Quiz 9
Question 1 Deming’s 14 Points include:
Question 2 In order to constantly improve the system of
production and service, managers must focus the entire company on:
Question 3 ________ discounts give customers an incentive to
pay for merchandise promptly.
Question 4 Many small businesses build a(n) ________, or
cushion, into their inventories in case demand runs ahead of the anticipated
usage rate.
Question 5 The implementation of TQM can not succeed unless:
Question 6 Total Quality Management (TQM):
Question 7 Successful Total Quality Management (TQM)
requires:
Question 8 Research on the implementation of TQM programs
shows that it takes ________ to completely implement a TQM program.
Question 9 The heart of TQM is:
Question 10 A danger of an excessive investment in inventory
for the small business is:
Question 11 “F.O.B. buyer” means that:
Question 12 The responsibility for verifying the identity
and condition of merchandise:
Question 13 ________ is one of the elements of the total
inventory costs.
Question 14 The small business owner needs to know ________
in order to avoid stockouts and calculate safety stock.
Question 15 ________ 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 16 A number of organizational factors encourage
employee theft including:
Question 17 Store owners and employees may apprehend and
charge a shoplifter:
Question 18 Items classified as “A” in ABC
analysis should be controlled by a(n) ________ inventory system.
Question 19 Employers can reduce employee theft through:
Question 20 The two-bin system and the tag system of
inventory control are best suited for items classified as ________ in ABC
analysis.
Question 21 In ABC analysis, the dollar usage value of an
item is determined by:
Question 22 A physical inventory count should be taken at
least:
Question 23 The most common method of controlling inventory
in a small business is the ________ system.
Question 24 The most common method of liquidating
slow-moving merchandise is:
Question 25 Most employee theft:
Question 26 A retail version of Just-In-Time inventory
control is called:
Question 27 Which of the following is a part of the
“Just-In-Time” inventory control philosophy?
Question 28 The ________ inventory control system relies on
the validity of the 80/20 rule.
Question 29 “C” items, in an ABC analysis:
Question 30 The purpose of ABC inventory analysis is:
