Inventory Management Quiz Leave a Comment / By Issy / September 4, 2024 Name Type of Business Email Phone Number 1. 1.How often do you conduct a full inventory count? A) Weekly B) Monthly C) Quarterly D) Annually None 2. 2.Do you use any software for inventory management? A) Yes, we use specialized inventory management software. B) Yes, we use general business software (e.g., Excel). C) No, we manage inventory manually. D) No, we don’t track inventory. None 3. 3.How do you handle overstocked items? A) Run promotions or discounts to clear excess stock. B) Store them until demand increases. C) Dispose of or donate excess items. D) We don’t usually have overstocked items. None 4. 4.How do you determine your reorder levels? A) Based on historical sales data. B) Based on current stock levels. C) Based on supplier recommendations. D) We don’t have a set method for reorder levels. None 5. 5.How do you track inventory discrepancies? A) Regular audits and reconciliations. B) Occasional checks when issues arise. C) Only during annual inventory counts. D) We don’t track discrepancies. None 6. 6.How often do you review your inventory management processes? A) Monthly B) Quarterly C) Annually D) Rarely or never None 7. 7.Do you use a just-in-time (JIT) inventory system? A) Yes, we rely heavily on JIT. B) We use JIT for some products. C) No, but we are considering it. D) No, we prefer to keep higher stock levels. None 8. 8.How do you forecast future inventory needs? A) Using sales trends and data analysis. B) Based on gut feeling and experience. C) We rely on supplier advice. D) We don’t forecast inventory needs. None 9. 9.How do you categorize your inventory? A) By product type, size, and color. B) By supplier and purchase date. C) We don’t have a specific categorization method. D) We don’t categorize inventory. None 10. 10.How do you manage seasonal inventory changes? A) Plan ahead and adjust stock levels accordingly. B) React to demand as it changes. C) We don’t make adjustments for seasons. D) We struggle with seasonal changes. None 1 out of 5 Time's up
