Implications of Poor Stock Control (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 does opportunity cost mean when holding excess stock?
What does opportunity cost mean when holding excess stock?
Potential returns lost from capital tied up
Where was the just-in-time (JIT) stock management approach originally developed?
Where was the just-in-time (JIT) stock management approach originally developed?
Japanese shipbuilding industry
What happens when stock deliveries are delayed and inventory levels are low?
What happens when stock deliveries are delayed and inventory levels are low?
Production may halt completely
What are the three types of Kanban used in JIT systems?
What are the three types of Kanban used in JIT systems?
Conveyance, Production, and Vendor kanbans
What is the purpose of the FIFO stock rotation method?
What is the purpose of the FIFO stock rotation method?
To ensure older stock is used first
Which is an advantage of JIT stock control?
Which is an advantage of JIT stock control?
Improves cash flow by releasing capital
Why do finished goods held too long create problems?
Why do finished goods held too long create problems?
They become outdated as preferences change
Which of these is an example of perishable stock?
Which of these is an example of perishable stock?
Stored blood for hospitals
What benefit does lean production deliver?
What benefit does lean production deliver?
Fewer defective products
Why do some products require specialized storage conditions?
Why do some products require specialized storage conditions?
To prevent spoilage through refrigeration