Quiz & Worksheet - Inventory & Production Significance

Instructions:

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

question 1 of 3

What is a very important part of your production process?

Managing your inventory Managing your customers

Managing your materials Managing your equipment

Worksheet

Print Importance of Inventory in the Production Process Worksheet

1. Which of the following is considered inventory?

Materials
In-process products
Finished products
All of these

2. Which of the following scenarios results in loss of money?

Producing too much inventory
Producing too little inventory
Producing just enough inventory
Producing too much or too little inventory

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About This Quiz & Worksheet

This quiz/worksheet allows you to see how well you're processing the importance of inventory and production through questions on their impacts and roles in business.

Quiz & Worksheet Goals

The questions in this quiz/worksheet can be used to test yourself on:

The production process
Examples of inventory
Scenarios that entail the loss of money
Calculating the loss of money based on inventory and production

Skills Practiced

Problem solving - use acquired knowledge to solve practice problems involving monetary calculations
Defining key concepts - ensure that you can accurately identify examples of inventory
Information recall - access the knowledge you've gained regarding how money can be lost through production and inventory as well as key components of the production process

Additional Learning

To learn more about these business considerations, you can read through the accompanying lesson called Importance of Inventory in the Production Process. This lesson is comprised of the following objectives:

Understand the problem of too much inventory through a provided example
Know the problems posed by too little inventory
Learn about what constitutes just the right amount of inventory

Importance of Inventory in the Production Process