$1.$ An inventory model is a mathematical model to help manufacturers decide optimal frequency, quantity, and flow of orders and purchases Which statement correctly explains a common inventory model?

A

An economic manufacturing quantity model combines inventory storage costs and fixed order costs to calculate the quantity to purchase.

B

An independent demand system bases purchasing quantities on the cost of manufacturing the finished product.

C

A dependent demand system bases purchasing quantities on the cost of the finished product's components.

D

A quantity discount model assumes lower costs per unit when purchasing smaller quantities.

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$2.$ In supply chain management, "lead time" refers to the time between what and what?

A

Order placement and retail sales.

B

Order placement and order delivery.

C

Order placement and order production.

D

Order production and order delivery.

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$3.$ Which statement is a correct inventory tracking method explanation?

A

In a tag system, merchandise is tagged when it arrives, with tags removed and destroyed at point of sale.

B

Kanban is a system of cards that are uncovered to show when a shelf needs to be restocked or an inventory item needs to be reordered.

C

Radio frequency identification $($RFID$)$ readers require human interaction to function.

D

A stock book lists inventory items and deletes or crosses them out when the stock is depleted.

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$4.$ Supply chain strategy that is aligned with the corporate business strategy strengthens the company's advantage over whom?

A

The competition.

B

Retail outlets.

C

Other countries.

D

Wholesalers.

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$5.$ Supply chain strategy is the playbook for supporting which aspect of a company?

A

Databases.

B

Reputation.

C

Pricing policy.

D

Business strategy.

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$6.$ To be in a position to weather economic ups and downs, the supplier needs to have at hand plenty of what?

A

Customers.

B

Cash.

C

Employees.

D

Capacity.

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$7.$ The two primary kinds of financial statements are the income statement and the balance sheet. What does the balance sheet include?

A

Product costs.

B

Revenues.

C

Administrative costs.

D

Accounts payable.

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$8.$ A useful strategy in supplier relationship management is making a chart showing goals such as cost$-$saving, increased profitability, better use of assets, lowering risk, and improving customer satisfaction. This will help identify areas where intervention may be necessary or beneficial. This strategy is called what?

A

Value mapping.

B

Spend optimization.

C

Positive return on investment.

D

Top$-$down approach.

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$9.$ Which of these is a benefit of supply chain planning and execution?

A

Reduced fulfillment demands.

B

Reduced working capital requirements.

C

Elimination of lost sales.

D

Increased inventory requirements.

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$10.$ Which demand forecasting model uses events in the present to predict future demand?

A

Moving average model.

B

Barometric model.

C

Trend projection model.

D

Econometric model.

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$11.$ Two inventory control methods are identified as FIFO and LIFO. Which is a correct explanation of one of these methods?

A

FIFO means first in$,$ first out. It presumes that older inventory will be sold first.

B

LIFO means last in$,$ final out. It presumes that older inventory will be sold last.

C

FIFO means freshest in$,$ final out. It presumes that newer inventory will be sold last.

D

LIFO means longest in$,$ fastest out. It means that older inventory sells faster than newer inventory.

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$12.$ In a world of scarce resources, companies have come to realize that irresponsible, unethical, or opportunistic behavior has become what?

a$.$

The new normal.

b$.$

Difficult to eliminate or control.

c$.$

Sometimes necessary in order to compete.

d$.$

A detriment to the company's reputation.

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$13.$ Enterprise resource planning $($ERP$)$ systems are especially important in the $21$st century by enhancing engagement in what modern development?

a$.$

Economics.

b$.$

Globalization.

c$.$

Smartphones.

d$.$

Computer systems.

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$14.$ As a supply chain manager, you are concerned that a broad variety of factors including changes in the labor market, economic shifts, extreme weather, natural disasters, or global crisis events can influence what?

a$.$

Your reputation.

b$.$

The stock market.

c$.$

Demand.

d$.$

Elections.

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$15.$ Suppliers are often frustrated by having to deal with multiple contacts in your organization and getting di