Resource Management (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the three main types of stock a business typically holds?
What are the three main types of stock a business typically holds?
Raw materials, work-in-progress, finished
What is buffer stock?
What is buffer stock?
Emergency reserves against shortages
Why do businesses hold finished goods?
Why do businesses hold finished goods?
To respond quickly to demand changes
How do longer lead times affect minimum stock levels?
How do longer lead times affect minimum stock levels?
Require higher minimum stock levels
What is the re-order level in stock control?
What is the re-order level in stock control?
Stock quantity that triggers a new order
Why do toy manufacturers build up stock before December?
Why do toy manufacturers build up stock before December?
To prepare for predictable Christmas sales
Why do furniture retailers often maintain low stock levels?
Why do furniture retailers often maintain low stock levels?
Cost of storing large items is high
What is work-in-progress stock?
What is work-in-progress stock?
Partly finished goods being manufactured
What does maximum stock level represent on a stock control diagram?
What does maximum stock level represent on a stock control diagram?
Highest quantity business wants to hold
Why might a sheet glass manufacturer hold buffer stocks of soda ash?
Why might a sheet glass manufacturer hold buffer stocks of soda ash?
Supply interruption could halt production