Managing stock (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does stock management involve controlling?
What does stock management involve controlling?
Raw materials, work-in-progress & finished goods
What is the main purpose of effective stock management?
What is the main purpose of effective stock management?
Balance meeting demand & controlling costs
What does maximum stock level represent?
What does maximum stock level represent?
Highest amount of stock held
What is the purpose of the re-order level?
What is the purpose of the re-order level?
Trigger a new order when reached
What is another name for minimum stock level?
What is another name for minimum stock level?
Buffer stock
Why should stock never fall below the minimum level?
Why should stock never fall below the minimum level?
It risks stockouts & lost sales
What pattern do stock level graphs typically display?
What pattern do stock level graphs typically display?
Saw-tooth pattern
What is Just in Time (JIT) stock control?
What is Just in Time (JIT) stock control?
Materials arrive exactly when needed
What does JIT stock control require?
What does JIT stock control require?
Strong supplier relationships
Which is a benefit of holding stock?
Which is a benefit of holding stock?
Meet unexpected demand increases
Which is a benefit of minimal stock holding?
Which is a benefit of minimal stock holding?
No storage facility expenses
If stock ordered in week 4 arrives week 9, what is delivery time?
If stock ordered in week 4 arrives week 9, what is delivery time?
5 weeks