Do you know about inventory management? We have designed this quiz to test your knowledge regarding the basics of inventory management and its related concepts. If you think you have a good understanding of this subject, then you must try this quiz. If your final score is less than 70%, then it means that your knowledge game is not that See morestrong in this subject. So, let's start the quiz and see if you need to work hard on your skills or not.
Stock-out costs
Opportunity costs
Overstock costs
Carrying costs
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the last item put into inventory is the last item taken out
the last item put into inventory is the first item taken out
the last items taken out of inventory are items with no expiration date
Materials with a long shelf life are valued
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The first item taken out of inventory is the last item taken out
the first items taken out of inventory have a short shelf life
The first item put into inventory is the first item taken out
Materials with a short shelf life are valued
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The demand for supplies can fluctuate on the basis of patient volume.
Supplies may miss their delivery or be discontinued.
There is often a lag time between ordering and receiving the supply.
All of the above
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are the costs associated with holding an inventory of items
include a holding cost
are the costs associated with having vendors hold supplies for organizations
(a) and (b)
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Stock-out costs
Holding costs
Overstock costs
Carrying costs
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FIFO, LIFO, specific identification, weighted average
LIFO, FIFO, weighted average, frequent use
FO, LIFO, specific identification, frequent use
Specific identification, LIFO, FIFO, market method
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The maximum number of items an organization would want to purchase at one time
the quantity of items an organization should order each time to minimize costs associated with ordering
the number of items an organization can order in bulk to receive a discount
the quantity of items an organization would have to order each time to maximize costs associated with ordering
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Current asset on the balance sheet
Expenses on the statement of revenues and expenses
Both of the above
None of the above
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Management and control of inventory
management and control of services, inventory, and equipment
control of materials purchased
control of the amount of materials used for patient care
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48 units
58 units
68 units
78 units
Inventory valuation, pgs 252-253
Economic order quantity, pgs. 255-256.
neither a or b
A and B
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15
17
19
21
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$100,346
90,028
108,028
$118,028
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Management and control of services, inventory, and equipment
management and control of inventory
control of supplies coming into the organization and supplies used
Control of materials purchased
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True
False
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how quickly an organization goes through routine supplies
Inventory expenses in relation to operating revenue
costs incurred from ordering supplies in relation to total inventory expense
The number of times inventory is turned in relation to operating revenue
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One
Two
three
Four
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10
12
14
16
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Equipment and materials
Ministration and clinical
Administration and patient care
Patient care and office materials
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