Manage Issues, Transfers And Returns (Inventory Usage)

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| By Joseph Hartman
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Joseph Hartman
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Quizzes Created: 8 | Total Attempts: 4,509
| Attempts: 244
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  • 1/10 Questions

    Where can you find the Add/Modify Reservation function?

    • Inventory application > Select Action menu
    • Item Master application > Go To menu
    • Item Request application > Select Action menu
    • Contracts application > Select Action menu
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Manage Issues, Transfers And Returns (Inventory Usage) - Quiz
About This Quiz

This quiz focuses on managing issues, transfers, and returns in inventory usage, assessing skills in navigating inventory applications, understanding reservations, and the importance of accurate inventory status updates. Essential for professionals in inventory and supply chain management.

Quiz Preview

  • 2. 

    Which tasks are done in the Inventory Usage application?  Check all that apply.

    • Issues

    • Cycle Counts

    • Transfers

    • Returns

    • View Availability

    • Item Requests

    • Price Lookups

    Correct Answer(s)
    A. Issues
    A. Transfers
    A. Returns
    Explanation
    The Inventory Usage application is responsible for handling tasks such as issues, transfers, and returns. This means that it allows users to record and track inventory items that are being issued, transferred between locations, or returned. Other tasks listed in the options, such as cycle counts, view availability, item requests, and price lookups, are not specifically mentioned as tasks performed in the Inventory Usage application.

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  • 3. 

    True or False?  A hard reservation is a reservation for an item needed in a specific timeframe.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A hard reservation refers to a reservation that is made for an item that is needed within a specific timeframe. This means that the reservation guarantees the availability of the item during the specified time period, ensuring that it will be reserved and not given to someone else. Therefore, the statement "A hard reservation is a reservation for an item needed in a specific timeframe" is true.

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  • 4. 

    Why is updating the Inventory Usage status important to do?

    • It provides an accurate inventory count

    • It releases staged items

    • To change usage status

    • To issue released POs

    Correct Answer
    A. It provides an accurate inventory count
    Explanation
    Updating the Inventory Usage status is important because it provides an accurate inventory count. By updating the usage status, the system can track the items that have been used and deduct them from the inventory count. This ensures that the inventory count is up to date and reflects the actual availability of items. Without updating the usage status, there may be discrepancies between the physical inventory and the system's recorded count, leading to inventory management issues and potential stockouts.

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  • 5. 

    If you are transferring an item through the Freight Forwarder, does the Inspection Required? check box need to be checked?

    • Yes

    • No

    • Only if it is transferred by boat

    Correct Answer
    A. Yes
    Explanation
    The inspection required check box needs to be checked when transferring an item through a Freight Forwarder. This implies that the item needs to be inspected before it can be transported.

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  • 6. 

    What is the status of a transfer that is ready to be shipped to the rig?

    • Staged

    • Pending

    • Shipped

    • Entered

    Correct Answer
    A. Staged
    Explanation
    When a transfer is ready to be shipped to the rig, it is considered "Staged". This means that the transfer has been prepared and is waiting to be sent out for delivery. It implies that all necessary preparations and arrangements have been made, and the transfer is in the final stage before being shipped.

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  • 7. 

    If you are retuning an item that was transferred, where do you set the storeroom where you are returning the item?

    • To Storeroom field

    • From Storeroom field

    • Change Status window

    • List tab

    Correct Answer
    A. To Storeroom field
    Explanation
    When returning an item that was transferred, you would set the storeroom where you are returning the item in the "To Storeroom" field. This field allows you to specify the specific location or storeroom where the item should be returned to. By setting the "To Storeroom" field, you ensure that the item is returned to the correct location within the storeroom system.

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  • 8. 

    Why is tracking returns so important to our operations?

    • To make sure we have accurate counts

    • To use the Inventory Usage application

    • To know when inventory is getting low on an item

    • To improve rig operating efficiency

    Correct Answer
    A. To make sure we have accurate counts
    Explanation
    Tracking returns is important to operations because it ensures that accurate counts of inventory are maintained. This helps in managing stock levels effectively and avoiding any discrepancies or shortages. By tracking returns, the company can identify any issues with the inventory management system, such as incorrect recording of returns or missing items. This information is crucial for making informed decisions regarding purchasing and restocking, ultimately improving overall operational efficiency.

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  • 9. 

    Where can you find the Inventory Usage application

    • Go To menu > Inventory > Inventory

    • Go To menu > Inventory > Inventory Usage

    • Go To menu > Inventory > Item Master

    • Go To menu > Purchasing > Inventory Usage

    Correct Answer
    A. Go To menu > Inventory > Inventory Usage
    Explanation
    The correct answer is "Go To menu > Inventory > Inventory Usage". This option is the most logical choice as it specifically mentions the "Inventory Usage" application, which is what the question is asking for. The other options do not directly mention the "Inventory Usage" application and therefore can be ruled out as incorrect choices.

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  • 10. 

    True or False?  A soft reservation is a reservation for an item that does not have a specific timeframe for it to get issued or used.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A soft reservation refers to reserving an item without a specific timeframe for its issuance or use. This means that the reservation does not have a set deadline or timeline for when the item should be issued or utilized. Therefore, the statement "A soft reservation is a reservation for an item that does not have a specific timeframe for it to get issued or used" is true.

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Quiz Review Timeline (Updated): Mar 20, 2023 +

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 08, 2014
    Quiz Created by
    Joseph Hartman

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