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Test: Inventory Control - 1 - Mechanical Engineering MCQ


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10 Questions MCQ Test Topicwise Question Bank for Mechanical Engineering - Test: Inventory Control - 1

Test: Inventory Control - 1 for Mechanical Engineering 2024 is part of Topicwise Question Bank for Mechanical Engineering preparation. The Test: Inventory Control - 1 questions and answers have been prepared according to the Mechanical Engineering exam syllabus.The Test: Inventory Control - 1 MCQs are made for Mechanical Engineering 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Inventory Control - 1 below.
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Test: Inventory Control - 1 - Question 1

Consider the following functions of inventory:
1. to decouple or separate parts of the production process.
2. to provide a stock of goods that will provide a selection for customers.
3. to take advantage of quantity discounts.
4. to hedge against inflation.

Which of the above functions are valid?

Test: Inventory Control - 1 - Question 2

The statements about ABC analysis are following:
1. Inventory may be categorized by measures other than dollar volume.
2. It categorizes on-hand inventory into three groups based on annual rupee volume.
3. It is an application of the pareto principle.
4. It states that all items require same degree of control.
5. It states that there are the critical few and the trivial many inventory items.

Which of the above statements are true?

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Test: Inventory Control - 1 - Question 3

ABC analysis divides on-hand inventory into three classes, generally based on

Test: Inventory Control - 1 - Question 4

The two most basic inventory answerd by the typical inventory model are

Test: Inventory Control - 1 - Question 5

Which of the following statements about the basic EOQ model is true?

Test: Inventory Control - 1 - Question 6

The EOQ model with quantity discounts attempts to determine

Test: Inventory Control - 1 - Question 7

The purpose of safety stock is to

Test: Inventory Control - 1 - Question 8

A disadvantage of the fixed-period inventory system is that

Test: Inventory Control - 1 - Question 9

Two groups of costs in inventory control are

Detailed Solution for Test: Inventory Control - 1 - Question 9

Two costs are involved in inventory control viz. carrying cost and ordering cost.

Test: Inventory Control - 1 - Question 10

In basic economic order quantity model for the optimal order quantity,

Detailed Solution for Test: Inventory Control - 1 - Question 10

For economic order quantity Holding cost = ordering cost

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