Common Learning Block 4 Practice Questions Flashcards Preview

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Flashcards in Common Learning Block 4 Practice Questions Deck (10)
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1
Q

____________________ is defined as products that are held and that will be used, at some point, for manufacturing products, completing products, selling to customers, or performing daily operations.

A

Inventory

2
Q

Inventory management achieves to balance the of risk between:

A

Stockouts and excess inventory

3
Q

Once a product is completely assembled, the cost of the parts used plus the costs to manufacture the products are defined as the:

A

Total costs

4
Q

The process for suppliers to monitor and replenish inventory on an as-needed basis is called:

A

Supplier-managed inventory (SMI)

5
Q

All of the following are one of the four basic types of inventory, except:

A

Customer service

6
Q

An obsolete part can be defined as:

A

No longer having value

7
Q

Longer lead times may contribute directly to ____________________ inventory levels.

A

Higher

8
Q

The time from purchase order placement to product receipt is defined as:

A

Lead time

9
Q

All of the following can be defined as raw materials, except:

A

Maintenance equipment

10
Q

What best describes how often products are used and replaced in a given time period?

A

Inventory turns

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