetual

Question 9

These type of businesses are expected to maintain just enough inventory to meet demand.

Accepted Answer

Retail

Question 10

Under this system information about stock levels is not continually maintained.

Accepted Answer

Physical Inventory

Question 11

Which of the following inventory check methods take the longest to perform?

Accepted Answer

Blind

Question 12

This type of inventory system is known for seamless internet integration across many apps

Accepted Answer

Real-time Inventory

Question 13

This type of inventory system tracks the number of items in inventory on a constant basis.

Accepted Answer

Perpetual Inventory

Question 14

This is the record of information recorded by businesses about goods they receive

Accepted Answer

Receiving Record

Question 15

What does UPC stand for?

Accepted Answer

Universal Product Code

Question 16

Contrary to its name, this is a list of items which should always be in stock.

Accepted Answer

Basic Stock List

Question 17

Calculating the number of times the average inventory value has been sold and replaced is:

Accepted Answer

Inventory Turnover

Question 18

Counting a portion of the inventory each day is called:

Accepted Answer

Cycle Counts

Question 19

Which of the following check method is considered the most accurate?

Accepted Answer

Blind

Questions 19