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160-Managing-Stocks

160-Managing-Stocks - Name Date Taken Class Total Possible...

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Name: Class: Date Taken: Total Possible Marks: 16 Managing Stocks Complete the following questions in the time allowed by your teacher 4 1. Match the definition to the term: (half a point for each correct match): A. Raw materials A. The quantity of stock which triggers a new request to a supplier B. Work in progress B. Stock that is no longer useful in production or for sale C. Finished goods C. Stock held to guard against unexpected demand or delays in deliveries D. Lead time D. Products that are completed and ready to sell E. JIT E. Products that are currently undergoing production F. Buffer F. Resources that are used up in a production process G. Obsolescence G. Period between ordering and receiving stocks H. Re-order level H. A system of lean production 4 2. List up to four reasons why a business holds stocks (1 mark for each valid point) A. B. C. D. E. F. G. H. © Tutor2u Ltd 2010/11 - 1 - www.tutor2u.net
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- 2 - 15/07/2010 3 3. Identify up to three different costs that a business might incur as a result of holding stocks (1 mark for each valid point) A.
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