Inventory Management Quizzes, Questions & Answers

Top Trending Inventory Management Quizzes

Sale Of Goods On Approval Or Return Basis

This quiz assesses understanding of sales on approval or return basis, focusing on accounting treatments and balance sheet presentations. It evaluates skills in calculating cost implications and profit margins in scenarios where...

Questions: 15 | Attempts: 426 | Last updated: Mar 20, 2023

Sample Question
A sent some goods costing Rs. 3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs. 800. At the end of the accounting period i.e. on 31st December, 2005, the remaining goods were neither returned nor were approved by him. The stock on approval will be shown in the balance sheet at Rs.

2,000.

2,700.

2,700 less 25% of 2,700

3,500

Inventory Management Quiz Questions

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...

Questions: 21 | Attempts: 6799 | Last updated: May 1, 2023

Sample Question
Materials management is defined as the

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

Business Quiz: Inventory Management- II

This Business Quiz: Inventory Management-II assesses understanding of stockkeeping units, economic order quantities, and safety stock. It explores how inventory costs are influenced by order quantities, ideal for learners in...

Questions: 10 | Attempts: 385 | Last updated: Oct 1, 2024

Sample Question
Which of the following statements best describes stockkeeping units?

Sodas in a 6-pack and 12-pack are the same SKU because the cans are the same SKU

White shirts of different sizes but in the same size box are the same SKU

Wires of different gauges that are stocked in reels are the same SKU

Two white shirts in the same inventory but of different sizes or styles would be different SKUs

Multiple Choice Quiz Inventory Methods

This Multiple Choice Quiz focuses on inventory methods, assessing knowledge in FIFO, LIFO, and cost calculations under different systems. It is designed for learners to understand cost flow assumptions and their impact on...

Questions: 5 | Attempts: 1429 | Last updated: Mar 22, 2023

Sample Question
The inventory costing method that is based on the assumption that cost should be charged against revenue in the order in which they were incurred.

Fifo

Lifo

Average cost

Inventory Valuation

This Inventory Valuation quiz assesses knowledge on various inventory accounting methods and their impacts on financial statements. It covers FIFO, perpetual inventory systems, and profit calculations, essential for professionals...

Questions: 65 | Attempts: 533 | Last updated: Mar 21, 2023

Sample Question
If Average Stock = Rs 12,000. Closing stock is Rs 3,000 more than opening stock then the value of closing stock will be

Rs 12,000

Rs 24,000

Rs 10,500

Rs 13,500

Popular Inventory Management Quizzes

Pharm Tech Chapter 13 (Inventory Management)

PHARM TECH CHAPTER 13 (Inventory Management)

- Inventory Management, - Inventory Systems, - Computers And nventory, - Ordering, - Stocking And Storing

Questions: 42 | Attempts: 1946 | Last updated: Sep 1, 2023

Sample Question
A system that allows purchase of any medication that is prescribed.

Automated dispensing system

Closed formulary

Inventory

Open formulary

True Or False Quiz Inventory Costing Methods Under A Perpetual Inventory System

True or False Quiz Inventory Costing Methods under a Perpetual Inventory System

Questions: 5 | Attempts: 1446 | Last updated: Mar 22, 2023

Sample Question
Using fifo, costs are included in the merchandise sold in the order in which they were incurred

False

True

Physical Inventory - Policies & Procedures

The purpose of this quiz is to help all levels of store management develop a deeper understanding of the physical inventory process. Each store with an upcoming inventory should have all levels of management, from store manager...

Questions: 20 | Attempts: 1277 | Last updated: Jul 26, 2023

Sample Question
Prior to the arrival of the inventory service, the freezer and deli backstock must be pre-counted and listed on a sheet to hand the inventory service supervisor.

True

False

Accounting 202: MCQ Quiz Exam!

Dive into 'Accounting 202: MCQ Exam' to master journal entries for various accounting scenarios, including marketing expenses, job completions, sales, and labor costs. This quiz enhances understanding of inventory and cost...

Questions: 11 | Attempts: 830 | Last updated: Mar 22, 2023

Sample Question
The journal entry needed to record the receipt of a bill from the company’s marketing agency would include a:

Debit to manufacturing overhead

Debit to marketing expenses

Debit to work in process inventory

Credit to work in process inventory

Recent Inventory Management Quizzes