What Is Inventory? - Definition & Example


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What is the best explanation of inventory?

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1. What do you call a process that is used to manage inventory?

2. Which one of the following is not a name for a continuous review system?

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About This Quiz & Worksheet

Check your understanding of inventory in business with these assessments. They will ask students questions regarding the definition and systems of controlling inventory.

Quiz & Worksheet Goals

The quiz/worksheet will ask students to do the following:

  • Define inventory
  • Identify the processes used to manage inventory
  • Differentiate between the management processes

Skills Practiced

The assessments will help students improve these skills:

  • Reading comprehension - read and draw the most important information from the related lesson on inventory in business
  • Making connections - use understanding of the characteristics of control systems to answer questions
  • Defining key concepts - define key terms such as inventory and inventory control systems
  • Distinguishing differences - compare and contrast between inventory control systems

Additional Learning

For more information, take a look at the accompanying lesson, What is Inventory? - Definition, Example & Quiz. It will help students meet these goals/objectives:

  • Define inventory
  • Identify the various types of inventory control systems
  • Describe the characteristics of each control system type
  • Differentiate between the control system types