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1.You are working for MPF Logistics and the CEO asks you to help him identify the types of inventories and their purposes in your organisation. Provide a detailed report to the CEO.
2.The Law of Demand states: A. That the quantity of items demanded decreases and increases in the opposite direction from changes in price. B. That the quantity of items demanded does not change regardless of its price. C. That the quality of items demanded increases and decreases in the opposite direction from changes in price. D. That the quantity of items demanded increases and decreases in the opposite direction from changes in price. 2. An increase in which of the following will increase the quantity supplied of volleyballs? A. Taxes on volleyball producers B. The price of a substitute C. The number of volleyball consumers D. The price of volleyballs and the relationship 3. The relationship between quantity supplied and price is between quantity demanded and price is A. direct, inverse B. inverse, direct c. inverse, inverse D. direct, direct 4. Which of the following best describes business competition? A. Your right to enter into a business B. The right of others to enter the same business as you do C. Your reason for entering the business D. The equipment used in operating your business
5. Which of the following changes in the market for corn could cause an increase in equilibrium price and quantity? Price Quantity Demand A. Decrease B. No change C. No change D. Increase Supply Decrease Decrease Increase No change 6. Who would most likely take the best care of a house? A. Private owners, because they want to increase the property's value. B. The government, because it cares about citizens' property. C. Renters, because they usually pay very high rents for the house and want to get their money's worth. D. A nonprofit organization, because it does not have to make a profit on the house. 7. Why do people generally take better care of things they own and value? A. They are selfish and greedy. B. They receive the benefits of ownership. C. The government requires them to take care of things they own. D. Owners are usually rich so they can more easily afford to take care of things they own.
8. Which of the following is not a characteristic of private property rights? A. Use property as you wish B. Permit or exclude use by others C. Sell property if you wish D. Use any means necessary to enforce rights 9. In a free enterprise system, both buyers and sellers decide A. What goods and services should be produced B. Who should receive the goods and services that are produced C. Why goods and services are produced D. How goods and services should be produced 10. A leftward shift of a supply curve for avocados might be caused by: A. An improvement in avocado picking techniques B. A decrease in the wages that must be paid to avocado pickers C. An increase in consumer incomes D. Some avocado farmers leaving the market 11. Suppose that there are too many felt-tipped pens on retailers' shelves. Which o the following is likely to take place? A. Retailers will buy more pens from their suppliers B. Wholesalers will increase orders from manufacturers C. Pen sales will increase D. Factories will produce fewer pens 12. Which of the following is a non-price determinant of demand? A. Straw prices fall, making straw hats cheaper B. A new company produces straw hats C. Wearing straw hats becomes popular D. Straw hats are discounted so sales increase
13. Which of the following accurately shows the changes in the chocolate market the day after Valentine's Day? Price Quantity Demand A. Decrease B. Decrease C. No change D. Increase Supply Decrease Increase Increase No change 14. Benefits of efficient production include: A. Fewer goods at a greater price to the consumer. B. Lower prices to the consumer with a lower quality item. C. More goods at a lower price to the consumer. D. Better wages for factory workers. 15. Assume a drought in the Great Plains reduces the supply of wheat. Wheat is a basic ingredient in the production of bread and potatoes are a consumer substitute for bread, we would expect the price of wheat to: A. Rise, the supply of bread to increase, and the demand for potatoes to increase.
1.Our report to CEO will be on the following line :
- Inventory types can be gathered into four characterizations: raw material, work-in-process, finished goods, and MRO goods.
o RAW MATERIALS : Raw materials are inventory things that are utilized in the producer's transformation process to create parts, subassemblies, or finished items. These inventory things might be items or removed materials that the firm or its auxiliary has delivered or separated. They additionally might be articles or components that the firm has bought from outside the association. Commonly, raw materials are wares, for example, metal, grain, minerals, oil, synthetic compounds, paper, wood, paint, steel, and food things. Be that as it may, things, for example, stray pieces, metal rollers, key stock, casters, seats, wheels, and even engines might be viewed as raw materials on the off chance that they are bought from outside the firm.
o WORK-IN-PROCESS :Work-in-process (WIP) is comprised of the apparent multitude of materials, parts (segments), gatherings, and subassemblies that are being processed or are waiting to be processed within the framework. This by and large includes all material—from raw material that has been delivered for initial processing up to material that has been totally processed and is awaiting final inspection and acknowledgment before inclusion in finished goods.
o FINISHED GOODS : A finished good is a finished part that is prepared for a client request. Consequently, finished goods inventory is the load of finished items. These goods have been inspected and have passed final inspection necessities so they can be moved jobless in-process and into finished goods inventory. Starting here, finished goods can be sold legitimately to their final client, offered to retailers, offered to wholesalers, sent to conveyance focuses, or held in anticipation of a client request.
- Inventories can be additionally grouped according to the reason they serve. These sorts include transit inventory, buffer inventory, anticipation inventory, decoupling inventory, cycle inventory, and MRO goods inventory. A portion of these likewise are know by different names, for example, theoretical inventory, security inventory, and occasional inventory.
o TRANSIT INVENTORY : Transit inventories result from the need to ship things or material starting with one area then onto the next, and from the way that there is some transportation time involved in getting starting with one area then onto the next. Some of the time this is alluded to as pipeline inventory. Product sent by truck or rail can once in a while take days or even a long time to go from a local stockroom to a retail office. Some enormous firms, for example, car producers, utilize cargo consolidators to pool their transit inventories coming from different areas into one shipping source in request to exploit economies of scale. Obviously, this can incredibly increase the transit time for these inventories, consequently an increase in the size of the inventory in transit.
o BUFFER INVENTORY : As recently expressed, inventory is at times used to ensure against the uncertainties of gracefully and request, just as unusual occasions, for example, helpless conveyance dependability or low quality of a provider's items. These inventory pads are frequently alluded to as wellbeing stock. Security stock or buffer inventory is any sum hung close by that is well beyond that right now expected to fulfill need. By and large, the higher the degree of buffer inventory, the better the association's client support.
o CYCLE INVENTORY :The individuals who know about the idea of economic order quantity (EOQ) realize that the EOQ is an endeavor to adjust inventory holding or carrying costs with the expenses incurred from ordering or setting up machinery. At the point when enormous amounts are requested or created, inventory holding costs are increased, yet ordering/arrangement costs decline.
o MRO GOODS INVENTORY :Maintenance, fix, and operating supplies, or MRO goods, are things that are utilized to help and maintain the creation process and its infrastructure. These goods are normally devoured because of the creation process however are not straightforwardly an aspect of the finished item. Instances of MRO goods include oils, greases, coolants, janitorial supplies, garbs, gloves, packing material, instruments, nuts, fasteners, screws, shim stock, and key stock. Indeed, even office supplies, for example, staples, pens and pencils, copier paper, and toner are viewed as a major aspect of MRO goods inventory.
2.
1:- Both A & D.
As both has the same meaning.
2:- C
3:- A
4:- B.
As per guidelines we are obliged to answer only upto 4 questions in a given querry.
