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Importance of Inventory in the Production Process

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?

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1. Which of the following is considered inventory?

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

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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
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