Question Details

BUS 402 Week 9 Quiz

•	Question 1

	Which of the following represents the cost of the units in the basic EOQ model?			
	

			
•	Question 2

	A danger of an excessive investment in inventory for the small business is:			
	

•	Question 3

	
	The first step in developing a vendor certification process is to:			
	
			
•	Question 4

	TQM:			
	
			
•	Question 5

	
	"F.O.B. buyer" means that:			
	
			
•	Question 6

	A key element to Deming's 14 Points is:			
	
•	Question 7
	
	________ is the right to ownership of property and, for a small business owner, determines who has responsibility for ownership.			
	
			
•	Question 8

	
	________ is one of the elements of the total inventory costs.			
	
			
•	Question 9

	
	The responsibility for verifying the identity and condition of merchandise:			
	
			
•	Question 10

	________ discounts give customers an incentive to pay for merchandise promptly.			
	
			
•	Question 11

	
	Holding or carrying costs include the costs of:			
	
			
•	Question 12

	________ discounts are normally set up on a graduated scale and are based on a firm's position in the channel of distribution and on the functions it performs in that channel.			
	
			
•	Question 13

	The reorder point model requires that the small business owner know:			
	
			
•	Question 14

	
	Successful Total Quality Management (TQM) requires:			
	 
•	Question 15

	Many small businesses build a(n) ________, or cushion, into their inventories in case demand runs ahead of the anticipated usage rate.			
	
			
•	Question 16

	
	JIT systems need two significant human elements to be successful: mutual trust and teamwork, and:			
	
			
•	Question 17

	The purpose of ABC inventory analysis is:			
	
			
•	Question 18

	
	The inventory turnover ratio is computed by:			
	.
			
•	Question 19

	
	The two-bin system and the tag system of inventory control are best suited for items classified as ________ in ABC analysis.			
	
			
•	Question 20

	
	"Just-In-Time" inventory control techniques are most successful in what type of environment?			
	:	 

			
•	Question 21

	
	In ABC analysis, the dollar usage value of an item is determined by:			
	
			
•	Question 22

	
	"C" items, in an ABC analysis:			
	
			
•	Question 23

	
	Effective management of inventory begins with:			
	
			
•	Question 24

	
	A retail version of Just-In-Time inventory control is called:			
	
			
•	Question 25

	Typically, the small business owner's response to slow-moving inventory is to:			
	
			
•	Question 26

	
	A number of organizational factors encourage employee theft including:			
	
			
•	Question 27

	
	A form of inventory management used in manufacturing that stresses a harmonious relationship with suppliers is:			
	
			
•	Question 28

	A physical inventory count should be taken at least:			
	
			
•	Question 29

	Store owners and employees may apprehend and charge a shoplifter:			
	
			
•	Question 30

	Which of the following is a part of the "Just-In-Time" inventory control philosophy?