stock control

Question 1

How does good stock control work? maintains ,tracks ,allows

Answer 1

maintains appropriate amount of stock
tracks movement of stock
allows for effective procurement

Question 2

‘First in, last out’

Answer 2

Used to maximise returns against cost with the thought that items increase in price over time.

Items bought at a lower price can be later charged at a higher price.

Question 3

What is stock control?

Answer 3

Stock control is the process of ensuring that stock levels are maintained and monitored

Question 4

What are the 4 types of stock control? - R

Answer 4

Raw materials and components - ready to use in production

Question 5

What are the 4 types of stock control? - W

Answer 5

Work in progress - stocks of unfinished goods in production

Question 6

What are the 4 types of stock control? - F

Answer 6

Finished goods ready for sale

Question 7

What are the requirements and restrictions for storing and moving fresh food?

Answer 7

correct storage
correct temperature
correct sell by/ use by date

Question 8

What are the benefits of good stock control?

Answer 8

max revenue (shorter shelf lives are monitored and made visible to increase turnover in a timely manner - get rid)
procedures in place for loss and theft

Question 9

How does good stock control work? doesn’t allow ,ensures legal, simplifies

Answer 9

doesn’t allow for unnecessary stock storage
ensures legal requirements are followed
simplifies the process for staff

Question 10

How does good stock control work? reduces, ensures effective ,meets

Answer 10

reduces waste and unnecessary costs
ensures effective service delivery
meets customer needs and expectations

Question 11

Consequences of ineffective stock control for suppliers

Answer 11

Delays in the supply chain
Procedures not being followed
Damage to stakeholder relationships

Question 12

‘Just in time’ benefits - cost

Answer 12

receiving goods as needed in the production process reduces inventory cost
minimises cost as it prevents overordering

Question 13

What are the 4 types of stock control? - C

Answer 13

Consumables - for example, fuel and food

Question 14

What are the requirements and restrictions for storing and moving alcohol?

Answer 14

correct storage
correct temperature
correct sell by/ use by date
age restriction
access restriction

Question 15

What are the requirements and restrictions for storing and moving medical supplies?

Answer 15

correct storage
correct temperature
correct sell by/ use by date
age restriction
access restriction