What Is Inventory Management? - Demand vs. Cost

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A company sells 200 tea cups, 100 tea pots, and 60 gold spoons every month. The tea cups come with a matching tea cup plate. Which of the following is a dependent demand item?

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1. Inventory Manager Mark has just purchased 420 of an independent demand item. How many dependent demand items does he need to purchase now?

2.

Which of the following are tasks of the inventory manager?

A: Purchases supplies

B: Keeps track of supplies

C: Performs a forecast of future demand

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About This Quiz & Worksheet

Using the quiz and worksheet lets you check your knowledge of inventory management. The quiz covers several topics including the tasks of the inventory manager and dependent demand items.

Quiz & Worksheet Goals

These materials can help test your understanding of:

  • What inventory managers need to keep in mind when making purchases
  • Information technology items that help with inventory management
  • Dependent demand item

Skills Practiced

  • Problem solving - use what you've learned to solve word problems involving inventory management situations
  • Reading comprehension - ensure that you draw the most important details from the affiliated business lesson
  • Knowledge application - use your knowledge to identify the role of an inventory manager

Additional Learning

Learn more about this type of management using the lesson called What Is Inventory Management? - Demand vs. Cost. With the lesson, you can learn more about the following:

  • Differences between independent and dependent demand
  • Components of inventory management
  • Responsibilities of an inventory manager
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